BitcoinLargo
BTCUSD
The cryptocurrency market capitalization has increased by 1.2% to $2.56 trillion. Bitcoin's gain contrasts sharply with the declines seen in altcoins. Ethereum rose by 1.3%.
The main upward momentum occurred during the Asian morning session. As of this writing, Bitcoin's price appears to have moved away from extremes. Nonetheless, the latest momentum indicates that bears still dominate the cryptocurrency market.
Bitcoin earlier fell to $64,041, the lowest level since May 15. Bitcoin has been on a downward trend for the past 12 days, significantly breaking below the 50-day SMA and the 76.4% Fibonacci retracement level of the January to March gains.
Due to a shift in market sentiment, the crypto market has suffered significant losses over the past two weeks; however, it has not relinquished key support levels, showing signs of being undervalued. The Market Value to Realized Value (MVRV) indicator over a 30-day period indicates bullish signs for these assets.
on technical side Bitcoin's price has dropped from around $67,300 to the support level of $64,041, forming a bullish "inverse head-and-shoulders" pattern.
The observed uptrend today has broken through the channel's midline and the "neckline" of the aforementioned pattern. Therefore, from a technical analysis perspective, it can be reasonably argued that bulls are taking control by leveraging support levels.
The RSI and oscillators support the rebound. The lower low formed on June 18 was not reflected in higher highs during the same period. This development, known as bullish divergence, typically leads to a trend reversal or short-term rebound.
If the bulls are active and the overall outlook for the cryptocurrency market is optimistic, Bitcoin's price could increase by 6% to the previous resistance level of $71,280.
In a negative scenario, a decline from current levels below the previous point of $64,041 poses further downside risks.
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The main upward momentum occurred during the Asian morning session. As of this writing, Bitcoin's price appears to have moved away from extremes. Nonetheless, the latest momentum indicates that bears still dominate the cryptocurrency market.
Bitcoin earlier fell to $64,041, the lowest level since May 15. Bitcoin has been on a downward trend for the past 12 days, significantly breaking below the 50-day SMA and the 76.4% Fibonacci retracement level of the January to March gains.
Due to a shift in market sentiment, the crypto market has suffered significant losses over the past two weeks; however, it has not relinquished key support levels, showing signs of being undervalued. The Market Value to Realized Value (MVRV) indicator over a 30-day period indicates bullish signs for these assets.
on technical side Bitcoin's price has dropped from around $67,300 to the support level of $64,041, forming a bullish "inverse head-and-shoulders" pattern.
The observed uptrend today has broken through the channel's midline and the "neckline" of the aforementioned pattern. Therefore, from a technical analysis perspective, it can be reasonably argued that bulls are taking control by leveraging support levels.
The RSI and oscillators support the rebound. The lower low formed on June 18 was not reflected in higher highs during the same period. This development, known as bullish divergence, typically leads to a trend reversal or short-term rebound.
If the bulls are active and the overall outlook for the cryptocurrency market is optimistic, Bitcoin's price could increase by 6% to the previous resistance level of $71,280.
In a negative scenario, a decline from current levels below the previous point of $64,041 poses further downside risks.
Like us for more such updates.
Boost us to help reach more people.
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