Despite seeing a sharp price correction this past week, bitcoin continues to have a bullish trend, with the cryptocurrency hitting a fresh all-time high of $3,100 on Wednesday. Experts have been quick to remind us that bitcoin has bounced off the $3,000 mark before, only to resume its usual upward trend. Other than that, however, it seems to be business as usual.
Bitcoin, which has broken through the $30,000 mark and is currently trading at $30,000, is still in the spotlight after the SEC rejected a bitcoin ETF proposed by CBOE and Cantor. Even though it’s not a surprise that the SEC rejected the proposal, it would have been nice to know whether the decision was a temporary one for these bitcoin ETFs, or a permanent one. So, this article will take a look at the current situation of bitcoin and whether this rejection was due to a temporary rejection or a permanent one.
Bitcoin has shown some surprising resilience in the face of the SEC’s rejection of the Winklevoss ETF, rekindling some hope for the cryptocurrency market. BTC price, according to CoinDesk, has climbed to $30,000 in the last 24 hours.. Read more about what happened to cryptocurrency today and let us know what you think.Bitcoin (BTC) rose from a new support level of $30,000 on June 27 and continues to fluctuate erratically, causing concern among traders.
1-hour candlestick chart of BTC/USD (Bitstamp). Source: TradingView
Bitcoin evades nuclear attack under $30,000
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD reached a high of $33,445 on Bitstamp on Sunday.
The pair fell back to $30,070 on Saturday, finally preventing a further decline below key psychological support after last week’s volatility.
However, this was not enough to lift the spirits of traders, as many already believed that the bottom of the local BTC price had not yet been reached.
Can’t we agree to dump #BTC and let it drop to $26k over the weekend to start the next bull run with a V-shaped recovery on Monday?
– Crypto_Ed_NL (@Crypto_Ed_NL) 25. June 2021
According to analyst Rekt Capital, the prospect of bitcoin losing its 50-day exponential moving average (EMA), currently at $33,500, is a concern for the bulls.
BTC’s recovery is promising, but the 50-WEMA level is not yet favorable, he told his Twitter followers after Sunday’s rise.
A weekly close above ~$33500 would be enough to keep the 50 WEMA as support.
At the time of writing, the BTC/USD pair was trading around $32,400, which leaves plenty of room for a more bullish start to the week.
Rekt Capital added that according to Wyckoff’s analysis, bitcoin could still reach $10,000 and could end up in the $40,000 range if the current shear persists without a break.
Wyckoff BTC/USD Distribution Chart. Source: Rekt Capital/Twitter
Volatile, but rising trend
As always, the long-term forecasts of experienced market participants showed a different world from the turbulent intraday price action.
Related: Bitcoin will reach $160,000 this year, says CEO of Celsius
One of the sources of positive analysis over the weekend was PlanB, maker of models for stock prices and flows.
Bitcoin: short-term volatility, long-term uptrend, summarized, accompanied by a comparative chart of bitcoins 200-week moving average (WMA) and realized capital.
ChartBTC/USD, 200WMA and implemented cap. Source: PlanB/ Twitter
According to Cointelegraph, the 200 WMA is an important line in the sand that has never exceeded the spot price. It continues to grow every month, despite recent losses.Bitcoin has been stuck in a range between $30,000 and $50,000 since the start of the year, when the cryptocurrency was trading around $19,000, but the cryptocurrency moved up to $30,000 this week, before falling back down to $30,000 on Tuesday. Bitcoin is now up 4.5 percent in 2017.. Read more about bitcoin news now and let us know what you think.
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