Bitcoins seem to be flaring with fresh signs of recovery and other major altcoins could be following up if the bulls were able to claim $20,000 as the support level. Bitcoin (BTC) crashed to $17,622 on June 18. This was the first time in Bitcoin’s history that it fell below its last cycle high.
Aggressive monetary tightening by the US Federal Reserve, a liquidation crisis at crypto lending platform Celsius and liquidity problems at mutual fund Three Arrows Capital are seem to be increasing the panic among the investors & traders. If history repeats itself, Bitcoin is not likely to stick at present low levels for long.
At the time of writing BTC was trading at $19,900.
BITCOIN was trading sideways in a range between $28,500 to $32,500. The asset finally gave a breakout on the downside of the range, and witnessed a sharp fall. The prices plunged almost by 38% in the last week making the low of $17,622. On a daily time frame, BTC has a strong support zone from $16,500 to $17,500.
If it holds and sustains above the support then we can expect some relief rally upto $23k whereas a break or close below $16,500 will lead to further downfall and the prices can slide to $12.5k levels.
|Support 2||Support 1||Asset||Resistance 1||Resistance 2|
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