Bitcoin trades in bearish trend zone as price rally looms – June 16, 2022
Bitcoin (BTC) has resumed consolidation above current support levels as a price rally looms. In short, BTC/USD is oscillating between $20,050 and $23,000. With the market reaching oversold territory, further declines are unlikely. The largest cryptocurrency was trading at $21,844.74 at press time.
Bitcoin Price Statistics: • Bitcoin Price Now – $21,844.74 • Bitcoin Market Cap – $416,611,186,768 • Bitcoin Circulating Supply – 19,068,831.00 Bitcoin • Total Bitcoin Supply – $458,564,404,223 • Bitcoin Coinmarketcap Rank – #1
Resistance: $50,000, $55,000, $60,000 Support: $35,000, $30,000, $25,000
Bitcoin (BTC) is consolidating above the $20,000 support after the recent crash. Over the past 48 hours, Bitcoin has been fluctuating between the $20,050 and $23,000 price levels. BTC price corrected upwards after the bears failed to break above the psychological $20,000 level, but was repelled at the $23,000 resistance. The largest cryptocurrency fell to the current support level, but the bulls bought the dip. The price of BTC is now trading below the $23,000 resistance. If the bears break below the $20,000 support, the downtrend will resume. The cryptocurrency will drop and revisit the $17,500 and $16,000 support levels.
Is the bottom there?High-profile investors critically assess recent market downturn
Prominent investors such as Mike Novogratz, Arthur Hayes, Raoul Pal and Anthony Scaramucci have commented on the recent market downturn. Generally speaking, some investors believe that the bottom of the crypto market is fast approaching, and the time to buy is just right. Others warned of catastrophic consequences if prices fell below established support levels. Let’s take a look at some of these well-known investors.
First, billionaire Mike Novogratz is the founder and CEO of digital asset merchant bank Galaxy Digital Holdings. He said the cryptocurrencies are nearing a bottom, with Ether (ETH) likely to stay at $1,000 and Bitcoin (BTC) likely to stay around $20,000 to $21,000. He believes the bottom for cryptocurrencies will be reached sooner than in U.S. stocks, possibly by a further 15% to 20%. According to him: “Ethereum should be holding around $1,000 and now it’s $1,200. Bitcoin is around $20,000, $21,000 and $23,000, so you’re closer to the bottom than I think stocks are going to drop another 15% to 20%.”
Second, Arthur Hayes is the co-founder and former head of BitMEX. He warned of a possible sell-off risk. He said that if Bitcoin loses the $20,000 support and the $1,000 price level, “there could be significant selling pressure in the spot market.” Third, macro investor Raoul Pal, a former Goldman Sachs executive, told his Twitter followers, “We’re in a buy zone for Bitcoin.” He’s preparing to add to his crypto positions “probably from next week until July.” Fourth, Anthony Scaramucci is the founder of Skybridge Capital. He told CNBC’s Squawk Box that investors should “remain disciplined in the midst of the cryptocurrency plunge.”
Meanwhile, Bitcoin continues to trade sideways as a price rally looms. The downtrend is not over as the bears continue to retest the current support level. RSI period 14 has fallen to the 24 level, indicating that the market has reached oversold territory. Buyers are expected to show up to push prices higher.
Read more: • How to Buy Cryptocurrency • How to Buy Bitcoin
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