Analyst outlines prospects for Bitcoin to rise above $33,000

An analyst from Nanny Ventures, Maksym Lenets, discusses the current market situation.

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The weekly candle for Bitcoin closed at $31,778 — the lowest close since 2021. On July 19, digital gold breached support around $31,000, and on July 20 traded below the psychological level of $30,000.

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On the weekly time frame, the price bounced off the EMA72. If the candle closes around $32,500–$33,000, Bitcoin could move toward the middle of the range — $36,000.

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Not to forget the important The Word B Conference, where Elon Musk, Twitter chief Jack Dorsey, and ARK Invest founder Cathie Wood will discuss Bitcoin. Any positive or negative news could affect the price.

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The daily chart currently looks uncertain: on July 21, buyers stepped in, but it remains to be seen how it holds. There are chances to test the $32,500–$33,000 zone.

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However, if Bitcoin performs well at The Word B Conference, even $36,000 would not be the daily candle’s limit; if it fails, the price could retest the lows around $26,000–$24,000.

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The daily price is well supported within the four-hour and hourly timeframes. On the latest, Bitcoin has run into the EMA200 at $31,500, above which lies the control zone at $31,700 from July 18.

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Closing above would open the path to the next local resistance at $31,900–$32,500. If overcome, Bitcoin could move to $33,000–$35,000.

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Note how many times the price of the first cryptocurrency touched the $33,000 level and how it reacted to the orange zones. To break through, there needs to be strong buying activity, fueled by positive news.

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