Bitcoin (BTC) Market Update 06/22

On June 22, while the Federal Reserve maintained its silence over monetary policy, Bitcoin (BTC) prices stabilized, while equity markets in the United States continued their downward trend.

At the opening of the Wall Street market on June 22, 2018, data from Cointelegraph Markets Pro and TradingView indicated that the BTC/USD exchange rate was about $20,500.

Overnight, the pair fell below the $20,000 threshold before staging a recovery; nevertheless, it is still lower than the highs it reached the previous day at $21,700.

The financial markets were poised for last-minute shocks from Fed Chair Jerome Powell’s testimony to Congress on the day in question; but, this ultimately did not provide any new insight into the method used by the central bank to tame excessive inflation.

According to a summary of Powell’s testimony that was published before his appearance, they believe that further rate hikes would be appropriate. The speed of such adjustments will continue to rely on the incoming data and the developing prognosis for the economy.

After making significant advancements the previous day, both the S&P 500 and the Nasdaq Composite Index began with a little loss, creating circumstances for the cryptocurrency market that were rather stable.

In spite of this, the general opinion among market observers continues to point to the possibility of future retests of lower levels. In the case of bitcoin, the level of $16,000 is especially popular as a potential support level.

Decreasing loudness together with an impulse wave that has finished. Too much time was spent looking for an ABC pullback. I had made a lengthy contribution, however owing to the completion of the framework here, the popular Twitter account Crypto was closed. Tony gave an explanation on the nighttime market structure.

His worries about low volume on an upward impulse move were echoed by another trader and analyst at Rekt Capital, who warned Twitter followers not to put too much trust in the strength of the rally. His reservations about low volume on an upward impulse move were shared by him.

According to what he mentioned, the volume on the current bounce in BTC prices has been quite modest and seller-dominated. When looking on the positive side, trading company QCP Capital reported that it noticed negative circumstances ebbing following Bitcoin’s regain of $20,000 over the weekend. In other words, the bearish conditions are improving.

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