Crypto Birb, founder of the Birb Nest trading community, explained the 1D Bitcoin (BTC) price chart in two possible behaviors. The analyst also showed the prospects for the realization of the two scenarios and their most reasonable goals.
All Eyes on 50-Day MA
According to the analyst, the 50-day moving average (50-day MA) price level is crucial for holding the bulls. If the price of Bitcoin (BTC) falls below this line, an additional drop to $ 7,518 seems inevitable.
A decreasing Bitcoin (BTC) price approaching $ 7,518 can also find support for $ 9,000 and then $ 8,500. Reaching this dramatic level will show that the new upswing has begun.
However, if the bulls manage to drop the Bitcoin (BTC) price to the upper limit of the rising channel to $ 10,500, BTC could rise above $ 12,000 annually in early July.
The $ 11,000 level is the drop resistance level that cannot be easily conquered by buyers’ aggression.
After the ‘Bart Simpson’ Rally
Currently, Bitcoin (BTC) is trying to exit the Increasing Triangle, which varies between $ 9,600 and $ 9,800. The market sentiment mostly tends to increase moderately.
The ‘Alternative Crypto Fear and Greed Index’ stands at 54 points. (Normal Zone) The false rally on June 1, 2020 could not stop the rise of greed.
As we reported earlier, Bitcoin (BTC) rose by almost 8.6% on June 1, 2020, but a day before the big stock market, a big sale on spot exchanges completely erased these earnings.