The Bitcoin value continues to oscillate in a tight margin between the central zone
near the $18,000 and $19,500 support lines. The crypto currency is currently
recovering at sideways after the fall from the $20,000 line which resulted in an
atmosphere of fear and uncertainty over the nascent region.
As per certain latest reports, the Bitcoin value moves to $19,100 with a 2% gain in the
past 1 day and a 1% loss over the past 1 week. The downtrend sentiment and sense of
uncertainty in the cryptocurrency industry might lead to a potential relief rally which
might clash with the macro forces impacting markets worldwide.
These support marks have been acting crucially to stabilize BTC as its value moves to
the bearish from an all-time high of $69,000. As selling pressure increased further,
BTC went into all these critical levels further.
Crypto expert Justin Bennett predicts that BTC’s values are again in the phase of the
price action, depicted back at the beginning of 2022. During that time, the Bitcoin
rates were recovering from a huge crash and created a link between the $37,500 and
$49,500 levels.
Bennett thinks that the value of BTC might be under a similar channel as mentioned
above with $27,500 potential operating as critical resistance. The analyst tweeted:
“Same structure for $BTC as Feb-April, only we’re missing a retest at $26,000”.
Furthermore, the info made public by Senior Analyst for Messari, Tom Dunleavy
shows that the cryptocurrency industry might gain from a bounce in conventional
markets. As the Fed increases interest rates, insecurity on digital properties, for
example, BTC and stocks, have presented a high correlation.
Currently, down-trending conditions in crypto markets appears to be touching levels
last observed in 2020, during the beginning of the COVID-19 period. This is mostly a
depiction of an industrial bottom and potential relief.