Over the past week, bitcoin has declined by 2.53% to $34,700. The crypto bulls regained 20.47% from a low of $28,805. The weekly candle closed with a pin bar, so the bulls had a chance to pump up the price action to $42,000.
The price rose to $35,297 during yesterday’s European trading session in the absence of market-driving news. At the time of writing, Bitcoin was trading at $34,350 as buyers closed in on the $35,500-36,150 resistance zone. They need to hold above $33,550 without any breaches. At this point, a short flat trend looks like good news.
The daily and weekly timeframes appear to be buyer-friendly. If the price action consolidates above $36,200, we can expect Bitcoin to continue strengthening until July 10. With upside of $1,350 per day (average rate with upward corrections), the price will reach $50,500 by July 10. Interim resistance will be at $40,650.
A negative factor currently impacting Bitcoin is a nearly 3-fold drop in the hashrate from 171 EH/s to 65 EH/s. In China, miners have switched off facilities due to the ban on cryptocurrency activities. And while there has not been any close connection with the hashrate for quite a long time, this is still a key gauge for the bitcoin network.