Good morning!
A lot has happened in the time we last looked at bitcoin (BTC). Despite the fact that the price at the time of writing is equal to the price at which bitcoin stood when the previous analysis was published, the price has still made big jumps. Over the weekend we saw the price make a new local bottom. Here even the $17,600 was tapped. In the end we only managed to increase over the next few days and we are comfortably above $20,000 again
Bitcoin is up 4% since 00:00. The current price at the time of writing is $21,043 on crypto exchange Coinbase. The euro price of bitcoin is €19,990 on the Dutch exchange bitvavo† Trading volume was down 12% in the same time frame. Bitcoin has fallen 7% in value over the past seven days. However, in the past 24 hours, the price has risen by about 4.8%. The total market value of Bitcoin at the time of writing is $401.7 billion. Compared to the total crypto market cap, the bitcoin dominance comes out at 43.4%, the same level as 24 hours ago.
Long-term trend of 10 years broken
To get a picture of the market, it is sometimes better to look at the big picture. This is where the saying “when in doubt zoom out” perfect with. This actually means, if you are in doubt or if the decline seems very severe, zoom out on your chart to get a picture of the price history instead of the short-term picture.
So has Bitcoin Archive’s Twitter account. This chart shows an upward trend for the bitcoin price over the past ten years where the highs are connected and the bottoms are also connected.
Some random lines on the #Bitcoin chart… pic.twitter.com/SBsRixio0e
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) June 18, 2022
At the moment, however, we see that the recent price action briefly moved below the lower trendline. This might make you think that the support line has been broken and we should look for lower support levels. However, if we look at the past, we see that the price has broken out at the bottom here more often. These points later turned out to be the perfect buying moments.
Although history never repeats itself, we often see that it rhymes. So it might be a good time to get into bitcoin again.
Bitcoin Predictions from Crypto Insiders Analysts
Yesterday our analysts shared another new analysis about bitcoin in the Discord environment from Crypto Insiders. In this we saw that the entry of our previous analysis hit perfectly and that we can move upwards towards our target.
The price also clearly responded to the dynamics we prepared support lines. This analysis has enabled us to formulate a short and medium term objective.
For the full analysis and all values and price levels associated with the analysis, you can take a look at the Discord environment. Everything is clearly described here. This way you can also get in touch with our analysts who can answer all your questions.
Would you like to receive up-to-date analyzes on a daily basis?
Crypto Insiders analysts have also shared their own analysis in the Crypto Insiders Premium Environment for members. Here, among other things, bitcoin is discussed daily and you will be kept informed of all developments surrounding the price and the project itself. Also, our analysts analyze several other cryptocurrencies. Various technical analyzes are already available for you at the moment! Take a look at our Discord environment for members.