Bitcoins seem to be in the nascent stages of recovery this week, along with a few altcoins in their footsteps. The bears are still trying to control and stretch BTC’s record of being in red during the last nine weeks to another one, but bulls are also at play, striving to avert the negative sentiments. There are numerous positive signs of accumulation, like an investment into Bitcoin’s ETPs was great in May and have only increased since we entered June 2022. The asset’s market cap is up by 4.8% in the last 24 hours, so is its dominance now at 46.4%.
At the time of writing, BTC was trading at $31,110.
After trading in red for nine consecutive weeks, BITCOIN has finally managed to give a weekly closing in green and has not made a ‘Lower Low’. The asset has taken multiple support at $28,800 in the past, and this time, the bulls are also trying to defend the level. Technically, on a daily time frame, after making a ‘Long Legged Doji’ candle at the low, BTC is trading sideways in a range between $28,500 to $31,500 with declining volumes. Once a breakout occurs above $32,500 with good volumes, we can expect it to further surge up to $35k – $37k, whereas a close below $28,500 will lead to further downfall.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $25,000 | $28,500 | BTC | $32,000 | $37,000 |
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All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions, or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.
