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Bitcoin price extended losses and traded below the $61,850 zone. BTC is now holding the $60,000 support, but it remains at risk.
- Bitcoin is struggling to start a fresh increase above $62,850 zone.
- The price is trading below $62,000 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $61,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bearish momentum if there is a close below the $60,000 zone.
Bitcoin Price Dips Further
Bitcoin price failed to start a fresh increase above $63,000 and started a fresh decline. BTC traded below the $62,500 and $61,500 levels. It even broke the $60,500 support.
A low was formed at $60,300 and the price is now consolidating losses. There was a minor increase above the $60,550 level. However, the price is still well below the 23.6% Fib retracement level of the recent decline from the $64,420 swing high to the $60,300 low.
Bitcoin price is now trading below $61,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $61,200 level. There is also a connecting bearish trend line forming with resistance at $61,250 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $62,350 level or the 50% Fib retracement level of the recent decline from the $64,420 swing high to the $60,300 low. A clear move above the $62,350 resistance might send the price higher. The next key resistance could be $63,200.
A close above the $63,200 resistance might initiate more gains. In the stated case, the price could rise and test the $64,000 resistance level. Any more gains might send the price toward the $65,000 resistance level.
More Losses In BTC?
If Bitcoin fails to rise above the $61,250 resistance zone, it could start another decline. Immediate support on the downside is near the $60,300 level.
The first major support is near the $60,000 level. The next support is now near the $59,500 zone. Any more losses might send the price toward the $58,400 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $60,300, followed by $60,000.
Major Resistance Levels – $61,250, and $62,350.
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Bitcoin price continues to show exemplary stability above $30,000. The pioneer cryptocurrency hit a 12-month high late last week at $31,468 but stalled to allow for consolidation.
Many market watchers expected BTC to retrace and retest support at $28,000, but the enhanced market structure bolstered by a sudden rise in interest from institutional investors has ensured Bitcoin price upholds its position above $30,000.
The largest cryptocurrency is trading at $30,230 on Thursday, with $10.5 billion in trading volume recorded in 24 hours. Despite the stability exhibited, BTC is down 0.7%.
MicroStrategy Buys 12,333 BTC
The crypto market has been extremely eventful this June, starting with an intensified crackdown by the US Securities and Exchange Commission (SEC).
Leading crypto exchanges Coinbase and Binance were sued by the regulator, with 64 cryptocurrencies, including Cardano (ADA), Polygon (MATIC), and Solana (SOL), implicated as security tokens.
However, the face of the crypto industry started to change with Blackrock’s debut in the market, intending to operate a spot Bitcoin ETF. And since then, more institutional investors have either been expressing interest in the space as stakeholders or holders of the largest crypto BTC.
Although MicroStrategy is a veteran investor in Bitcoin, its most recent purchase of 12,333 BTC worth around $347 million is a sign that its time for Wall Street to enter the market.
MicroStrategy has acquired an additional 12,333 BTC for ~$347.0 million at an average price of $28,136 per #bitcoin. As of 6/27/23 @MicroStrategy hodls 152,333 $BTC acquired for ~$4.52 billion at an average price of $29,668 per bitcoin. $MSTR https://t.co/joHo1gEnR0
— Michael Saylor
(@saylor) June 28, 2023
Institutional investors shunned the crypto market for the last one and a half years amid regulatory uncertainty and other internal forces like the implosion of Terra (LUNA) in May and FTX in November 2022.
MicroStrategy’s latest purchase brings the total amount of BTC on its balance sheet to 152,333 – worth around $4.5 billion.
Will Bitcoin Price Rally On Institutional Investors Surge?
Aside from MicroStrategy and Blackrock, companies like Fidelity Investments and Ledger have started running crypto-based platforms.
Fidelity backs EDX Markets, a crypto exchange designed for brokers and individual investors. Ledger, on the other hand, has just announced the launch of Ledger Enterprise TRADELINK, a crypto service dedicated to catering to the needs of institutional investors.
Meanwhile, Bitcoin price holds firmly above $30,000. This support is crucial for the resumption of the uptrend targeting $38,000. The Money Flow Index (MFI) reinforces the stability in the market, holding within the overbought region.
This implies that the money streaming into BTC markets is significantly higher than the outflow volume. If these conditions stay the same or improve, bulls will have an easier time pushing for a breakout to $38,000.
Traders must tread cautiously, aware of the selling pressure emanating from the recent rejection from the 12-month high level. If overhead pressure continues to build, they can anticipate a sell signal from the Moving Average Convergence Divergence (MACD) indicator.
In that case, it is essential to wait until Bitcoin price confirms a rebound from $30,000 and possibly breaks and holds above $30,000 to be certain of a new uptrend. However, it is premature to rule out another rollback to $28,000.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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