The largest cryptocurrency Bitcoin price has shown a remarkable recovery within a fortnight, with positive sentiment among traders building up due to the possibility of a spot Bitcoin ETF in the US. During this rally, the coin price jumped from the monthly low of $24,840 to the $31,170 peak, registering a 25.4% rise. With this in mind, questions arise as to whether BTC buyers can continue this bullish momentum, or if we may witness a pullback in the near future.
In just two weeks of the rally, the Bitcoin price undermined the last two months’ correction phase and reached a high of $31,475. This growth, backed by increasing volume activity, reflects the buyer’s conviction to reclaim high ground. However, on June 23rd, the daily chart showed a rejection candle at the $31,147 resistance, indicating that sellers continue to defend this level. Moreover, after such an aggressive rally, the coin price may likely experience a minor consolidation or pullback before resuming the recovery track.
The potential correction could offer a minor break to market buyers and replenish the bullish momentum for a rally above the $31,147 barrier. At press time, the Bitcoin price traded at the $30,744 mark with an intraday loss of 0.17%. However, with the overhead supply zone, the coin price could see a minor pullback to observe build-up selling pressure. According to the Fibonacci retracement level, the BTC price could find suitable support at $29,778 (23.6% FIB), followed by $29,000 (38.2%).
Meanwhile, the Bitcoin fear and greed index at 62% reflects a positive sentiment among traders for a further rally. The intraday trading volume in Bitcoin is $9.12 billion, indicating a 38% loss.
Looking at key indicators, the daily Relative Strength Index (RSI) slope (73%) reflects high momentum buying in BTC, and the coin price is back above the daily Exponential Moving Averages (EMAs) (20, 50, 100, and 200), projecting a strong bull trend.
As the market continues to evolve, it is crucial for investors to conduct thorough research before investing in cryptocurrencies. Despite the optimistic outlook from traders, potential pullbacks and market fluctuations should be considered when making investment decisions. In this fast-paced environment, the personal opinions of others and market conditions may impact personal financial outcomes, so staying informed and aware is essential for success in the crypto market.
Source: Coingape
