Forget about the crypto winter; Bitcoin price readies to kick start the summer rally – FXStreet

Filip L. Filip L.
FXStreet

Bitcoin (BTC) price sees bulls returning to the scene to pick up the pieces from the scattered BTC price that saw slaughter in the past trading days. BTC price quoting at a lucrative discount has made the asset attractive for cherry-picking traders and investors. With the Relative Strength Index (RSI) showing that Bitcoin still has a heartbeat, expect to see a full recovery towards $45,261, claiming back some critical levels in the process.
Bitcoin price is showing signs of recovery after it took a beating for over two whole trading weeks. The most significant catalyst in that case was the dollar and its impact on BTC price. With the balance outweighing, in favour of the mighty dollar, BTC price is currently trading at a very nice discount. Should Bitcoin price drop below $30,000 somewhere this week, expect it to be scooped up quite rapidly and to quickly trade higher as the RSI is leaving the oversold area, proving that demand is there. 
BTC price thus sees investors and traders returning after a short hiatus as the dust settles over a few risk events, and some tail risks have gotten deflated. Hand in hand with that, the dollar is backing off, allowing some room for Bitcoin price to trade higher, with $36,709.19 acting as a line in the sand for this week. In case we see a weekly close above there, expect to see a rally next week towards $45,261.84, on the way up to the 200-day Simple Moving Average.
BTC/USD daily chart
BTC/USD daily chart
Investors could be hesitant to pick up BTC prices after the image of cryptocurrencies got dented last week with Terra’s LUNA crash. Lack of interest could trigger a rejection at the first big hurdle at $31,321.98. Bears will probably use that level as entry to push price action back down and break below $30,000.00 again. As the price trades sideways, the risk is that interest fades and BTC price slips below $28,695 to test $24,000 to the downside.
 

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Terraform Labs’ move to revive native token LUNA without stablecoin UST is similar to Ethereum’s hard fork of 2016. The algorithmic stablecoin UST will cease to exist once the revival plan is implemented since Terraform Labs CEO Do Kwon believes LUNA is more than TerraUSD. 
Solana price has found a stable support level which is currently providing a foundation of support for bulls to make a comeback. Since Bitcoin price looks optimistic, there is a good chance that SOL will also rally in the next few days.
Vitalik Buterin pulled 30,000 ETH from his public wallet today, fueling a bearish sentiment among investors. Proponents have considered the likelihood of the sale of 30,000 ETH moved by Buterin and expect a negative impact on the Ether price. 
Bitcoin price has been coiling up around the base of a range for quite some time. Monday’s range formation, however, indicates that an up move is likely in the coming days. Investors can expect Ethereum, Ripple and other altcoins to do the same.
Bitcoin price shows interesting setups from multiple time frames that hint at a confluence. This convergence occurs for the short-term bullish outlook as well as the macro bearish scenario for BTC. 
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