Crypto Market Outlook Bitcoin Rebounds Past 21K, Some Stabilization

By Rizqie Atsir Fadhlullah, Busdev Tokenomy

Disclaimer: Tokenomy does not provide any investment, financial, accounting, valuation, tax, legal or other professional advice. The opinions expressed in the article is the author’s personal view only. All decisions to buy, sell or trade any Digital Asset using the Services are made solely by you, and you are fully responsible for all such decisions.

Bitcoin surged past $21,000 Friday Morning (24/06) to $21,300 high, or a 21.2% rebound of its 2022 lows. Previously, Bitcoin also hit $21,700 high on Tuesday (21/06) before correcting to $19,800 on Wednesday (22/06).

This is the first rebound after Bitcoin, the largest cryptocurrency by market capitalization, fell below $20,000, its lowest price since November 2020. Bitcoin’s price surge reflects traders’ confidence in seeing a low price, even as the market continues to digest the fallout surrounding crypto lending giant Celsius and crypto investment firm Three Arrows Capital

Last week (13/06), Celsius Network, an interest-earning yield platform, has frozen withdrawals after using a myriad of failed decentralized finance (DeFi) strategies. Meanwhile, insolvency rumors are also beginning to emerge from crypto hedge fund Three Arrows Capital. Crypto lenders are facing increased scrutiny following the collapse of Terraform Labs’ Luna and its sister token UST last month.

Bitcoin Technical Outlook

At the time this analysis was written (24/06), Bitcoin was trading at about $21,320 a coin. As we see on the chart above, Bitcoin heads to its resistance level around $21,700. It is good to see that Bitcoin once again will test the last Tuesday(21/06) high. But in order to continue bullish, Bitcoin needs to manage the $21,700 resistance level, if that happens then $21,700 will no longer be the resistance but the support, then move higher. 

Meanwhile, if Bitcoin fails to break its resistance, then it’s highly possible to back down, testing the support level around the $19,800 area.

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