Bitcoin price has been on a slow downtrend since June 29 and recently came quite close to tagging a crucial demand zone. Now the flagship cryptocurrency is consolidating in hopes of triggering an exponential run-up. Since the clampdown on crypto in China, the Bitcoin mining industry is in a pickle. From a forced miner exodus to a drop in BTC hash rate and miner revenue, things have changed.

The most recent update is the single largest negative mining difficulty adjustment. This event occurred on July 3, where the difficulty dropped by roughly 28% at 689,471 block height. While things are improving slowly, the stern action from China has pushed many Chinese Bitcoin miners to dump their GPUs on a second-hand marketplace, Xianyu. According to local media outlets, the RTX 30 series GPUs are being sold at half the price.

BULLISH AND BEARISH POSSIBILITIES/ CONDITIONS :

Bitcoin price retraces toward the demand zone extending from $30,573 to $31,979, hoping to trigger a massive uptrend. Chinese miners dump GPUs after the recent clampdown and migration. New York legislation pushes a bill that could force public officials to disclose their cryptocurrency holdings if ratified. The current hurdle in its way is 50EMA and our upper trend line under H4 time frame where our weekly pivot is situated i.e 33940. We are looking forward to our first breakout above the aforementioned levels and expecting bitcoin to reach for its early weekly resistances i.e 36500. This near breakout will mark the trend of bullish continuation towards $40,000 - $44,500

BITCOIN WEEKLY FORECAST

Jul 14 2021