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.
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