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Follow This Week’s Bitcoin News With BITCOIN MONDAY | 20th-June-2022

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.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2
$16,000$17,500BTC$23,000$28,00

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. 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 crypto assets viz. Bitcoin, Bitcoin Cash, Ethereum etc.are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.

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