Bitcoin: Weekly Forecast 25th July 2021
Bitcoin managed to push away another attempt to break lower and climbed throughout the week.
There's been statements going around by bitcoin market leaders to support Bitcoin and that they are holding and may buy more again.
Nevertheless, this rebound could still be very temporary as the market is expecting a strong buyback at a much lower price and it probably doesn't make sense to buy now as it is still considerably expensive.
The trend also hasn't change technically with both highs and lows still going lower.
This week, we can probably expect the price to climb a little further but will start to look to sell from 36000 onwards.
If the price does goes a little higher, we expect strong rejection at the demand zone around 39000.
Ultimately, we expect Bitcoin to eventually break below 30000 and move towards 22000 and beyond.
There's been statements going around by bitcoin market leaders to support Bitcoin and that they are holding and may buy more again.
Nevertheless, this rebound could still be very temporary as the market is expecting a strong buyback at a much lower price and it probably doesn't make sense to buy now as it is still considerably expensive.
The trend also hasn't change technically with both highs and lows still going lower.
This week, we can probably expect the price to climb a little further but will start to look to sell from 36000 onwards.
If the price does goes a little higher, we expect strong rejection at the demand zone around 39000.
Ultimately, we expect Bitcoin to eventually break below 30000 and move towards 22000 and beyond.
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