BTC Price Trades In a Tight Range above $19k

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BTC Price Trades In a Tight Range above k
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Bitcoin bulls are overwhelmed by bears as it trades in a tight range above $19,000 – June 30, 2022

BTC/USD has fallen to a low of $19,317 as it trades in a tight range above $19,000. BTC price is stuck below the 21-day EMA. A recovery above the psychological $20,000 level is questionable in the interim. However, a price rally will keep Bitcoin above the moving averages.

Bitcoin Price Statistics: • Bitcoin Price Now – $19,268.30 • Bitcoin Market Cap – $367,682,441,604 • Bitcoin Circulating Supply – 19,082,250.00 Bitcoin • Total Bitcoin Supply – $404,634,216,284 • Bitcoin Coinmarketcap Rank – #1

Resistance: $50,000, $55,000, $60,000 Support: $25,000, $20,000, $15,000

The price of Bitcoin (BTC) is trading in a tight range after recently dipping below the $20,000 support level. On June 30, Bitcoin fell to a low of $18,638 and rebounded to a high of $20,959. The bullish momentum was repelled as the cryptocurrency fell below the $20,000 support. Today, BTC price is trading in a tight range between the $18,800 to $19,900 price level. On the downside, if the bears break below the $18,800 support, BTC price will decline and revisit the previous low of $17,605. Again, on the upside, Bitcoin will regain bullish momentum if the bulls break the $19,900 resistance and the bullish momentum persists. At the time of writing, the largest cryptocurrency is trading at $19,277.

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Deutsche Bank analyst, Bitcoin will recover to $28,000 in December

Deutsche Bank analysts’ predictions are based on the correlation between Bitcoin and the S&P 500. Analysts are predicting a 30% recovery for Bitcoin by December due to the correlation. Analysts Marion Laboure and Galina Pozdnyakova said that since the end of 2021, the crypto market mirrored the movements of the Nasdaq 100 and S&P 500. The pair believe the S&P will bounce back to January levels. Likewise, Bitcoin’s correlation with the index could lead to a 30% increase in value from current levels by mid-2022. In other words, Bitcoin will reach the $28,000 mark.

BTC/USD – Daily Chart

Meanwhile, Bitcoin is now volatile as it trades in a tight range above $19,000. Nonetheless, the Fibonacci tool suggests that Bitcoin may break below $17,605. May 12 downtrend; a retracement candle body tested the 61.8% Fibonacci retracement level. A retracement suggests BTC will drop to the 1.618 Fibonacci extension level or the $16,647.76 level.

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Read more: • How to Buy Cryptocurrency • How to Buy Bitcoin

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