BTCUSD Analysis: Bears Attack the Psychological Level
Last night, the price of bitcoin fell below USD 25k for the first time since mid-March. And the bitcoin chart this morning shows sellers breaking through yesterday's low.
There can be two fundamental reasons for the dominance of sellers:
→ yesterday's press conference of the head of the US Federal Reserve (more details in the next post);
→ claims against the Binance and Coinbase exchanges by the US SEC regulator, which declared about 60 crypto assets as securities.
We wrote on June 13 that after the bearish breakout of the ascending channel (1) and the test of this breakout (2), the price of bitcoin could break through the USD 25k support level from top to bottom.
Could the now-forming USD 25k bearish breakout be false?
There are 3 arguments in favor of this idea:
→ previously this level served as resistance – from the point of view of technical analysis, now it should support the market;
→ the price of bitcoin may receive support from the lower border of the channel shown in red;
→ for the price of bitcoin, punctures of psychological levels are quite typical (for example, punctures from bottom to top of USD 25k in the second half of February).
More confidence from the US authorities on this list could add confidence to the bulls, but so far the situation leaves much to be desired.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
There can be two fundamental reasons for the dominance of sellers:
→ yesterday's press conference of the head of the US Federal Reserve (more details in the next post);
→ claims against the Binance and Coinbase exchanges by the US SEC regulator, which declared about 60 crypto assets as securities.
We wrote on June 13 that after the bearish breakout of the ascending channel (1) and the test of this breakout (2), the price of bitcoin could break through the USD 25k support level from top to bottom.
Could the now-forming USD 25k bearish breakout be false?
There are 3 arguments in favor of this idea:
→ previously this level served as resistance – from the point of view of technical analysis, now it should support the market;
→ the price of bitcoin may receive support from the lower border of the channel shown in red;
→ for the price of bitcoin, punctures of psychological levels are quite typical (for example, punctures from bottom to top of USD 25k in the second half of February).
More confidence from the US authorities on this list could add confidence to the bulls, but so far the situation leaves much to be desired.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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