The fact that bitcoins are struggling to find a bottom seems to have aided the current price action in crypto assets. Last week saw a notable recovery in the US luxury market, with Nasdaq leading with gains of 7.5%. The stock market is still tightly correlated to the crypto markets, despite a rebound.
Bitcoin (BTC), which experienced a price rise of approximately 6% in the past seven days, has fully recovered. By profiting from the currency’s collapse, smaller investors have increased their Bitcoin holdings by at least one Bitcoin. Glassnode data shows that between June 15th and June 25th, there were 873 additional bitcoin wallet addresses that had more than one Bitcoin.
BTC traded at $21082 as of the writing of this article.
Chart for Bitcoin (BTC).
Bitcoin has begun to show signs of recovery after hitting a low point of $17,622. Bitcoin is currently trading sideways between $19,500 to $21,500 due to decreasing volumes. BTC currently trades sideways between $17,000 and $21,000 with a strong support level of $17,000 and a strong resistance at $23,000. (38.2 percent Fibonacci Retracement Level).
After a breakout occurs above $23,000 with strong volumes prices are expected to rise up to $28,000. A close below 17,000 could cause further declines. A string of small candles that have dropping volumes or indicate indecisiveness are indicators of a lackluster trend for the asset.
Support 2Support 1AssetResistance 1Resistance 2$17,000$19,500BTC$23,000$28,000
Disclaimer: This report should not be regarded as investment advice. It does not consider the financial situation, investment goals or financial needs of investors. When deciding whether an investment is right for them, all investors should take into account these factors and consult with a professional advisor. This report was prepared by the Company using information that it has access to, as well as information from public sources that have not been independently verified. The Company makes no representations or warranties, either express or implied, regarding the accuracy, reliability, correctness, completeness, reliability, or fairness of the information, opinions, or conclusions contained herein. This report is preliminary. The Company does not assume any obligation to revise or update the reports in the event of changes or unforeseen events. Trading and Investments in crypto ncies viz. Bitcoin Cash, Ethereum, and Ethereum are highly speculative investments that can be subject to market risk. The Author’s analysis should be used only as information and should not be considered investment advice.
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