Forex Analysis & Reviews: 07.06.2023 - Bitcoin on a roller coaster...

07.06.2023 02:20 PM

Bitcoin on a roller coaster ride

Yesterday, we just reported on a steep fall in Bitcoin when it immediately recovered and then plunged again. The world's first cryptocurrency is currently valued at $26,300 per coin. However, we still don't see any reasons for its significant growth. Yesterday, the US Securities and Exchange Commission (SEC) filed a list of thirteen charges against the largest cryptocurrency exchange, Binance. Against this backdrop, clients rushed to withdraw their assets from this very exchange. Investors do not want to deal with a platform that is under investigation by American regulatory authorities and may subsequently be banned in the United States. Clearly, these developments triggered a decline in the entire crypto market. Many tokens have lost much more than Bitcoin, which barely suffered.

So what's next? Firstly, according to today's Goldman Sachs press release, the number of long positions decreased in May, and investors locked in profits. Secondly, a correction will likely continue. Currently, there are no fundamental factors capable of triggering growth. Thirdly, as early as next week, the Federal Reserve may raise the benchmark rate again, which is a negative factor for all risky assets, including Bitcoin. Finally, Bitcoin's rapid 100% surge seems to be based on drivers that haven't even come yet, in particular, the Federal Reserve's easing of monetary policy and the 2024 halving. Therefore, the correction will likely continue. Moreover, the price has not tested the level of $25,211 and the trendline in the 24-hour time frame yet.

Bulls attempted to quickly buy back all the sold coins yesterday. Today, however, Bitcoin is on a bear run again. This means that new players want to get rid of their coins, supply is increasing, but demand is not keeping up. Even though Bitcoin has only dropped by $1,500, which is not much, the correction has been ongoing for 2 months. It remains to be seen what happens near the range of $24,350 - $25,211 and the ascending trend line on the current chart.

In the 24-hour time frame, Bitcoin has made several unsuccessful attempts to surpass the $29,750 level. As a result, a bearish correction occurred, which continues to this day. In the near future, the pair may decline to the levels of $25,211 and $24,350 and even extend its fall. Long positions could be considered only when a corresponding signal is made, for example, on a rebound from $25,211, $24,350, or the trendline. The descending channel in the 4-hour time frame will be of significant importance as well.

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Crypto-currencies

Paolo Greco,
Pakar analisis InstaForex
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