Bitcoin Steady Above $20K After Drop To $17K – A Slow Climb To Green?
June 22 2022 - 8:46AM
NEWSBTC
After a weekend in which Bitcoin (BTC) experienced realized losses
to the tune of $7.3 billion, the largest cryptocurrency has
erased all weekend losses and is up over 8 percent to $21,206 in
the last 24 hours. Bitcoin has risen almost 22 percent since
Saturday’s low of $17,592, and is currently trading around $21,000.
The BTC price increased more than 4 percent to $20,882, Coin
Metrics data showed Tuesday. Over the weekend, Bitcoin reached a
low of $17,959. It had not been lower since December 2020. On
Wednesday, Bitcoin climbed after a slew of negative sentiments had
lifted the cryptocurrency to a new 2022 low over the weekend.
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Pressure Heavy liquidations in the cryptocurrency market dropped
Bitcoin’s price below its all-time high in 2017, placing a heavy
load on the whole cryptocurrency industry. The broader
cryptocurrency market did not anticipate such a sharp decline,
especially below the “unbreakable” $19,000 support, but the
cryptocurrency has, as is occasionally the case, breached the
$20,000 barrier. Image: Crypto Academy The price actions are a
response to the negative press surrounding the bitcoin sector,
which began with pressure from macroeconomic forces. As this
developed, the United States Federal Federal Reserve raised its
benchmark interest rate by three-quarters of a percentage point,
the largest increase since 1994. Too Early For A Major Turnaround
“This recovery takes out some of the extreme oversold aspect of the
cryptocurrency,” Alex Kuptsikevich, a senior market strategist at
FxPro, pointed out. “However, it is too soon to speak of a
long-term turnaround: all unfavorable fundamentals remain in
place,” he continued. Crypto total market cap at $881 billion on
the daily chart | Source: TradingView.com The surprising rebound
was also largely caused by a lack of selling activity on
centralized exchanges, since the vast majority of institutional and
individual investors gave up during the weekend trading session,
when the Bitcoin network suffered $7 billion in losses.
Similarly to stock investors, crypto investors are treading
carefully in the face of bear market rallies, with some
expecting the asset class would decline further before
experiencing a substantial recovery. Suggested Reading
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Network Accounts Craig Erlam, a senior market analyst at Oanda,
cautions against growing too comfortable with market gains, despite
minor recovery in traditional markets following the Juneteenth
holiday market closures on Monday. Erlam stated in a newsletter,
“Everyone is looking for the bottom, but there’s a tremendous cloud
of uncertainty over the forecast and the data has not yet shown any
good indicators.” Featured image from Panorama Summit, chart from
TradingView.com
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