Bitcoin price recovery rally finds new fuel, but will it hold?

  • Bitcoin price is experiencing a bearish rejection at the $20,000 level.
  • Binance Labs is committed to helping the crypto community by using fees on its platform.
  • The invalidation of the bullish macro account remains at $13,880.

Bitcoin price is starting to pull market sentiment from the ashes. Nonetheless, investors should approach peer-to-peer digital currency with a cautious approach to dollar cost averaging, as bearish unpredictability is always a factor.

Bitcoin price remains in a critical position

Bitcoin price faces turbulence to start Wednesday’s trading session. The bulls were rejected in the upper $20,000 area, bringing two types of traders into the market, the hopeful bulls and the confident bears.

Binance Labs, known for its exchange service (serving over 28.5 million crypto customers to date), is helping fuel bullish optimism as the company has pledged to lower fees for anyone buying Bitcoin through its platform.

From a technical standpoint, Bitcoin price will need a lot more help. The bears produced an expected pullback that has yet to break through the June 19th low at $17,592. A break of the low could spill into an influx of momentum bearish, with price targets at the $16,700 level. Bears looking to enter the market should be aware of the recent divergence in the Relative Strength Index, which accompanied the mid-low of $17,000, as a short compression event may occur on entry.

BTC/USDT 8 hour chart

Bitcoin price is currently trading at $19,870. Traders have yet to break through the 200 week moving average. The most reliable bullish invalidation point will be $13,880 as mentioned in previous articles. If $13,880 were to be breached, the total number of macros would be at risk. Traders could fall below $4,000, resulting in a 90% decline from the current Bitcoin price.

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