After taking out the steep downtrend last week
, Bitcoin continued higher, pushing 6.2% week on week. Price surged above prior weekly highs ($21,600) and the coin currently exchanges hands at $22,100.
BTC/USD appears to have picked up the pace on its long-overdue relief rally, and could be on the precipice of a ‘disbelief’ turbo thrust to $30,000 - $35,000 in July.
If the top crypto can hold the D1 trend (20-ema), a mean reversion
to the CME gaps is on the table. Assuming BTC is exiting this range, pivotal moving averages should begin to act as support when tested.
On lower time-frames (H4), BTC is above the 200-ema (blue), 50-ema (orange), and 20 ema (white dotted). Successful retests and bounces off these averages would provide clues on the probability of a higher-time-frame breakout.
The line in the sand for bullish moment is $20,700, presently. Should prices print below that level, a sweep of $17,600 is in the cards.