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Bitcoin breaches $36k

Bitcoin trading ended slightly lower on Monday, June 28, down 0.59% to $34,494. The decline was marginal as the market took a breather after a big 15% rally on June 26 and 27.

The consolidative pause in the $33,850-35,300 range lasted 26 hours. The bitcoin bulls tested the $36k level during the North American trading session. Bitcoin has been strengthening alongside the USD, with the DXY climbing to 92.19. In European trading, major currencies continued to decline against the greenback. The top underperformers were the aussie and kiwi dollars. The Delta Covid strain is spreading rapidly across Australia and other countries. Australian authorities imposed a lockdown in Sydney on June 26. The Delta strain also threatens to disrupt another summer season in Europe.

With the S&P 500 index on the rise, perhaps bitcoin decided to take a ride up on its coattails at the end of the month. The bulls face the challenge of closing above $36,500 today. Then they will calm down and start opening long positions again. After the crypto currency takes out $37,125, two levels will shape up on the horizon: $38,400 and $40,800. The latter will be pivotal in opening the door to the $ 47,500-50,000 range. These levels are currently just a pipe dream for the bulls. That said, a major skirmish could break out in the vicinity of the $41,300-42,500 band.

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