empty
19.06.2023 10:25 AM
Bitcoin Recovers Above $26k: Should We Expect Further Growth?

Despite an abundance of various negative and worrisome factors, Bitcoin bulls managed to successfully conclude the previous trading week. The asset's price recovered above the $26k mark at a time when it seemed that BTC would permanently disrupt the structure of the upward trend.

This image is no longer relevant

The confident upward movement at the end of last week gives investors hope for a similar price increase at the end of the new trading session. However, it is not advisable to evaluate the local growth of BTC as a reversal of the medium-term trend. There are numerous factors indicating that the bearish trend of the asset is not yet over.

Fundamental Factors

Last week saw two positive events in the global financial arena: a higher-than-expected decrease in inflation in the United States and a pause in raising the key interest rate. Despite all the positivity, the Federal Reserve's statements about a possible resumption of rate hikes are forcing investors to factor in this possibility as early as July.

This image is no longer relevant

The current trading week will also be important in terms of economic events. The next couple of days are expected to be calm in the cryptocurrency market due to the U.S. banking holiday and a national celebration. However, later on, the publication of U.S. unemployment data, Powell's speech, and SEC oversight hearings are expected.

This image is no longer relevant

Regarding the latter, it is worth noting that the likely reason for the green cryptocurrency market over the weekend was an agreement between the SEC and Binance.US, which secures the largest market for the exchange. The CEO of Tether also noted that the company has fulfilled all reporting requirements to the New York Attorney General's office.

This image is no longer relevant

These news items have become an important underlying factor in the emotional confidence of investors in the crypto market. The local saga of good news ended with the appearance of an additional $250 million USDT in the market. It is evident that a portion of these funds ended up in Bitcoin and other cryptocurrencies.

BTC/USD Analysis

Bitcoin resumed its upward movement last Thursday but failed to absorb the bearish volumes from Wednesday. At that time, it seemed that this would inevitably lead to a retest of $25k, but instead, we saw growing buying volumes. As a result, BTC settled above $26k and continues to hold this level, opening the way for further growth.

This image is no longer relevant

Trading volumes as of 08:00 UTC dropped again to $10 billion, indicating a decrease in volatility to local lows. Despite this, the key task for the bulls is to consolidate above $26.8k in order to recover within the consolidation range of $26.6k-$27.5k.

Subsequently, this will allow Bitcoin to continue its upward movement towards $28k. However, as of June 19, the $26.8k level remains untouched, and the current trading volumes are insufficient for its definitive breakout. Technical indicators indicate that BTC has paused its upward movement.

This image is no longer relevant

Despite this, a "bullish crossover" is forming on the stochastic oscillator and MACD. This suggests an attempt to form a medium-term upward trend. However, without significant growth in trading volumes, it will not be possible to realize this impulse.

This image is no longer relevant

It is also worth not discounting the bears, who may take advantage of the volatility in the second half of the week to achieve their targets. Their primary task is to definitively break the $25.5k-$26k level. This will allow them to return to their main objective, which is to breach the $24.6k-$25k area.

Conclusion

The cryptocurrency market is witnessing a parity between bulls and bears, characterized by a phased and inconclusive price movement. With the current trading volumes, there is no basis to believe that either side will be able to seize the initiative and radically change the situation. As a result, we observe a consolidating movement and rare impulsive movements within the wide range of $24.6k-$26.8k.

Seleccione el marco de tiempo
5
min
15
min
30
min
1
hora
4
horas
1
día
1
s.
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO

Recommended Stories

Recomendaciones para operar en el mercado de criptomonedas el 28 de marzo

El Bitcoin y Ethereum siguen enfrentando dificultades. Otro intento fallido de que el Bitcoin se mantuviera por encima del nivel de 88 000 llevó a su venta durante la sesión

Miroslaw Bawulski 07:52 2025-03-28 UTC+2

El Éter cayó. El Bitcoin salió mejor parado

A pesar de la implementación exitosa de la actualización de prueba Pectra en la nueva red de pruebas Hoodi —lo que representa el último paso antes de su implementación

Jakub Novak 07:52 2025-03-28 UTC+2

Análisis del par BTC/USD. El 27 de marzo. El Bitcoin no tiene potencial de crecimiento

La estructura de ondas del gráfico de 4 horas para el instrumento BTC/USD es completamente comprensible. Después de completar un tramo ascendente de la tendencia, compuesto por cinco ondas completas

Chin Zhao 08:25 2025-03-27 UTC+2

Recomendaciones para operar en el mercado de criptomonedas el 27 de marzo

El Bitcoin y Ethereum vuelven a enfrentar ciertas dificultades para subir. Pero esto es más bien una reacción a las nuevas declaraciones políticas de Trump, lo que llevó

Miroslaw Bawulski 07:28 2025-03-27 UTC+2

BCH/USD – situación actual y perspectivas

Los sentimientos de duda e incertidumbre de la semana pasada se mantienen hasta ahora. La atracción del nivel final del cruce mensual de Ichimoku (329,98) sigue manteniendo al mercado dentro

Evangelos Poulakis 07:10 2025-03-27 UTC+2

Recomendaciones para operar en el mercado de criptomonedas el 26 de marzo

El Bitcoin y Ethereum continúan mostrando un crecimiento activo, pero también enfrentan dificultades al superar niveles importantes de resistencia. Ayer, el Bitcoin, tras alcanzar los $88 400, retrocedió y actualmente

Miroslaw Bawulski 07:32 2025-03-26 UTC+2

El Bitcoin se estanca antes de un nuevo impulso por encima de los $90 000

Mientras estás pensando si comprar Bitcoin o no, el mayor gestor de activos del mundo, la empresa BlackRock, está aumentando activamente sus reservas de ETH para su fondo tokenizado BUIDL

Jakub Novak 07:32 2025-03-26 UTC+2

Recomendaciones para operar en el mercado de criptomonedas el 25 de marzo

El Bitcoin y Ethereum lograron actualizar niveles bastante importantes, pero una vez más no pudieron mantenerse por encima de ellos. El Bitcoin, tras alcanzar el nivel de $88 600, retrocedió

Miroslaw Bawulski 07:48 2025-03-25 UTC+2

Por qué la caída de Bitcoin aún no ha terminado

A pesar del reciente crecimiento del mercado de criptomonedas, por ahora las perspectivas alcistas más amplias y el regreso del Bitcoin al nivel de $100 000 siguen siendo poco realistas

Jakub Novak 07:48 2025-03-25 UTC+2

Recomendaciones de trading en el mercado de criptomonedas para el 24 de marzo

El Bitcoin y Ethereum han mostrado un crecimiento bastante sólido hoy después de un fin de semana algo apagado, lo que indica una creciente disposición de los inversores al riesgo

Miroslaw Bawulski 08:41 2025-03-24 UTC+2
¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.