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The largest cryptocurrency Bitcoin price showed a remarkable recovery within a fortnight as a positive sentiment among traders build-up due to possible spot Bitcoin ETF in the US. During this rally, the coin price jumped from the monthly low of $24840 to the $31170 peak, registering a 25.4% rise. Can BTC buyers continue this bullish momentum or we may witness a pullback in the near future?
Also Read: US SEC Gives Nod To First Ever Leveraged Bitcoin ETF
Bitcoin Price Daily Chart:
- The Bitcoin price is poised for a minor pullback before resuming the prevailing rally.
- The Bitcoin fear and greed index at 62% reflects positive sentiment among traders for further rally.
- The intraday trading volume in Bitcoin is $9.12 billion, indicating a 38% loss.
(Source: Tradingview)
In just two weeks of the rally, the Bitcoin price undermined the last two months’ correction phase and reached a high of $31475. This growth backed by increasing volume activity reflected the buyer’s conviction to reclaim high ground.
However, on June 23rd, the daily chart showed a rejection candle at $31147 resistance indicating the sellers continue to defend this level. Moreover, after an aggressive rally, it is likely the coin price may witness a minor consideration or pullback before resuming on the recovery track.
The potential correction could offer a minor break to market buyers and replenish the bullish momentum for a rally above the $31147 barrier.
Will Bitcoin Price Plunge to $29,000?
By the press time, the Bitcoin price traded at the $30744 mark with an intraday loss of 0.17%. However, with the overhead supply zone, the coin price could see a minor pullback to observe build-up selling pressure. As per the Fibonacci retracement level, the BTC price could obtain suitable support at $29778(23.6% FIB), followed by $29000(38.2%)
- Relative Strength Index: The daily RSI slope(73%) reflects the high momentum buying in BTC
- Exponential Moving Average: The coin price back above the daily EMAs(20, 50, 100, and 200) projects a strong bull trend.
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