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Bitcoin (BTC) went back to above the $30,000 level on Tuesday. After an unstable trading session this happened. Buyers started stepping in with a fast speed. As oversold conditions appeared on intraday charts. The next level of resistance is around $36,000, which could limit further upside.

The world’s biggest cryptocurrency by market value was trading around $34,000 at press time. And it is up 9% over the past 24 hours.

The near-10% price fall on Tuesday was typical of a tremble. Which signals a period of market uncertainty when sellers surrender.

Bitcoin’s two-month decreasing movement appears exhausted after the relative strength index (RSI) on the daily chart registered a higher low. This means buyers can stay active towards upper resistance levels.

The RSI on the four-hour chart is not yet overbuy. Even though bitcoin is still under the 100-period moving average, offering resistance could be found at $36,000.

Stronger resistance is at $40,000 which is near the superior bound of a month-long range.

Bitcoin looks to have bottomed out

While bitcoin (BTC, +1.73%) looks to found a bottom, a quick rally to record highs looks unprobable. Analysts are talking about that the cryptocurrency now faces price consolidation.

“Bitcoin looks to have bottomed out, having digested most negative news during the recent sell-off from $41,000 to $29,000,” . The trader and analyst Alex Kruger said.

Prices went up to $41,000 early last week before turning south in the latter half after the Federal Reserve’s unexpected hawkish dip on interest rates. Market signal and market value of cryptocurrencies are showing major fall.

Bearish sentiment got stronger on Monday after the People’s Bank of China repeated its crypto banking ban in the wake of the Chinese government’s crackdown on crypto mining. Bitcoin expanded the previous week’s sell-off. It continued hitting five-month lows near $29,000 during early U.S. hours Tuesday.

Stack Funds is also keeping a careful stance in spite of signs of bargain hunting.

“We have noticed that whales (large investors) are re-entering the market as risk appetite returns,” it said in a research noted published Wednesday. Short-squeeze hunters are also exiting the market, it said.

“We believe bitcoin is very close to the bottom, at least in this current wave,” analysts are talking about it. But, “we will keep a close eye on bitcoin’s price post options expiry, and it will be interesting to see how this will unfold in the first week of July, the start of the third quarter.”

Bitcoin price is 33,322.70 at the time of this report.

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Naabiae Nenu-B is a Medical Health Student and an SEO Specialist dedicated to flushing the web off fake news and scam scandals. He aims at being "Africa's Best Leak and Review Blogger" and that's the unwavering stand of Xycinews Media.

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‘Be Patient- Bitcoin Price To Recover’ Says A Popular Analyst

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The global market capitalization for the past couple of days is experiencing an extreme drain. Most of teh crypto assets are registering a consecutive 5 red daily candles in a row. The huge selling pressure accumulated on the Bitcoin price has compelled it to bottom below $38,000. By trending very close to the support levels around $37,000, the fear of BTC price revisiting levels around $34,000 hovers. 

Despite the bearish sentiments surrounds the assets, yet it is believed that the price will recover very soon. A popular analyst Alan Santana, suggests his followers to patiently wait until the price flips the bears. He also said that some people are already giving up Bitcoin, falling into the trap of ‘Panic Selling’. And also asked his followers not to join them, rather wait until the next pump.

Also Read: Dogecoin Price Feared To Continue With A Bearish Trend, Is $0.2 At Stake?

btcchart

The price seems to be following the path led by the analyst as it bounced significantly on visiting the support zone at $37,978. With a significant bounce, the price could surge close to $40,000 or above. However, yet the chances of forming lower lows still hover the rally. And in such a case, the price could even visit the lower support at $35,700 and rebound. 

However, $35,700 are among the strong support levels and if in case, the Bitcoin price fails to sustain, then a plunge below $34,000 may be imminent. But considering the indicators, the RSI has already bounced back and MACD showcases ease in the selling volume. And hence considering the factors a bounce above $40,000 may be on the way for BTC price.

Also Read: Cardano(ADA) Price Spikes As Bitcoin & Ethereum Yet To Manage The Trembled Situation!

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