Bitcoin

Experienced crypto analyst and trader, Tone Vays, suggested that despite the largest cryptocurrency&#8217;s leap last week, <a href="https://en.coin-turk.com/bitcoin-evades-direct-hit-from-sec-lawsuits-but-faces-potential-impact/" data-wpel-link="internal">Bitcoin</a> (<a href="https://en.coin-turk.com/ai-interest-reaches-record-highs-an-examination-of-global-trends/" data-wpel-link="internal">BTC</a>) remains in the bear region. Here&#8217;s Vays&#8217; forecast for BTC and the level he advises monitoring closely. 
<h2 style="text-align: justify" id="span-data-contrast-auto-8220-bitcoin-must-surpass-27-000-8221-span-span-data-ccp-props-201341983-0-335551550-0-335551620-0-335559739-160-335559740-259-span">&#8220;Bitcoin Must Surpass $27,000&#8221; </h2>
Crypto analyst Tone Vays claimed in his latest strategy session that the recent surge in Bitcoin was not sufficient to ignite a new uptrend. According to the crypto analyst, BTC appears to be in a downward trend after retesting a significant moving average as resistance on the daily chart: 
<blockquote>
Yes, it&#8217;s a nice rally, but this nice rally doesn&#8217;t mean a bullish trend on a weekly chart. It just doesn&#8217;t look very bullish. The price still appears to be in a downward trend, even if this rally and the daily (chart) are the same. It rallied very nicely towards resistance. Let&#8217;s see if it can break through both moving averages. It will have to break both moving averages to exit this channel.
</blockquote>
<img decoding="async" loading="lazy" class="aligncenter wp-image-85302 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/06/btc-30.png" alt="" width="1382" height="632" srcset="https://en.coin-turk.com/wp-content/uploads/2023/06/btc-30.png 1382w, https://en.coin-turk.com/wp-content/uploads/2023/06/btc-30-300x137.png 300w, https://en.coin-turk.com/wp-content/uploads/2023/06/btc-30-768x351.png 768w, https://en.coin-turk.com/wp-content/uploads/2023/06/btc-30-1200x549.png 1200w" sizes="(max-width: 1382px) 100vw, 1382px" />
Vays stated that for BTC to convincingly start a new uptrend, it needs to exceed several resistance levels. He added, &#8220;To take the rise seriously, Bitcoin really needs to rise above $27,000. To even take the Bitcoin bull market seriously, it might even need to break the previous high at $28,000.&#8221; 
<h2 style="text-align: justify" id="span-data-contrast-auto-warned-against-downside-risk-span-span-data-ccp-props-201341983-0-335551550-0-335551620-0-335559739-160-335559740-259-span">Warned Against Downside Risk </h2>
The crypto analyst underscored that unless Bitcoin crosses the $27,000 resistance and converts it to support, the bounce is likely to be short-lived. He mentioned, &#8220;It&#8217;s a beautiful rally, but from a technical analysis perspective, it&#8217;s nothing more than a bounce from the $25,000 support. It hasn&#8217;t shown any bullish signs yet, and it needs to rise above $27,000 to show that.&#8221; 
At the time of writing, Bitcoin, the largest cryptocurrency, is trading at $26,442, showing a 0.39% drop in the last 24 hours. Over the weekly timeframe, BTC&#8217;s value increased by 2.07%. 
The post <a rel="nofollow" href="https://en.coin-turk.com/crypto-analyst-tone-vays-indicates-critical-27k-level-for-bitcoins-bullish-trend/" data-wpel-link="internal">Crypto Analyst Tone Vays Indicates Critical $27K Level for Bitcoin&#8217;s Bullish Trend</a> appeared first on <a rel="nofollow" href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Crypto Analyst Tone Vays Indicates Critical $27K Level for Bitcoin’s Bullish Trend

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