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HomeNewsImportant price target almost reached at USD 47,070

Important price target almost reached at USD 47,070




Bitcoin (BTC) is back on track. The multi-month correction is coming to an end and could wash new investors back into the crypto market. Bitcoin dominance is meanwhile on the decline and indicates increasing interest in the altcoins.

Bitcoin (BTC): The key currency skips the MA200

  • BTC course: 46,332 USD (previous week: 38,825 USD)
  • Resistance / goals: $ 47,070, $ 48,222, $ 50,325, $ 51,307, $ 53,005, $ 54,077, $ 55,817, $ 57,998, $ 59,470, $ 61,771, $ 64,896, $ 67,416, $ 69,660, $ 70,856, $ 76,472, $ 77,678
  • Supports: $ 44,878, $ 44,147, $ 42,923, $ 41,321, $ 40,585, $ 39,240, $ 38,537, $ 36,643, $ 34,899, $ 33,335, $ ​​32,718, $ 31,603, $ 31,010, $ 30,000, $ 29,300, $ 28,795, $ 27,563 , $ 26,404, $ 23,887, $ 22,222, $ 21,892, $ 19,884,
Price analysis Bitcoin (BTC) KW31
Price analysis based on the value pair BTC / USD on Coinbase

In the fourth attempt, Bitcoin managed to leave the multi-month upward range and break out of the channel upwards. To leave the outbreak since May 19, heralded a sideways range upwards and to reach and directly overcome the first price target at USD 42,923. In the following days, the BTC price rose to the MA200 (green) and was able to break through this resistance at the beginning of the week. As a result, the Bitcoin price rose to a new 3-month high at USD 46,760 and thus almost reached the repeatedly mentioned price mark at USD 47,070.


Bullish scenario (Bitcoin price)

Bitcoin managed to stabilize above the trend channel and the MA200 in the last few days. The BTC course has thus reached its first important milestone. Now it is important to use the current momentum to overcome the USD 47,070 and subsequently the resistance at USD 48,222. If the cops succeed in pulverizing these two brands, a swift march through the psychological mark of USD 50,000 is conceivable. Then the resistances at USD 50,327 and USD 51,307 come into focus as targets. For the time being, the relevant support is USD 42,923.

As long as this support level is no longer undershot and USD 51,307 can be broken in the coming weeks, a subsequent rise in the orange resistance area between USD 53,005 and USD 54,077 is conceivable. A rise to this level of resistance is an important partial success for the bulls. If this resistance is also overcome dynamically, a march through to the next price target at USD 55,817 should be planned. In the medium term, the next overarching price target of USD 57,998 is then in focus. Only when investors manage to break through this resistance level at the daily closing price is a subsequent rise to the course high at USD 59,470 conceivable. The first investors are likely to want to reap profits here.

The road to new all-time highs

In order to target the all-time high in perspective, Bitcoin must first march back above USD 60,000 in the direction of USD 61,771. If the overall market stabilizes significantly, the bulls will try everything to attack the all-time high. If the bull camp manages to reach and overcome USD 64,896 in the coming months, a subsequent increase to the 138 Fibonacci extension at USD 67,416 is likely. A break of this resistance level brings the purple resistance area between $ 69,660 and $ 70,856 into focus for investors. In this area, Bitcoin should initially bounce down and carry out a consistency test of the old all-time high. If the upward momentum persists and the resistance zone around USD 70,000 is dynamically overcome, investors will focus on the maximum target range between USD 76,472 and USD 77,678.

Bearish scenario (Bitcoin price)

The bears have to surrender to the cops for the time being. As long as the Bitcoin rate does not correct back below USD 42,923 in a timely manner, higher rates are likely for the time being. However, if the seller succeeds in breaking through this support dynamically, the zone between USD 41,321 and USD 40,585 can again be considered as the first target price. The EMA20 (red) can be found here. If this area is also consistently undercut, a relapse to the multiple support area between USD 39,240 and USD 38,537 is likely. This zone now functions as a make-or-break level. With the Supertrend, the EMA200 (blue) and the EMA50 (orange), three important supports await. A relapse below this range would be a first important bearish indicator.

