As bitcoin approaches support at $ 30,000, the volatility of the cryptocurrency market is highlighted. Its market dominance has also expanded considerably, with a current share of 47.33%. Following China’s large-scale crackdown on Tuesday, most coins appear to be trading in the red, wiping out nearly all of their previous gains.
Even on technical charts, the most valuable crypto coin Bitcoin produces a “death cross”, indicating that further casualties are in progress. The sale was also boosted by the revelation from the People’s Bank of China that it had summoned major Chinese banks and payment providers, urging them to impose more regulations on cryptocurrency trading.
After failing to recover $ 40,000 last week, bitcoin fell below $ 30,000 for the first time since January. It dipped to $ 28,600 before climbing back above $ 30,000.
Currently (June 23), Bitcoin price rebounded from those losses, jumping over 15% to around $ 33,300. The downward pressure would be eased if the price crossed $ 34,500. Support levels below $ 28,600 are $ 27,450 and $ 25,850. At the time of writing this article, Bitcoin is trading at $ 33,811.
#Bitcoinsfear, uncertainty and doubt (#ALL) remains high, as traders wonder if prices can retreat below $ 30,000 again. For now though, prices have rebounded on fear of the crowds. The markets are moving in the opposite direction to the expectations of the crowds. https://t.co/11lZs5scpE pic.twitter.com/QWtfBWveux
– Santiment (@santimentfeed) June 23, 2021
According to the Santiment platform, as traders’ opinions that Bitcoin could fall below $ 30,000 again have split, FUD remains at a high level. The BTC price shot up to $ 34,000 after hitting $ 28,000 out of fear of the crowds. Analysis of the platform said the markets tend to move opposite to where the crowd expects them to move.
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The price of Bitcoin rebounds!
The price of BTC rebounded above $ 30,000 after a volatile jolt on Monday. There is no doubt that the past two days have not brought much good news for the flagship cryptocurrency, there is still some upside potential.
The price of Bitcoin rallied sharply above the resistance zone of $ 32,500. He overcame many obstacles and crossed the $ 33,500 mark. The King’s Coin even climbed above $ 34,000 and is now trading with bullish sentiment.
There is a good chance of BTC price exceeding $ 35,000, only if the bulls remain intact. The next major level is at the $ 36,500 level. On the other hand, we could see a downward correction below $ 34,000 and $ 33,800. However, the support level is between $ 33,500 and $ 33,000.
While bitcoin price resistance can be found at $ 36,000, it is still below the 100-period moving average. Additionally, stronger resistance stands at $ 40,000, which is near the upper limit of a one-month range.