Join Our Mailing List
Sunday June 04, 2023
Bitcoin (BTC) $27,143.27   Ethereum (ETH) $1,900.21
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Investment Management
    • M&A
    • Mining
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
Trezor Model T
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas
Home Altcoins/Investments

June Bitcoin Market Update – Can the Bulls Dominate Longer?

Published by CryptoNinjas.net
06/22/2019
June Bitcoin Market Update – Can the Bulls Dominate Longer?

As we move forward through 2019, Bitcoin continues to recover, having almost banked a 300% rise in value from the 2018 lows. Even though the move is viewed as mostly-speculative in nature, it is a fact that buyers managed to push the price of Bitcoin back to levels not seen since May 2018.

Overbought or more upside left?

Two days ago, people who trade the price of BTC saw it rising above $9,000, an area of resistance which held at the end of May. As the price action made a new 2019 high, the bullish parabolic structure continues to extend higher.

According to the Coinbase chart below, Bitcoin managed to break above $8,500, a previous swing high from July 2018 and now the most important resistance area to watch is located close to $10.000. As a former May 2018 swing high + a key psychological area, that zone could pose some significant issues to people who trade the price of BTC on the buy side.

At the present time, the market condition is overbought, following an impressive string of consecutive weekly gains. For the first time since the end of 2017, we had five consecutive weeks when Bitcoin ended higher as compared to the opening price.

Since the beginning of February, only 4 out of the last 20 weekly candles managed to close on the negative three of them showing limited Bitcoin weakness. Fueled by a record volume of CME Bitcoin futures, institutional interest in the largest cryptocurrency is at its highest level.

After losing more than 80% of its value during 2018, Bitcoin was seen in oversold territory at the beginning of 2019 and at the present time, we could be near a deeper pullback. It will be important to see how the price of Bitcoin will react around the $10,000 area. A strong breakout above and follow-through buying could signal further gains on the upside. Given the performance it had in 2019, the most likely scenario seems to point for at least a period of correction, if not a deeper move lower.

However, given that the 2019 bull run had not been supported by any positive fundamentals, it could be another pump-and-dump scheme. If Bitcoin will start to weaken aggressively, we believe it could revisit the key $6,000 support area in the following months. That will be an optimal place for new long-term buyers to find value in Bitcoin, as the current bullish trend looks exposed to weaknesses in the not-too-distant future.

FacebookTwitterLinkedinRedditE-MailTelegram

Related News

RockX broadens suite with launch of new ether (ETH) native staking solution

05/23/2023
RockX broadens suite with launch of new ether (ETH) native staking solution

RockX, an Asia-based institutional-grade staking services provider, announced today the broadening of its staking product suite with the addition of a new ether (ETH) native staking solution. This latest offering strengthens RockX's position as a...

Read more

The Sandbox teams with Hex Trust for licensed, secure custody of its virtual assets

05/10/2023
The Sandbox teams with Hex Trust to enable licensed and secure custody of its virtual assets

Hex Trust, a regulated institutional-grade crypto-asset custodian, today announced it has partnered with The Sandbox, a leading decentralized gaming virtual world to enable fully-licensed and highly-secure custody of assets such as LAND in The Sandbox’s metaverse....

Read more

CoinFlip launches new self-custodial cryptocurrency wallet platform ‘Olliv’

04/28/2023
CoinFlip launches new self-custodial cryptocurrency wallet platform 'Olliv'

CoinFlip, a bitcoin ATM and crypto services company, announced today a new offering with the launch of 'Olliv,' a self-custody-powered crypto platform. The Olliv platform provides a frictionless way to buy, sell, send, receive,...

Read more

Crypto derivatives exchange Deribit to launch zero-fee spot trading

04/20/2023
Crypto exchange Deribit to launch zero-fee spot trading

Deribit, a popular cryptocurrency derivatives platform, has announced the launch of zero-fee spot trading, allowing clients to buy and sell crypto while simultaneously managing risk using other derivatives. Spot trading will start on April,...

Read more
Load More
Leave Comment

Where to Exchange

Leading crypto suite in Spain & LATAM Visit
European bitcoin exchange Visit
Swap & buy 150+ cryptocurrencies Visit
First U.S. regulated BTC exchange Visit
  • Trending
  • Latest
RockX broadens suite with launch of new ether (ETH) native staking solution

RockX broadens suite with launch of new ether (ETH) native staking solution

05/23/2023
Where Exactly Can You Spend Monero Cryptocurrency?

Where Exactly Can You Spend Monero Cryptocurrency?

10/20/2021
Token.io launches new spin-out company focused on digital money solutions

Token.io launches new spin-out company focused on digital money solutions

12/10/2019
Quant Network blockchain integrates Constellation for IoT interoperability

Quant Network blockchain integrates Constellation for IoT interoperability

12/03/2019
RockX broadens suite with launch of new ether (ETH) native staking solution

RockX broadens suite with launch of new ether (ETH) native staking solution

05/23/2023
The Sandbox teams with Hex Trust to enable licensed and secure custody of its virtual assets

The Sandbox teams with Hex Trust for licensed, secure custody of its virtual assets

05/10/2023
CoinFlip launches new self-custodial cryptocurrency wallet platform 'Olliv'

CoinFlip launches new self-custodial cryptocurrency wallet platform ‘Olliv’

04/28/2023
Crypto exchange Deribit to launch zero-fee spot trading

Crypto derivatives exchange Deribit to launch zero-fee spot trading

04/20/2023
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2023 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact
No Result
View All Result

© 2016 - 2023 CryptoNinjas Disclosures | Privacy Policy