The present price action for crypto assets appears to be benefiting from the fact that bitcoins appear to be struggling to form a bottom. The US luxury market experienced a significant recovery last week, with Nasdaq taking the lead with gains of 7.5 percent. In addition to trying a recovery bounce, the crypto markets are still closely correlated with the stock market.
With a 7-day price increase of roughly 6%, Bitcoin (BTC) has adequately recovered. Smaller investors have increased their holdings in at least one Bitcoin by profiting from the collapse of the currency. According to Glassnode’s data, between June 15 and June 25, there were 873 more bitcoin wallet addresses with more than one bitcoin.
At the time of writing BTC was trading at $21082.
After hitting a low of $17,622, Bitcoin is now beginning to show some signs of recovery. The asset is currently trading sideways in a constrained band between $19,500 and $21,500 on diminishing volumes. BTC has a strong support level at $17,000 and a strong resistance level at $23,000. (38.2 percent Fibonacci Retracement Level).
Prices are expected to rise to $28,000 after the breakout happens above $23,000 with strong volumes, while a close below 17,000 would cause further declines. Indecision and a lack of trend for the asset are indicated by a string of small candles with dropping or low volumes.
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