The bears missed an opportunity as they were unable to sustain Bitcoin below the $25,000 level this week. This might have attracted buying interest from the bulls who are now attempting to initiate a recovery in Bitcoin and selected Altcoins.
Furthermore, the application by BlackRock to launch a Bitcoin ETF and the continued strength in the United States equities markets could have contributed to an improved sentiment in the crypto market. Bitcoin is projected to conclude the week with a modest gain of 2%, and institutional buying in the Grayscale Bitcoin Trust has reduced its discount to Bitcoin spot from 44% on June 13 to 36.6%, as per CoinGlass data.
Bitcoin experienced a sharp upward movement on June 15, catching the aggressive bears off guard, particularly those who had taken short positions following a break below $25,250. This unexpected turn of events may have triggered a short squeeze in the short term, driving the price towards the 20-day Exponential Moving Average (EMA) at $26,403.
The bears are attempting to restrict the relief rally around the 20-day EMA. However, a positive indication is that the bulls have not relinquished much ground. This suggests that the buyers are maintaining their positions in anticipation of a potential upward move. Nevertheless, the bears are likely to have alternative strategies as they aim to provide substantial resistance within the zone bounded by the 20-day EMA and the resistance line of the descending channel.
If the price reverses from this zone, the BTC/USDT pair may continue to trade within the channel for an extended period. However, if the bulls manage to drive the price above the channel, it would signify a potential shift in the near-term trend. In such a scenario, the pair could surge towards the $31,000 level.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
– Victory Impact
– Crypto Family