A trading week on the Bitcoin market passed without much clarification of the situation. The weekly candle was closed without giving additional information about the intentions of market participants. BTCUSDT price is at a critical point above the global trend line that buyers have been keeping from March 2020:
Trading volumes on the BTC market are constantly decreasing, and the range of price movement is narrowing. These facts testify to the readiness of the Bitcoin price shot. At the moment, buyers are being tested in the range of $35,500-36,000. This weekend, especially acute moments in the BTC market did not happen. Yes, sellers managed to break down the critical range of $35,500-36,000. However, buyers were not allowed to fix below this range. In addition, an attempt to fall took place on low consolidation volumes:
Bitcoin Buyers Keep Critical Range Of $35,500-36,000 In Control
On the 4-hour timeframe, we see that the market did not support sellers’ initiative to continue the fall wave without price correction upward. BTCUSDT price fixes nicely above this range. Today buyers have a good chance of breaking the consolidation triangle upwards and entering the range of $46,000-48,000. This scenario is the main one for us (we talked about it in our first stream).
An interesting situation has happened on the Bitcoin dominance chart:
Bitcoin Dominance Could Nicely Surprise Altcoins
As we can see, its influence continues to decline. Looking at how well altcoins kept with this Bitcoin consolidation, it seems that over the summer, crypto coins may try to give new powerful upward impulses. In other words, the weakness of the BTC market and the slow price growth to $46,000-48,000 could provide favourable conditions for strong coins to even update their all-time highs. However, we will be able to think about such a positive only after a confident break of the BTC price of the current consolidation upwards.
An alternative scenario in the BTC market will come below $33,000. At this mark, there is a global trend line of buyers, below which there is a large number of stops for both short-term traders and long-term ones. Therefore, this point should be taken into account in order not to remain in a large drawdown of the deposit, if the alternative scenario is triggered. The target of the alternative scenario is $17,000-20,000.
