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Can Bitcoin Climb Up The Recovery Ladder, and Claim Back $31,000

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VOC, Voice of Crypto, BTC

With the turbulent last week, finally, Bitcoin ended with gaining over 5%, eventually climbing to 31,000 U.S. dollars. Moreover, Ethereum also jumped the price bandwagon and has managed to gain almost 6%, reclaiming the USD 1900 levels.

Bitcoin price remained at the support of USD 29,500 level. It started the recovery wave in the early Asian hours on 6th June along with facing resistance at USD 30,500 levels bitcoin managed To break above USD 31,000 at 8:30 AM IST.

Following Bitcoin, major altcoins also gained percentages in the Asian morning hours, with Ethereum up by almost 5%, XRP by nearly 3%, and a massive push in Cardano prices, where the coin grew by nearly 11.30%.

The total crypto market cap has grown by 5% to 1.275 trillion U.S. dollars.

What Lies Ahead?

Further up, marking up the critical levels to watch for Bitcoin $30,500 levels and $29,500 levels as the nearest support in case the price sees a downward plunge.

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Envisioning a substantial increase upward for Bitcoin may involve breaking above the $32,000 resistance. The Daily RSI at 50 clearly describes the move’s strength while Bitcoin also managed to take support at the 20-day moving average line.

Currently, the Tom Demark sequential indicator suggests that Bitcoin price may march higher, With the hand producing a buy signal at the red 9th candlestick.

 

Delving deeper into the on-chain signals, Bitcoin withdrawals on exchange reserves Have fallen by a number of 50,000 Bitcoin or USD 1.5 billion. This data is suggestive of lesser supply on exchanges, according to data from CryptoQuant.

Moreover, the bullish move can only be validated if it pushes above 33,000 U.S. dollars, followed by the re-entry of sidelined investors, eventually pushing the price up to the USD 38,600 level.

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Accounting for the systematic risk in the market, the failure of breaking over the abovementioned levels can trigger market-wide fear and $27,000 can be market as the fall support.

Jatin Sewani is crypto markets writer/reporter based in India. He is skilled in onchain as well as technical analysis. He's currently pursuing actuarial science which lets him look at things from a risk-based perspective.

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