Bitcoin price with the first week of increases since the end of June

bitcoin rate this week has a chance for a positive close relative to the opening, which would be the first upward week for this cryptocurrency since the end of June. It was when the price of bitcoin rose from around 26000 to 31000 that we had a positive last week for the BTC price. Since then, bitcoin prices have been sliding, albeit slowly.

Significant decrease in bitcoin price volatility

Since the end of June, the weekly decrease in bitcoin prices has not even exceeded 1,5%, which is a situation not seen since the end of last year, when the cryptocurrency price began to consolidate after the collapse of the FTX exchange. This week also shows relatively little volatility as Bitcoin appears to be up 1,4%. Despite important events for traditional financial markets, not much is currently happening on the cryptocurrency market, despite the increasing chances of accepting the first ever spot ETF on BTC.

Key levels for bitcoin

The popular cryptocurrency may be poised for a major breakout in late August as periods of low volatility are then offset by periods of elevated volatility. This one may appear in just a few weeks, and the key levels may be as follows:

• first resistance may extend towards $30250 and may be due to recent local highs.
• The next one is around USD 31500 and only beating this level may open the way towards USD 38000.
• Potential support may fall in the region of USD 28600-27600, and its crossing may, in turn, open the way towards USD 26300. However, this would be tantamount to breaking the trend line, which is derived from the December low through the lows of March 2023 and June 2023.

Bitcoin CFD chart, D1 interval. CMC Markets platform Next Generation.

Nevertheless, we probably still have to wait to cross one of these places.