After months of bearish momentum, the world’s first cryptocurrency, Bitcoin has now found some sigh of relief after regaining the $20,000 price level.
Bitcoin’s path towards $23,000 looks eminent with this current momentum. If the flagship currency manages to take over the $23,000 level, it means that finally, the crypto market has entered the recovery stage.
Over the last thirty days, Bitcoin has seen one of the worst selling pressures yet it has surged from $22,000 to $23,000. However, the currency couldn’t hold on to that level for long, as it flipped back towards the $22,000 level.
Bitcoin Fake Breakout – BTC Price Will Soon Plunge!
Meanwhile, though the flagship currency was in a bearish pull, we have not witnessed any price movement towards $17,000 after June 20 suggesting that the market has calmed down. However, the market’s recovery rally doesn’t look like happening due to the decreased inflow.
If history repeats, we will see the king currency sliding downwards and hitting the lowest price of the bearish flag before it can attempt another breakout.
Among the most frequent formations for currencies that move in strong pullbacks is the bearish flag. Typically, they show up whenever the market requires them to “calm down” just before a jump or fall out.
Ethereum Surged 30%
While Bitcoin is being hit with a bearish pull, Ethereum on the other hand has made a leg up with a 30% rally. This was due to the merge update. Also, firms like Lido Finance, which will be benefited from an upgrade, took advantage of the huge announcement by seeing a 200% increase in token price.
At the time of publication, Ethereum is trading at $1,542 with a surge of 4.38% in the last 24hrs.
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Source: https://coinpedia.org/bitcoin/bitcoin-btc-price-may-drop-below-20k-if-this-scenario-plays-out/