Bitcoin Reaches Bearish Exhaustion As It Trades Marginally Above $19k – June 30, 2022
Today, the candlestick has a long wick pointing to the 21-day line SMA as it trades marginally above $19k. The long candlestick wicks indicate that those regions are strong selling points. Similarly, those long candlestick’s tails indicate that the current support has strong buying pressure. Given that BTC/USD is fluctuating between $18,800 and $19,900 price levels.
Bitcoin Price Statistics Data:
•Bitcoin price now – $19,268.30
•Bitcoin market cap – $367,682,441,604
•Bitcoin circulating supply – 19,082,250.00 BTC
•Bitcoin total supply – $404,634,216,284
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
Following the recent breakdown on June 30, Bitcoin is confined in a range between $18,800 and $19,900 price levels. Presently, the upward move is facing rejection at the 21-day line SMA. The cryptocurrency is trading marginally above the $19,000 support. The downtrend has subsided above the $18,800 support. Nevertheless, if the bears break below the $18,800 support, the selling pressure will resume. Bitcoin will revisit the $17,605 low. On the upside, if the bulls break the $19,900 resistance, Bitcoin will rally to a $23,010 high.
Better Days Ahead With Crypto Deleveraging Coming to An End – JPMorgan
A JPMorgan strategist has predicted that the worst of the bear market can be over. According to the strategist, stronger crypto firms have come in to bail out the industry in the midst of major deleveraging. In other words, the deleveraging of the cryptocurrency market could signal the end of the worst of the bear market. JPMorgan strategist Nikolaos Panigirtzoglou indicated the willingness of firms to bail out companies and give a healthy pace of venture capital funding. He said key indicators support the assessment: “Indicators like our Net Leverage metric suggest that deleveraging is already well advanced.”
Meanwhile, Bitcoin is hovering above the current support as it trades marginally above $19k. The cryptocurrency risks further decline as per the price indicator. On May 12 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that BTC will fall to level 1.618 Fibonacci extension or level $16,647.76.
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