Following last week’s sharp drop in the price of Bitcoin, the cryptocurrency market has today shown signs of recovery. Prices are up by around 1% as of the time this article was written, but there remains some uncertainty as to whether the market remains bullish, or whether it is being prepared for a bearish reversal.
When Bitcoin was trading around $3500 USD in mid-January, there were some who were bullish on the market, but many others who were not. Those who were bullish noted that the price had been growing steadily over the last few months, and that it had reached a new high of $37,000 USD. Some believed that the price would continue rising, and therefore that it was a sign that the bear market was over. Some of these same people were also expecting the price to begin rising again in the coming weeks.
The price of bitcoin is up to $37,000.00. Traders are debating whether this is the start of a new upward trend or a possible reversal. It’s a very difficult call to make, and one that requires a lot of data and a lot of research. So, what do you think?. Read more about when was bitcoin at its lowest and let us know what you think.The 9th. In June, bullish sentiment in the cryptocurrency market broke out when the price of bitcoin (BTC) reversed the trend and rose 20% to $37,500. In recent weeks, analysts have questioned whether BTC is in a long-term downtrend, a debate further complicated by a mix of positive and negative headlines, including the approval of bitcoin (BTC) as a legal currency in El Salvador and Chinese authorities’ order to block search results linked to the country’s major cryptocurrency exchanges. Data from Cointelegraph Markets Pro and TradingView shows that the price of bitcoin has risen from a low of $31,000 at the end of the eighth quarter. June rose 20% to an intra-day high of $37,450 as the bulls tried to take over the trend. 4 hour chart BTC/USDT. Source: TradingView Many, including Mike McGlone, senior commodity strategist at Bloomberg Intelligence, believe BTC is more likely to reach $40,000 than crash to $20,000. On the other hand, traders like Rekt Capital believe that BTC needs a weekly close above $32,000 to avoid further declines. #BTC is now at weekly support level (black; ~$32000) A move towards the orange zone (~$29000) would be good if $BTC can close above the weekly black level later this week#Bitcoin pic.twitter.com/iDtjHdphKj – Rekt Capital (@rektcapital) 8. June 2021
The next few days will decide the fate of the bull market
A steady stream of positive statements, coupled with new regulatory measures in China, has some traders wondering if a bullish reversal is imminent or if the current price action is nothing more than a bull trap. According to Delphi Digital, the clear head and shoulders pattern on the BTC chart is a potential bearish indicator. ModelBitcoin head and shoulders. Source: Delphi Digital Despite this bearish trend, analysts have also noted that a bullish RSI divergence has formed, suggesting that a reversal is possible in the near future. Bitcoin price and rising divergence on the RSI. Source: Delphi Digital Elie Le Resta, a partner at digital asset management firm ExoAlpha, says the case for bitcoin as a store of value is stronger than ever, but he believes the leading cryptocurrency needs to increase its dominance to continue its current bull-run. Rest noted that the news that El Salvador recognizes BTC as legal tender is a big step forward in bitcoin adoption, and he expects other countries to follow in the coming months and years. As for bitcoin’s future outlook, Le Rest noted that after retesting the bottom of the $30,000 to $40,000 range in recent days, a breakout above $40,000 could resume the upward run that took place a month ago. The rest said: Traders still have doubts about where the market is headed, so leverage remains relatively low as the forced liquidations since May have been painful. Breaking the $40,000 mark could give traders the confidence to leverage again to reach new heights in the cryptocurrency market. Traders have also been closely watching Ether (ETH), and The Rest noted the massive ETH outflow that occurred on the 8th. He saw June as a positive sign that the ETH bull market is not over, but warned that alternative chains such as Binance Smart Chain, Solana and Avalanche are working hard to take market share away from DeFi.
Altcoins growing with bitcoin
Daily indicators for the crypto-currency market. Source: Coin360 Bitcoin’s rise to $37,500 has also given a boost to many altcoins. The price of Ether rose 14% from its low of $2,300 on June 8 to an intraday high of about $2,630. Delphi Digital noted that the price of Ether is supported by a decrease in the supply of Ether in circulation, as 23% of the supply is currently contained by smart contracts. Aether bids at the price set in the smart contracts. Source: Delphi Digital Among other notable indicators, Kusama (KSM) rose 23% to an intraday high of $486 following the launch of Kusama’s parachute auction and the DAO token curve (CRV) rose 18% to $2.50. The total cryptocurrency market is now $1.63 trillion, with bitcoin’s share at 43%. The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph.com. Every investment and every transaction involves risk. So you need to do your own research before making a decision.In early July 2016, Bitcoin began to recover from the brutal drop it experienced in early June. This week, however, the price of the flagship cryptocurrency has dropped again – down to as low as $37,300. At the same time, the number of transactions has fallen, making it the lowest since early March. But is it a coincidence? Or is this just the beginning of a new mild bear market?. Read more about what did bitcoin start at and let us know what you think.
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