Bitcoin bulls are attempting to re-establish control after they failed to sustain Bitcoin (BTC) below the $25,000 level earlier this week. This may have attracted buying interest from the bulls, who are now trying to initiate a recovery in Bitcoin and a few select altcoins such as BNB, LTC, OKB, and QNT. Additionally, BlackRock’s application to launch a Bitcoin spot price exchange-traded fund and the sustained strength in the United States equities markets could have improved cryptocurrency sentiment.
Though Bitcoin and select altcoins are attempting to start a relief rally, the overall trend remains bearish. Short-term traders who buy for a pullback should consider booking profits or tightening their stops when the price encounters resistance. Long-term investors, on the other hand, may use dips to strong support levels to acquire their preferred cryptocurrencies, adopting a staggered buying approach as a runaway rally is unlikely.
Bitcoin’s price turned up sharply on June 15, potentially trapping aggressive bears who may have gone short on a break below $25,250. This could have caused a short squeeze, propelling the price to the 20-day exponential moving average ($26,403). However, bears are trying to limit the relief rally at the 20-day EMA and maintain control of the market.
BNB investors are watching closely as the bulls prevent the price from crossing the $220 support level, indicating strong support. Meanwhile, LTC has been experiencing a sharp recovery in the past few days, pushing the price back above $75.
Despite the recovery efforts by various cryptocurrencies, it is crucial to remember that the market trend remains predominantly bearish. Cautious trading, research, and risk assessment are necessary before making investment decisions.
Source: Cointelegraph
