BTC - Will Prices Return to Vigor? - Kakiforex.com - Financial Market Media No. 1 in the World BTC - Will Prices Return to Vigor? BTC - Will Prices Return to Vigor?
InstaForex

June 8, 2021

BTC - Will Prices Return to Vigor?

 Crypto investors continue to be frustrated as the price movements of most cryptocurrencies are still drowning in the red sea.


The $ 40,000 level is still a difficult level to break over the last 2 weeks for Bitcoin (BCT).


This aspect of the decline was driven by Tesla CEO Elon Musk who often plundered the crypto market and said he no longer wanted to be associated with crypto.


But there is still positive news about the crypto market such as the latest report that El Savador wants to recognize Bitcoin (BTC) as a legal currency in the country.


If approval is given to the proposal, it will have a positive impact on the crypto market and may push the ‘cryptocurrency’ to grow further.


Looking at the BTC/USDT chart, the price movement seems to move slightly horizontally (sideway) when the BTC price returns to make a decline to retest the support level around $ 30,000.


The decline remains making the $ 40,000 SBR zone an important resistance level that the price needs to break before returning to signal a clear trend change that the uptrend will regain momentum.



The lowest level around the price of $ 30,000 will be the level to be tested and will likely be the level that will attract large investors to make a purchase.


However, if the BTC price continues to decline beyond the $ 30,000 price level, the $ 25,000 price level is expected by investors to be the determining point for the price increase or will make a lower decline up to the $ 20,000 price level.


If the development of the crypto market continues to gain positive sentiment, the SBR level of $ 40,000 will be tested first before heading to the next SBR level of around $ 50,000.


Expectations of a higher rise will lead to the all -time high (ATH) that was recorded on April 14 around $ 64,000 before meeting the expectations of crypto analysts for BTC to be able to jump past the current ATH level of $ 64,000.


As of 5.00 pm local time, the BTC price is down more than 2% to trade at the price level of around $ 33,000.