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Bitcoin gets ready to close the curtain on another poor month of performance as it sunk to lower depths again, and continues to test the willpower of its backers.
BTC/USD traded lower in June. Every speculator of cryptocurrencies knows the first sentence, it is not news. Bitcoin touched values on the 18th June which were near 17,620.00 momentarily. Unfortunately for its parade of backers, BTC/USD has suffered a long term bearish trend which has proven the opposite of momentary. Some people may not want to be reminded, but on the 9th and 10th of November 2021 Bitcoin was trading near the 69,900.00 juncture. Dreams of trading above 70,000.00 and eventually to 100,000.00 at that time seemed realistic to many.
Trading this June started out on a high note, on the 1st and 2nd of June BTC/USD had the 32,000.00 mark within sight. On the 1st of May 2021 BTC/USD began its month above the 40,000.00 level. June has been unkind to Bitcoin and the broad cryptocurrency market, buyers of BTC/USD who have a speculative desire have likely had their stamina tested. However, many short term traders who pursued buying positions of Bitcoin were likely wiped out. And the marketplace awaits the return of a crowd of buyers. The question is if and when they will appear.
Bitcoin has certainly led the pack as the most famous of the digital assets. However, the constant dark shadow engulfing Bitcoin trading has continued to run into rather negative signals, and when BTC/USD feel below the 27,000.00 juncture on the 12th and 13th of June, selling velocity increased dramatically. The lower trend remains troubling in BTC/USD and the inability to climb and stay above the 21,200.00 ratio recently may be a cause for additional worry.
Support levels which have been challenged remain in sight and some traders may feel the ‘barriers’ are vulnerable. If BTC/USD is not able to climb and stay above the 21,200.00 ratio in the near term as June concludes and July begins, Bitcoin may see tests to lower depths ignite again.
BTC/USD Outlook for July
Speculative price range for BTC/USD is 12,559.00 to 28,007.00.
A move below the 20,500.00 level in BTC/USD could promptly cause skeptics who are pursuing selling positions of Bitcoin to feel adventurous and seek lower depths. Certainly another fall below the 20,000.00 juncture would be worrisome for the broad cryptocurrency market, and if BTC/USD is not able to safely climb above this juncture it could set off alarm bells. Support around the 19,700.00 level appears important.
Yes, BTC/USD did trade below the 19,700.00 level in June, but it did this for only a couple of days. However, if this juncture is penetrated lower and sees selling pressure mount it could set off another wave of long term lows. Clearly if the 18,000.00 value is proven weak and trading falls below, this would set off more nervous sentiment.
The problem for Bitcoin is that in the midst of its massive selloffs there is little in the way of a natural equilibrium, this because intrinsic value is only a theory with Bitcoin – it cannot be quantified. If BTC/USD falls below the 17,600.00 level and its price action is sustained lower, Bitcoin could easily see values it has not touched since October of 2020 when it traded near 13,000.00.
Speculators of BTC/USD who want to pursue short term upside certainly exist, and BTC/USD could suddenly trade higher. However, in the midst of this strong bearish trend lower, looking for realistic targets with quick hitting gains via upside movement in Bitcoin remains the logical tactical choice for those who want to be buyers when they perceive support levels as being strong.
If BTC/USD could climb above 22,200.00 and maintain this value and fight for the 23,000.00 and achieve it with a sustained run this would be a positive sign for buyers. However, BTC/USD will need to continuously puncture resistance levels higher with a solid amount of price velocity for many speculators to change their minds about the negative trend which has been evident for months.
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