Sunday, June 23, 2024

Market Watch June 22: Bitcoin sees resistance at $21,000 level.

Bitcoin retested $21,000 but was rejected, losing 2.38% of its value. BTC has continued to rally, three days after widespread selling prompted the price to drop to a 52-week low.

At the time of writing this article, Bitcoin was trading at $20,387. It has been down by 2.49% in the last 24 hours, as per data from CoinMarketCap. Ethereum has managed to hold onto the crucial $1,000 mark. But its value is down by 4.77%. Bitcoin is bearish. It saw upside being tested and rejected several times. If the local support at $20,000 is breached, there will be a lot more downside later in the week. The next swing low would be the $18,000 mark.

Bitcoin has a major resistance near the $21,450 mark, near the $22,000 level, and a bearish trend line forming with resistance near $22,500. For a major increase, BTC has to breach $23,000 and settle above it in the near term. It could rise 50% Fib retracement level of the downward move. If there is no break, there could be a fresh decline below $20,000. Analysts believe that if the bullish momentum does not return, there will be a push lower by the end of the day.

Meanwhile, the altcoins are seeing red. Solana is down by 7.42%, Cardano lost 6.60% of its value and XRP lost 1.55%. The biggest loser is Polkadot. In the last 24 hours, it is down by 8.25% and trading at $7.55. The biggest winner is Shiba Inu. It is up by 19.38%.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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