In the extreme turbulence of the Cryptocurrency industry, Bitcoin once again proved its flexibility and adaptability. The highest rated Cryptocurrency has broken through the US $26000 mark and entered what many analysts call the "acceleration zone"
In the extreme turbulence of the Cryptocurrency industry, Bitcoin once again proved its flexibility and adaptability. The highest rated Cryptocurrency has broken through the US $26000 mark and entered what many analysts call the "acceleration zone". This rise in cost is due to a wave of bullish forces driven by BlackRock's plan to launch the Bitcoin Exchange Traded Fund (ETF). The recovery trend of Bitcoin comes at a time when the U.S. Securities and Exchange Commission is strengthening its review of the Cryptocurrency industry.
Bitcoin is ready for the bull market
On June 14, 2023, the Federal Reserve's FOMC maintained curiosity prices at 5-5.25% shortly after 10 consecutive increases. The next day, the European Central Bank announced a 0.25% increase in the prices of these three basic interest rates on June 21, 2023. These developments triggered a decline in Bitcoin, bringing it to a low point. Within 3 months.
However, the rapid rebound of BTC prices from the bottom has led to another bullish sentiment among traders. The industry dominance of Bitcoin has reached its peak since July 2021, demonstrating a new interest among traders and traders in this top-level encryption.
The latest TradeView information shows that the dominant position of Bitcoin, namely the capitalization share of the entire Cryptocurrency industry, has reached a high of 49.8%. Due to Bitcoin's dominant position exceeding 48% in July 2021, this level has not attracted attention.
It is worth noting that Bitcoin's dominant position briefly reached 48.83% in April this year, and it fluctuated within a specific range shortly thereafter.
In addition, BlackRock's participation in Bitcoin can attract institutional traders and promote the wider adoption of Cryptocurrency by managing more than $9 trillion in assets. The construction of ETF and BlackRock's prestigious performance record can provide regulated Bitcoin access opportunities for standard traders, which may significantly increase their costs in the coming weeks.
What is the subsequent cost of BTC?
Shortly after breaking the EMA20 trend line and breaking the resistance level of $26000, Bitcoin is currently showing a clear bullish candle. Due to the recovery of costs from the decline area, this indicates that whales are experiencing significant activity near the decline. Currently, the BTC price is $26437, which has increased by over 5% in the past 24 hours.
The BTC price recently fluctuated between the 20-day moving average and the basic support level of $25250, which means that when bulls buy on dips, bears maintain an advantage.
EMA moves upwards, showing a stable upward trend, while the MACD trend line lingers near the Optimism region. Due to RSI breaking through the midline and currently attempting to enter the overbought zone, RSI has shown an exponential increase in the past few minutes.
If the BTC price breaks through the fast resistance level of $26600, it will mean further purchasing activity. Breaking through $27343 will drive prices towards the next resistance level of $28090.
On the contrary, if the price drops below $25550 from its nearest position, it means that the bulls are retreating. The BTC price may first fall to the support line of the channel and may fall to the $20000 mark.
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