Bitcoin Is Current Sitting At A Key Level Between Bears And Bulls – Which Way Does It Swing?

Bitcoin is starting the week with a positive outlook as $36K seems to be coming.

Bitcoin is currently hitting the headlines after opening the week on a positive note. The top coin seems to be gaining a moment after breaking above the $30k mark. However, this should be looked at with caution, especially given the crypto’s current volatility.

BTC has been swinging between $29 and $31k for some time. That said, it appears that some external measures may be at playtime round.

An analysis tweeted out by IntoTheBlock reveals that BTC has broken out of an 8-week rut and has soared to reach $31,400. That’s a 5% increase from the previous mark.

1/ As $BTC breaks the 8 weekly red close, it soars by 5% up t $31,400.

Which are the key price levels on the path ahead for #Bitcoin?

Using out IOMAP indicator, we identify key buying and selling areas that are expected to act as support and resistance.

— IntoTheBlock (@intotheblock) June 6, 2022

This could mean that the market is ready to move, but to which side? The bears have perturbed the market for months now, and a bit of positive movement doesn’t necessarily mean they’re retreating. The analytical piece went deeper to explain the situation, delving into both the support and resistance sides.

Support Side

Investors are buying Bitcoin at around $30k, marking that as the support level. There are over 1.65 million addresses that have purchased upwards of $980,000 Bitcoin at around this price level. Interestingly, this level has been the previous key resistance level.

It has now turned into a support level due to the recent surge. This notion suggests that a drop below $30k may not be very likely now. Instead, it indicates an increase in buying pressure as the price approaches that point.

2/ On the support side, buying activity has been concentrated around the $30,000 level, where 1.65m addresses previously acquired 984k $BTC

What was a key resistance level over the past few days, now became support, making this the price to watch out forhttps://t.co/5B1QuAzhBf pic.twitter.com/ms8OxRtyts

— IntoTheBlock (@intotheblock) June 6, 2022

The Resistance

Looking at the resistance side, as stipulated by IntoTheBlock, the selling pressure seems to die down as the price approaches $32.5k.

Around 371,000 addresses have bought 220,000 Bitcoins at around that price level between $31.4k and $32.5k.

This suggests that investors are more inclined to HODL as BTC’s price approaches $32.5k. If the price breaks past this point, it could pump up to reach $36k easily. This would probably set off a bull run.

3/ On the resistance side, it appears that there isn’t significant selling pressure above $32,5k$BTC is currently sitting at a key level, as 371k addresses previously bought 220k $BTC between $31,4k and $32,5k

Breaking above this level could lead $BTC towards $36k. pic.twitter.com/Ru8373kFP7

— IntoTheBlock (@intotheblock) June 6, 2022

According to a tweet by another crypto trader Van de Poppe, BTC’s overnight movement that sent it over $29.7k made $30.5 the new support point, with a support target at $32.8k.

A nice move of #Bitcoin overnight, as we held the area around $29.7K and continued to run.

Resistance zone now, wouldn’t be longing around here (might even sweep above $31.8K to take the liquidity).

Looking at around $30.5K for a potential new long and then targeting $32.8K. pic.twitter.com/cLmwILJ6MR

— Michaël van de Poppe (@CryptoMichNL) June 6, 2022

At this writing, Bitcoin is trading at around $31.3k, with a 5.56% increase daily. The coin has recorded a 7-day price increase of 3%.

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