The price of Bitcoin (BTC) has experienced a notable rise since June 15, reaching its highest point of the year on June 23. However, it has slightly declined since then.

This upward trend indicates that the lowest point in Bitcoin’s cycle has likely been reached. If so, the price is expected to continue increasing at a faster pace towards new yearly highs. Last week’s bullish close is a step in the right direction for this forecast.

Has Bitcoin Confirmed Its Bullish Trend Reversal?

According to the technical analysis on a weekly time frame, the price of BTC has reached a significant resistance level of $30,000. This level has played a crucial role for Bitcoin throughout the years, acting as both support and resistance at different times since January 2021.

The BTC price had increased since June 15, when it bounced at the $25,000 horizontal support area (green icon). The price currently trades slightly above the $30,000 resistance area.

The fact that the price has already closed above it supports the possibility that the correction is complete and a new upward movement has begun.

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Author: Valdrin Tahiri

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