Bitcoins are showing signs of recovery, and it is possible that other major altcoins will follow up if bulls can claim $20,000 as support. Bitcoin (BTC), crashed to $17.622 on June 18. This was the first time that Bitcoin (BTC) has fallen below its previous cycle high in its history.
Investors and traders are feeling panicked by aggressive monetary tightening by US Federal Reserve. There is also a liquidity problem at Three Arrows Capital mutual fund. Bitcoin will not stay at its current low levels if history repeats itself.
BTC traded at $19900 as of the writing of this article.
Chart for Bitcoin (BTC).
BITCOIN traded sideways between $28,500 and $32,500. Finally, the asset broke out on the downside of its range and saw a sharp drop. Prices plunged by almost 38% over the past week, reaching a low of $17.622. BTC’s support zone is $16,500-$17,500 on a daily basis.
If the support holds, we can expect some relief rally to $23k. A break below $16,500 or close to it will cause further decline and prices could fall to $12.5k.
Support 2Support 1AssetResistance 1Resistance 2$16,000$17,500BTC$23,000$28,00
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