Bitcoin will then correct to the support level at USD 36,643. If this support level is also sustainably undercut, the correction expands to at least USD 34,899. If the bulls do not come back here, further downward momentum up to USD 33,355 can be expected.




The lower edge of the trend channel can be found here, as well as the 61 Fibonacci retracement just below it. A dynamic break in this zone should lead to a correction to at least USD 31,603. The lower Bollinger Band, which rises sharply to the north, is currently found here. If Bitcoin breaks this support, the downward movement expands to USD 31,010 or even USD 30,000. From the current point of view, the lows in the purple support area represent the maximum bearish price targets for the time being. Only when the low of June 22nd at USD 28,795 per day’s closing price is undercut, a relapse into the blue support zone is conceivable. The 38 Fibonacci retracement at USD 26,399 represents the maximum price target on the bottom for the time being. As long as Bitcoin can assert itself above USD 38,537, price targets on the upside are to be favored.

Bitcoin dominance: rebound on resistance zone

Price analysis Bitcoin dominance (BTC dominance) KW31
Bitcoin dominance based on values ​​of Cryptocap shown

Bitcoin dominance is still unable to grow sustainably. After another attempt to rise at the beginning of the week, the dominance of the crypto reserve currency fell back into the light blue support area in the last 2 trading days. A stabilization above 47.03 percent thus failed again. BTC dominance is currently threatening to drop below the green upward trend line. If support is subsequently given up at 45.71 percent, the area comes back into focus by 44.42 percentage points.


BTC Dominance: Bullish Scenario

Bitcoin’s current breather is once again having a negative impact on Bitcoin dominance. Many altcoins benefit from this trend and are taking market share from Bitcoin again. As long as the BTC dominance can stabilize above the horizontal support at 45.71 percent, however, the dominance preserves the chance of initiating a new attack in the direction of 48.67 percent. To do this, the resistance at 47.03 percent must be recaptured in a first step. If the bulls manage a reversal back above the EMA20 at 47.03 percent, the 48.28 percent will come into focus as the first target. Here the supertrend runs in the daily chart. If the BTC dominance can overcome this resistance and subsequently break through the cross-resistance at 48.67 percent, a subsequent increase up to the course high at 49.25 percentage points must be planned. Along with this, the BTC dominance would leave the upward trend channel and give room in the direction of the psychological mark at 50.01 percent.

If this price level can be overcome without any significant setbacks, there are further opportunities for increases up to the EMA200 (blue) at currently 51.17 percent. Recapturing this sliding resistance should lead the Bitcoin dominance to at least 52.19 percent. The MA200 (green) is currently running here. If Bitcoin rises back above 50,000 USD, a march towards 53.16 percent is also conceivable. If the bulls manage to break through the 53.16 percent as a result, the horizontal pink resistance line at 54.23 percent will come into focus as the target mark in the medium term. Only when Bitcoin can work its way further north, the resistance is likely to start at 55.30 percent. Possible price targets by the end of the year are 57.17 percent and 58.03 percent.

BTC Dominance: Bearish Scenario

The BTC dominance is still unable to grow sustainably and is still on the decline. If the market power of Bitcoin soon falls below the strong support at 45.71 percent, the downward dynamic accelerates towards 44.42 percent. If there is no clear reversal to the north, the BTC dominance should continue to lose its feathers. The BTC dominance should then target the blue horizontal support line at 43.18 percent. If this price level is also undershot, a widening of the correction towards 42.27 percent is likely. A sustained outperformance of the altcoins could even push the Bitcoin dominance to the monthly low of 41.22 percent.

As long as the BTC dominance does not show any sustained backlash in the coming weeks, a relapse to the 40 percent mark is also conceivable. If the annual low at 39.66 percent is broken, the correction extends into the green support zone between 39.21 percent and 37.67 percent. For the next trading weeks, this area can be seen as the maximum bearish price target. It is also important to keep an eye on the area around 45.71 percent. A clear break in this support level means that investors will increasingly turn to altcoins.

Disclaimer: The price estimates presented on this page do not constitute buy or sell recommendations. They are only an assessment of the analyst.

The chart images were created using TradingView created.

USD / EUR exchange rate at the time of going to press: 0.84 euros.



Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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