Positive notes at the beginning of the play are always nice to hear. The main thing is that the play ended positively. The new trading week in the BTC market began with a counter-attack by buyers and breaking the local mark of $31,400. During the day, buyers managed to absorb all the efforts of sellers for the previous two weeks. Given the dynamics of growth, <a href="https://www.cryptoknowmics.com/news/btc-technical-analysis">the BTC price</a> without any problems should rise to $34,500. It is in this note that it will become clear whether the global correction of the BTC price from November 2021 has ended or not.

<img class="alignnone" src="https://s3.tradingview.com/snapshots/a/Ao9JKgeo.png" alt="BTC" width="1386" height="791" />

<a href="https://www.tradingview.com/x/Ao9JKgeo/" target="_blank" rel="noopener">https://www.tradingview.com/x/Ao9JKgeo/</a>

If you look at the monthly timeframe, the situation is not very clear yet. On the one hand, the May candle was able to break the global range of $29,000. However, the month may close with a false breakdown. And the higher the price of BTC closes, the better the chances will be for a strong growth wave in June. In the event of a breakthrough and consolidation above $34,500, we will expect the BTC price to continue growing to $39,000.

Given the depression of the cryptocurrency market, we are not yet planning a more aggressive price movement. It is possible to buy Bitcoin with confidence after the end of the local growth wave, about $ 39,000 and the retest of $31,500. If buyers manage to keep this mark - the global consolidation of Bitcoin with the first target of $48,000 and the final one of $60,000 will be continued.
<h2>BTC Technical Analysis On The Daily Timeframe</h2>
<img src="https://s3.tradingview.com/snapshots/t/tGtxa4bF.png" alt="TradingView Chart" />

&nbsp;

<a href="https://www.tradingview.com/x/tGtxa4bF/" target="_blank" rel="noopener">https://www.tradingview.com/x/tGtxa4bF/</a>

However, we should not forget that until recently, everyone predicted Bitcoin to fall to $20,000. The number of sellers in the market is high and even the active BTC growth during 30 May does not mean a complete advantage for buyers. The BTC price closed slightly above the local critical point of $31,450.

Global consolidation is essentially unbroken, and sellers may just as unexpectedly attempt to test the $28,700 mark. In this case, a triangle with a flat top is formed, which is more likely to break up. The mark of $28,700 has twice withstood the pressure of sellers. In the event of a weak fall wave without significant trading volumes and aggressive daily candles, Bitcoin investors will have a chance to buy the cryptocurrency with the lowest possible risks.
<h2>The USDT Dominance Has Great Prospects Of Falling</h2>
<img src="https://s3.tradingview.com/snapshots/q/qiYpgf6k.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/qiYpgf6k/" target="_blank" rel="noopener">https://www.tradingview.com/x/qiYpgf6k/</a>

The weekly chart of USDT dominance reflects the general mood of crypto investors to buy. The indicator is in the global wedge near the top trend line. The weekly candle of 30 May hints at the absorption of the previous weekly candle. This reversible pattern minimizes the likelihood of the BTC price continuing to fall below $28,000. So now the main question for us is what will grow more aggressively - Bitcoin or other cryptocurrencies? In any case, the BTC price growth will have a positive effect on the entire crypto market. It is only necessary to wait for the breakthrough and consolidation above the critical points, as we described in the article above.

BTC Technical Analysis: Consolidation Is On The Verge Of Failure

In the event of a breakthrough and consolidation above $34,500, we will expect the BTC technical analysis to show BTC price to continue growing to $39,000.

Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.

BTC Technical Analysis: Consolidation Is On The Verge Of Failure

Top Picks