BTCUSD Weekly Outlook and Bitcoin Fundamentals, 17th June 2022
The recent dip in the crypto market has made the Indian brokers observe the reaction of price and what is likely to happen in the crypto industry as the market cap dropped below $1 trillion by 2021. The close price below the psychological zone of 25500 has increased the bearish momentum in the market.
BTCUSD Technical Analysis
Monthly Resistance Levels: 69000K, 27500K.
Monthly Support Levels: 13500K, 20000K
The bitcoin price finally broke out below the neckline of the $27500 zone on the monthly chart and the BTCUSD price continues to drop lower from the high of $68000 level it has ever made. The cryptocurrency is experiencing the bearish side of the market and has seen the Bulls dominating the BTCUSD pair some months ago as of 2019 and 2020.
If the bearish trend should continue, we shall the price of bitcoin drop to the all-time (high) low of 01 June 2019 resistance zone (20000) turned into a support zone. Indian brokers and other cryptocurrency buyers are waiting for the price to establish its support at a zone that will attract more users to invest and open a long position.
Weekly Resistance Levels: 50K, 40K, 25K.
Weekly Support Levels: 20K, 13K.
The Indian brokers in the short position broke the psychological zone at the close of the weekly candle which sent a shivery signal to Indian brokers, and other cryptocurrency investors on the state of bitcoin.
The BTCUSD saw the week start with about a 20% sell-off in the cryptocurrency market and it could be a result of the remarks from the Federal Reserves on its anti-inflation policy. The current downturn in the cryptocurrency market is different from the prior crash when it was faced with opposition, criticism, and regulations from other major banks and authorities.
Daily Resistance Levels: $34000, $32000, $25550
Daily Support Levels: $19000, $20000.
Indian brokers have not seen the BTCUSD pair move in a bearish trend for this long in the cryptocurrency market. Fear is a factor driving the market in a downtrend as uncertainty can be seen amidst the traders as the price of bitcoin continues to breakout below the psychological zones.
The $25,550 mark was acting as a support for some days ago before the breakout. With this breakout, it will expose the previous resistance that is turned into support like the 19000 level.
The cryptocurrency is playing out as some crypto analysts predicted like Robert Kiyosaki who expects the price of BTCUSD to drop lower before he starts to buy bitcoin. However, if the support levels of 19000 and 20000 can hold the bear’s pressure, we may begin to find new support around the zones that may cause the price to go up.
The bullish scenario may not happen anytime soon because of the total dominance of the Indian brokers who are shorting the BTCUSD pair. The buying opportunity may happen around the support zone of $20000 and $19000 zones if the support level on the daily time frame can hold.
The Bearish scenario is playing out for the Indian brokers shorting the BTCUSD pair after breaking out below the $25550 level to continue the bearish trend. The bearish scenario will likely continue to the support level of $19000 if the sellers can sustain the momentum.
Bitcoin BTC News Events
Bitcoin BTC Sell-off Accelerates as Price Tumbles
The world’s number one cryptocurrency fell about 7% into the $20250 level, the lowest point since 2020. The bitcoin market has lost about 70%. Indian brokers, investors, and bitcoin traders shun risky assets to invest in assets with less risky.
The WazriX India’s Raj Menon experience shares the impact of the big cryptocurrency meltdown as the bitcoin price slumps. Popular crypto lending platforms like Celsius Network have placed a pause on withdrawals on bitcoin assets due to volatile conditions and losses experienced. Binance a major exchange also suspended the withdrawal of bitcoin but others advised their customers to use other means or networks for withdrawal.
Companies dealing with related cryptocurrencies like bitcoin and others are beginning to experience some losses as the price of bitcoin continues to drop.
Conclusion and Projection
The news about the level of inflation and the policies that the Federal Reserve chairman will be adopting will likely influence the cryptocurrency industry as Indian brokers, investors and crypto traders will be paying attention to the speech from the FOMC meetings concerning the economic condition of the country.
The BTCUSD pair is fully in a bearish state and if the price should close below the $20K level the dip will likely continue as the trading week continues.