The market outlook is provided by Maksym Lenets, an analyst at Nanny Ventures.
Last week, Bitcoin traded through the $31,000–$30,000 levels. The B Word conference had a positive impact on the price of the leading cryptocurrency. The weekly candlestick closed at $35,381.
This week, the price continued to rise with high buying volumes. For the first time since the May sell-off, the price on the daily chart breached and settled above the EMA72/89 and EMA200.
Now the price is at the upper boundary of the channel — in the zone of strong resistance $40,000–$42,000. To continue the cycle, it needs to break through this level with a subsequent retest of $40,000. Then the rally will continue to the next resistance zone $48,000–$50,000.
If the price of Bitcoin does not breach the $40,000–$42,000 zone and does not settle above it, we could see a decline to $38,500–$37,000 with a possible move toward the middle of the range at $36,000.
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