As Bitcoin price started to recover, major altcoins also seemed to show gains. While Ethereum’s (ETH) price is all set to test the $1920 level, XRP, ADA, and SOL surged more than 5%. THETA remains the best performer among the top 100% with nearly 15% gains.
Bitcoin started a week on a bullish note. After nine consecutive bearish streaks, the flagship currency finally saw a green candle in the weekly chart. BTC’s price surged above $31k during early Asian trading hours.
At Press time BTC is trading at $31,298.93 with 5% gains in the last 24hours. The king coin must now clear the $32,200 level for further uptrend. On the downside, initial support is near the $30,500 level.
Overall, if the BTC price drops below the $29,500 level, it might again initiate a fresh decline probably reaching new lows.
No Bitcoin Bull Rally Anytime Soon ??
As Bitcoin Bulls Struggle to hold above the $30K Level, Popular Crypto Analyst Justin Bennett believes BTC Price will likely revisit the 2022 lows at $26,910.
According to analyst, Bitcoin’s current price action is quite similar to that of June 2021. However, if Bitcoin Follows the same path then probably BTC Price will print fresh 2022 lows.
Justin tweeted saying :
“For this leg [down], probably somewhere between $24,000 and $25,000 if we get that sweep. But I doubt that’s the cycle low.”
Further, once the flagship currency hit the local bottom we can expect BTC price to have a short-term rally but a major bullish rally is still unlikely. As per the chart, the analyst believes that the bitcoin price can have a relief rally in the month of July possibly hitting the $35K level.
Was this writing helpful?
Source: https://coinpedia.org/bitcoin/bitcoin-mirrors-june-2021-price-actions-this-is-when-btc-price-will-initiate-relief-rally/