Bitcoin (BTC) Consolidates Near Key Zone. Price Analysis

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(Edited)

Bitcoin (BTC) is consolidating near the key zone. Bitcoin (BTC) started an upside correction after falling as low as $17,602 over the weekend. It wants to continue the successful recovery wave that it has caught above $ 18,500 and move upwards.

btc21062022.png

Bitcoin is currently trading at $21,121. Bitcoin dropped from around $23,000 on Friday to $17,602 over the weekend, surpassing this 50% Fib retracement level. Looking at the hourly chart right now, a connecting uptrend line is seen forming with support around $21,000. The $21,000 level is very critical, if Bitcoin can make a clear move above $21,000, it could move up to $22,000 in the coming sessions.

It signals that Bitcoin will move upwards. If Bitcoin can continue its successful recovery wave, it may even regain what it lost in June. The major resistance is currently seen around $21,575 and the next major resistance at $22,000 could accelerate the recovery if it can break these resistances. The probability of breaking these resistances looks pretty strong but if it fails and is rejected at $21,000, it could drop as low as $20,200. It currently has price supports at $20,200 and $20,000.

It is also quite remarkable that Bitcoin is moving upwards despite the decrease in Bitcoin Dominance (BTC.D).

btcd21062022.png

Currently Bitcoin Dominance (BTC.D) is 44.45%. While there is an increase in Bitcoin buyers, the Bitcoin Dominance rate shows that investors are showing more interest in altcoins. The increase in investors buying on both Bitcoin and altcoins is quite remarkable. This signals that crypto markets may start to recover in general.

If Bitcoin can continue the upward wave, it can rise to $ 30,000 in the last days of June or the first week of July, but if it is not successful, there may be more declines. But in general, Bitcoin seems to want to rise. In addition, it will be useful to follow the altcoins closely, and many of them are close to the bottom prices. I think if the crypto markets in general start a bullish trend, this could be a much faster rise than before.

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19 comments
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A 30k Bitcoin will certainly get everyone all euphoric again. At this point, all I want is that the floor has been reached

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I agree with you, it will definitely make everyone all euphoric and also I think it will increase new entries to the crypto market.

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😏 Don’t think we will see really euphoria back at 30k but it would be a great relief to Fear and FUD which is still high.

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Have you seen how quick the sentiments change from fear to greed by just a couple of days of straight green candles? Many many people quickly forget the red candles and want to hop on at any sign of major reversal.

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Well, excuse me but we are still at extreme fear currently. Went up a few points but that doesn’t change the situation as a whole. 🤷🏼‍♂️

👉🏻 https://zipmex.com/learn/crypto-fear-and-greed-index-explained/

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Yeah, currently, at these prices. Not at $30k

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Would bet 5 Hive that we also won’t have Greed-Sentiment on the Index when we get to 30k BTC again.

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You’re on. 5 hive

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🙌🏻 We will check the Website I sent you:

When BTC rises to 30k and we have „Greed“ or more you get 5 Hive.
If not I get 5 Hive from you. 😎

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This little upward move took me by a surprise as well, still prepared for 15k.

I think if the crypto markets in general start a bullish trend, this could be a much faster rise than before.

Damn, Shiba Inu already took off... 29% in 24h.

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It feel good seeing BTC developing some bullish momentum, we might be seeing it breakout and that will be great for the market. I hope this trend continues, there's got to be a breakout somewhere, perhaps this is it, we will see over time.

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Bitcoin is only going through a phase which i believe before the year runs out it will shoot, that will be probably August.

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I think it will depend on the stock markets because BTC can't avoid the correlation between the two.

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