Healing – While the bears largely dominated the markets during the month of June 2022, and even during the second quarter of this year, the price of Bitcoin (BTC) would be preparing to enter a transition phase which precedes a solid bullish recovery.
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Bitcoin Price Below $20,000: One Candle Away from Consolidation?
Bitcoin price starts July 2022 below $20,000. Cryptocurrency trades at $19,477 at the time of writing this article. The markets are currently entitled to a doji, very slightly bearish.
Bitcoin price is about to close its sixth consecutive day in the red, after ending July 2022 with a significant monthly loss of more than 37%. Can the markets then afford at this level, to have a bullish reading of Bitcoin?
For trader Rekt Capital, the price of Bitcoin could yet to currently be in an “accelerating downtrend” phase following its correction.
However, despite this fall below $20,000, the hope lies in the fact that this phase precedes that of a consolidation over several months. Subsequently, this consolidation will be followed by a phase of a “new upward macroeconomic trend”.
The bulls save the furniture in the face of two hyper-bloody months
Trader Rekt Capital shared a chart showing a Bitcoin that successfully closed June 2022, above an area of ”historical resistance”.
The price of Bitcoin managed to break through this zone, at the beginning of December 2020, marking at the time the start of the bullish rally that took Bitcoin to its current all-time high.
The bulls thus seem to have succeeded in defending the essentialdespite the level of intensity of the bearish pressure exerted by the bears.
Bitcoin has also seen its “highest monthly sales volumes” during the last two months in May 2022, and in June 2022, as well as in March 2020, and in May 2021.
Will Bitcoin be treated to a third bloody month in a row, or have the past two months more than just been in the red been enough to allow the price of cryptocurrency to finally touch the bottom of this cycle ?
Rekt Capital drew attention to the fact that Bitcoin’s monthly RSI has “ confirmed its lowest value ever “. Technically, the hopes of a lasting bullish reversal in the coming weeks would thus be well founded.
Traders and analysts continue to see Bitcoin’s upside potential behind this drop below $20,000. The macro environment would also henceforth be much more favorable to bulls than to bears.
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