Bitcoin looking new low?

Bitcoin looking new low?

If all weekend BTC / USD is holding just above the $ 30,000 psychological level, the bears may win the battle and the pair may reach $ 29,000 or even lower. Much of the cryptocurrency market started a small rally in the past week after a long bearish run. Bitcoin, the first cryptocurrency, is recovering, even if investors remain alert to any movement in their price.

Bitcoin could fall below $ 30,000

For Michaël van de Poppe, a prominent cryptocurrency analyst, bitcoin would have to reverse the $ 30,300 price level to be able to continue moving towards $ 31,800, as Poppe tweeted on June 3:

“Bitcoin had the $ 30,000 level, which means the $ 29,300 region is still intact. Now, a $ 30,300 reversal would follow towards a potential $ 31,800. »

Meanwhile, bitcoin regained its 10th place as the most valuable asset in the world, on the list of 6,265 products and companies led by gold, Apple and Saudi Aramco, and even a total of 86.51 trillion dollars.

BTC price analysis

BTC is currently trading around $ 30,100, showing a gain of 0.79% on the day and a gain of 4.05% over the last seven days. Its market capitalization from this writing is $ 568.81 billion, according to data from CoinMarketCap.

At the same time, the cryptocurrency community CoinMarketCap has released a potentially appealing prediction bitcoin, that bitcoin would trade above the $ 41,000 mark before the end of June 2022. What is interesting about this forecast is the large number of people who share this opinion. 24,000 community members voted.

It should be borne in mind that the price of bitcoin depends on a number of factors such as recent information that the White House is preparing the first policy aimed at the mining bitcoin.

Returning to the anxious atmosphere currently dominating the cryptocurrency markets, Michaël van de Poppe published his tweet This Sunday, June 5, he was optimistic and reminded that what we are currently experiencing is “deja vu”.

The problem is that people are constantly focusing on the negative perception of the current price action. “Oh I’m losing so much money day after day”. Yes, I went through this in 2018 too. However, there are also these periods when performance increases more than 100 times. »

The price of BTC could turn back under $ 30,000 in the new week, in which case it may be worth considering a new minimum lower than $ 29,000. On the other hand, if the pressure from the bulls continues, BTC could break its resistance at $ 32,000 and rise to new highs.


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Luc Jose Adjinacou

Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and put forward my pen information related to this ecosystem.

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