Bitcoin clings to $20K as analysts warn of a long, bumpy ride for the foresee...
BTC price briefly fell below $20,000 and traders warn that the all-important support level could eventually crumble after enduring an increasing number of retests. Bullish cryptocurrency traders hoping that the market was on a path higher received a dose of reality on June 29 as the price of Bitcoin (BTC) dipped below $20,000 again during intraday trading. Data from Cointelegraph Markets Pro and TradingView shows that the top cryptocurrency fell under pressure in the early trading hours on June 29 with bears managing to drop BTC to a daily low of $19,857 before price was bid back above the....
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We take a look at various influences keeping the short term price down that also contribute to long term bullishness.
While fundamental analysts predict a continued rally to $1000 and beyond for the foreseeable future, technical indicators paint a more detailed picture. According to the charts, the ride up to $1000 will be bumpy, with periods of profit taking and resistance, especially around the $800 range. Almost at the $820 technical objective level, a distribution zone could take place with a trading box among this resistance and $600. Indicators reflect fiction prices at this level, with irregular trading volume because of the distribution activity depending on the fresh demand of new holders.....