Bitcoin led the crypto market rebound after strengthening back to the level of US $ 20,000 in today's trading.
Bitcoin stopped 12 consecutive days of decline and returned to the range of US$20,000 on Monday (20/6/2022). However, negative sentiment still looms crypto asset .
Bitcoin stopped 12 consecutive days of decline and returned to the range of US$20,000 on Monday (20/6/2022). However, negative sentiment still looms crypto asset .
Based on data coinmarketcap.com at 07.19 WIB, cryptocurrency rose 7.86 percent to a level of US $ 20,486.86, after having fallen to US $ 17,599 on Saturday.
Meanwhile, the second largest crypto asset, Ethereum, has seen a 14.54 percent jump in the last 24 hours to $1,126.64. Ethereum briefly plunged to $881 on Saturday. Other coins from Cardano to Colana are also enjoying strengthening.
“I think the price of Bitcoin is starting to reach a level where institutional investors see a buying opportunity,” said Pantera Capital hedge fund partner Paul Veradittakit, as quoted by Bloomberg, Monday (20/6/2022).
The crypto asset market is known for its wild volatility, especially on weekends when moves can be amplified. Analysts warn that the recovery since Sunday may be short-lived
The overall sentiment remains negative, with monetary tightening providing macro challenges and the cryptocurrency raising concerns about widespread pressure. Even with Sunday's rally, Bitcoin is down more than 30 percent this month and about 70 percent from its all-time high hit in November 2021.
Trading volume is likely to be higher than usual this weekend. Bitcoin volume approached $40 billion in the last 24 hours to midday New York time, according to CoinGecko. The Saturday and Sunday of the previous week, trading volumes totaled $25.6 billion and $22.5 billion, respectively.
Bitcoin's drop on Saturday pushed the coin below the $19,511 level, which was the highest level it reached during its bullish at the end of 2017. Throughout its roughly 12-year trading history, Bitcoin has never fallen below a previous cycle peak.
Managing partner and founder of Fairlead Strategies Katie Stockton said Bitcoin also broke the support of US$18,300. Consecutive weekly losses below that level should increase the risk of a fall towards the next support at $13,900.
"Short-term counter-trending technical signals provide some hope that a rebound will unfold in the near term," said Stockton.
He warned against buying on the downside as the momentum is very negative.
EmoticonEmoticon