Bitcoin

What’s Next for Bitcoin(BTC) Price After 25% Surge within Two Weeks?

11 months ago
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Published 6 seconds ago

The largest cryptocurrency Bitcoin price showed a remarkable recovery within a fortnight as a positive sentiment among traders build-up due to possible spot Bitcoin ETF in the US. During this rally, the coin price jumped from the monthly low of $24840 to the $31170 peak, registering a 25.4% rise. Can BTC buyers continue this bullish momentum or we may witness a pullback in the near future?

Also Read: US SEC Gives Nod To First Ever Leveraged Bitcoin ETF

Bitcoin Price Daily Chart:

  • The Bitcoin price is poised for a minor pullback before resuming the prevailing rally.
  • The Bitcoin fear and greed index at 62% reflects positive sentiment among traders for further rally.
  • The intraday trading volume in Bitcoin is $9.12 billion, indicating a 38% loss. 

Bitcoin price(Source: Tradingview)

In just two weeks of the rally, the Bitcoin price undermined the last two months’ correction phase and reached a high of $31475. This growth backed by increasing volume activity reflected the buyer’s conviction to reclaim high ground.

However, on June 23rd, the daily chart showed a rejection candle at $31147 resistance indicating the sellers continue to defend this level. Moreover, after an aggressive rally, it is likely the coin price may witness a minor consideration or pullback before resuming on the recovery track.

The potential correction could offer a minor break to market buyers and replenish the bullish momentum for a rally above the $31147 barrier.

Will Bitcoin Price Plunge to $29,000?

By the press time, the Bitcoin price traded at the $30744 mark with an intraday loss of 0.17%. However, with the overhead supply zone, the coin price could see a minor pullback to observe build-up selling pressure. As per the Fibonacci retracement level, the BTC price could obtain suitable support at $29778(23.6% FIB), followed by $29000(38.2%)

  • Relative Strength Index: The daily RSI slope(73%) reflects the high momentum buying in BTC
  • Exponential Moving Average: The coin price back above the daily EMAs(20, 50, 100, and 200) projects a strong bull trend.

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/markets/whats-next-for-bitcoinbtc-price-after-25-surge-within-two-weeks/