Bitcoin has once again demonstrated its resilience and adaptability amidst the intense fluctuations in the cryptocurrency market. The leading Cryptocurrency has broken through the US $26000 mark and entered what many analysts call the "acceleration zone"
Bitcoin has once again demonstrated its resilience and adaptability amidst the intense fluctuations in the cryptocurrency market. The leading Cryptocurrency has broken through the US $26000 mark and entered what many analysts call the "acceleration zone". When prices soared, BlackRock's plan to launch the Bitcoin Exchange Traded Fund (ETF) triggered a wave of bullish energy. The recovery trend of Bitcoin comes at a time when the U.S. Securities and Exchange Commission is strengthening its review of the encryption market.
Bitcoin is poised for launch
On June 14, 2023, the Federal Reserve's FOMC stabilized interest rates at 5-5.25% after ten consecutive rate hikes. The next day, the European Central Bank announced a 0.25% increase in its three main interest rates, effective June 21, 2023. These developments have triggered a sell-off of Bitcoin, pushing it to a three-month low.
However, the rapid rebound of BTC prices from the bottom has sparked another bullish sentiment among traders. Bitcoin's market dominance has peaked since July 2021, indicating that traders and investors have renewed interest in the leading Cryptocurrency.
The latest TradeView data shows that the dominant position of Bitcoin, that is, its proportion in the total market value of Cryptocurrency, has reached 49.8%. This is the level not seen since July 2021, when Bitcoin's dominant position exceeded 48%.
It is worth noting that in April this year, Bitcoin's dominant position briefly reached 48.83%, and then fluctuated within a certain range.
In addition, considering that BlackRock manages more than $9 trillion in assets, participating in Bitcoin can attract institutional investors and promote wider acceptance of Cryptocurrency. The structure of ETF and BlackRock's good reputation can provide traditional investors with a regulated Bitcoin approach, which will significantly increase their prices in the coming weeks.
What is the next step in BTC pricing?
After breaking the EMA20 trend line and soaring to the resistance level of $26000, Bitcoin is currently showing a huge bullish candle. As prices rebound from the bottom zone, this indicates a significant amount of whale activity near the trough. Currently, the BTC price is $26437, which has surged by over 5% in the past 24 hours.
The BTC price has recently hovered between the 20-day moving average and the key support level of $25250, which means that although bulls are buying on dips, bears are still maintaining an advantage.
The soaring EMA line indicates a strong bullish advantage, with the MACD trend line hovering near the positive region. The RSI index has skyrocketed above the median in the past few minutes, showing an exponential surge, and is currently attempting to enter the overbought zone.
If the BTC price exceeds the direct resistance level of $26.6K, it indicates further purchasing activity. Breaking through $27343 will drive prices to the next resistance level of $28090.
On the contrary, if the price drops from its current position and falls below $25550, it means that the bulls are retreating. The BTC price may initially fall to the support line of the channel and may potentially fall to the important level of $20000.
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