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Let’s take a look at the chart of the first cryptocurrency:
In the last two weeks, the chart has finally settled into a flat and cannot overcome the upper border at $36,500. Volatility continues to decline all this time and market participants are in no hurry to trade the first cryptocurrency. Pay attention to the trading volume – starting from June 22nd, it has been steadily decreasing, which indicates an outflow of participants from the market.
A month and a half ago, the price collapsed almost 2 times. All this time, Bitcoin cannot get out of the wide sideways. This chart structure may indicate accumulation. However, you need to be extremely careful with this formation, as it can be a trap.
The best option in such a situation would be to buy Bitcoin in the $30,000 – $31,000 range and place a short stop-loss at a distance of 7% – 10%.
It is also important to note the factor that the news background has weakened significantly now. In the last week, there was no strong news that could affect the market. Most likely, many market participants decided to exit the market for the holiday season.
Bitcoin’s dominance also stopped somewhat and began to decline. However, this is not due to the fact that the entire altcoin market is recovering. First of all, this is due to the fact that Ethereum is growing on rumors about hard fork London. Therefore, you should not take this situation as a reversal until there are no prerequisites for this.