Bitcoin July 6, 2022 - Lower Life

Bitcoin July 6, 2022 – Lower Life

From $15,000 to $21,000 – The bears continue to front, and keep the price of Bitcoin (BTC) below an important zone. Beyond that, the bulls could gain significant strength.

This Bitcoin price analysis is brought to you in collaboration with the Coin Trading and its algorithmic trading solution finally accessible to individuals.

Bitcoin price at $20,000: a ceiling for bulls

The price of Bitcoin briefly sheds $20,000 today, July 6, 2022, but remains above this level overall. Cryptocurrency trades at $20,371, at the time of this writing. The markets are currently entitled to a daily doji.

Bitcoin price had risen to around $20,720 yesterday, and touched an intraday high near $20,460. The data provided by Whalemap helps to better understand the inability of bulls to continue their run, beyond these levels.

They show the existence of a major resistance zone between $20,546 – ​​$21,327 for Bitcoin price. On paper, the crossing of this zone could thus be interpreted as a strong signal, of a strong bullish recovery.

Publication of Whalemap – Source: Twitter

If not, what should the markets predict, in the event of a strong rejection in this area, which would trigger another significant downside correction? In terms of support, the price of Bitcoin benefits from a strong support around $19,200.

Bears or bulls: between fake pump and hope for a floor

Analysts are fundamentally betting on further declines, and a extension of the bear runrather than a resumption of control of the markets by the bulls.

This is particularly the case of the analyst known as il Capo of Crypto on Twitter, who shared a graphic that highlights the existence of “Fake pump”those last weeks.

Bitcoin price: fake pump
Publication of Il Capo of Crypto – Source: Twitter

These false pumps led to lower highslower highs. Based on these patterns, he Capo of Crypto believes that Bitcoin continues to target the $15,800-$16,200 range.

Other data, however, contradicts these bearish forecasts, attempting to reassure the markets.

The Bitcoin Archive tweeter posted a chart from Glassnode, which shows fluctuations in the MRVR Z-score, reconciled with those of Bitcoin price variations. Depending on its level, the MRVR Z-score has identified “market dips on 4 occasions” in the past.

A bottom price now close for the price of BTC.
Publication of Bitcoin Archive – Source: Twitter

This indicator is now at this level, “deep in the “green zone””, and therefore theoretically announces a Bitcoin that would be close to its lowfor the current bearish cycle.

Will $21,300 and above effectively spell the end of dangerous bullish illusions for a Bitcoin that continues to keep markets uncertain about its final floor price for this cycle?

Is it possible to be gwinner every time? Whether the Bitcoin price is in great shape, or going through turbulence, Coin Trading offers you to increase your chances of success. Indeed, Coin Trading allows individuals to access a trading tool algorithmic and 100% automated. A real trend mechanism, this tool has been designed to adapt to market reversals and position itself on the most dynamic crypto assets of the moment.

Leave a Comment

Your email address will not be published.