Has the Bitcoin Bull Run Taken A Hiatus in 2021?

Posted by Adegbotolu Kehinde Erastus -
Scope Markets

It’s been 5 weeks now, and the Bitcoin bull run has struggled to keep up with the bullish momentum after reaching a high of $41k on 14th June. The digital currency suffered setbacks with China banning all crypto activities due to high energy consumption due to mining and prohibiting all financial institutions from dealing in crypto.

This move sent Bitcoin to the downside with price going below the $30k support level but was able to close above it and experienced some mild gains. After much positive statements and adoption around the digital coin, it was trading within a rising wedge on the 4hour time frame but has failed to maintain further upward gains.

Currently, the price has broken out of the wedge, and once again, bears are threatening to attack the once defensive $30k support level. It’s beginning to look like some battlefield with both sides (bulls and bears) trying to strengthen their defence lines. For sure, the bullish momentum still remains intact as far as the $30k price level is not breached, which will likely attract reignite more buying interest from investors. However, a break below will expose the next support level at $28,500 and will also change Bitcoin trend sentiment to bearish.

Bitcoin bull run technical outlook

Technical analysis of Bitcoin bull run , 19 July 2021 made by Scope Markets
Bitcoin 4 hour chart

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