Bitcoin whales with a balance of more than 10,000 coins have been continuously buying BTC since April
Over the past week, from June 13 to June 19, Bitcoin has fallen in price by 22.58%, to $20,574. This week, from June 20 to June 25, the price recovered by 4.34% to $21,467. Buyers are recovering from the recent market crash. They need to rally and move up so as not to freeze during the harsh crypto winter. If there is no activity from them, the price will move to look for a new bottom.
Trades this week were relatively calm. On Monday (June 20), Bitcoin was trading in the $19650-21090 price range. The activity of speculators was low due to the holiday in the US.
On Tuesday (June 21) during the European session, the price rose to $21,723 following futures for US indices. The upward move did not continue as risky assets sold off on Wednesday (June 22) due to US Federal Reserve spokesman Thomas Barkin's announcement of an impending recession. As a result, the prices for raw assets flew down, and with them the shares of mining and processing companies. Following the risky assets, cryptocurrency fell in price.
On Thursday (June 23), Bitcoin rose against the dollar to $21,110. The rebound was facilitated by the increase in US indices and a correction in the dollar index. The stock market has shown resilience despite ongoing concerns about the future of the US economy. US stocks began to rise in price after the speech of the head of the US Federal Reserve, J. Powell. He promised to curb inflation with high rates and try to create a soft landing in the event of a recession.
On Friday (June 24), the bitcoin rate returned to the level of $21,558 against the backdrop of rising stock indices, which interrupted a three-week losing streak. The S&P500 and Nasdaq closed the day up more than 3%. Louis Fed President James Bullard pushed them to grow. He said that the US would be fine, fears of a recession in the US are exaggerated. Bullard reiterated that the federal funds rate should be raised to 3.5% this year. Fed officials are intervening verbally to keep the stock market from crashing. And then in the fall, the United States is waiting for the midterm elections to the Congress, which in the future can play a significant role in the 2024 presidential election.
At the time of writing this review, Bitcoin is worth $21,467 on the Binance exchange. Considering that the S&P500 and Nasdaq indexes closed in a good plus, buyers have a time window until Monday to test the $21,900 level. It needs to be passed to rise to $22,900. There it will be easier for buyers to move up to the $24,000-$25,000 zone. The technical picture on the daily and weekly time frames remains bearish. Any PUK in the stock market and sellers with one daily candle will block the corrective movement. Support is at $19,700.
Since bitcoin and ether are now correlated with the US stock market, having lost their independence and independence, next week the attention of investors will be riveted to US macro statistics. From the statistics, it is worth paying attention to data on orders for durable goods, the third estimate of GDP for the first quarter, personal income and spending of Americans, consumer spending price indices (a key inflation indicator for the Fed) and the ISM index of business activity in industry.
On Wednesday (June 29) at 16:00 Moscow time, the speeches of the head of the US Federal Reserve J. Powell, the head of the ECB C. Lagarde and the head of the Bank of England E. Bailey are scheduled. Together, they can cause increased volatility in financial markets, including the cryptocurrency market.
Posted Using LeoFinance Beta