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The Terra collapse in early May triggered a crash in the market with flagship currencies, Bitcoin and Ethereum drooped to a new low. Though a Chainalysis report stated the decline in the tech market as one of the major reasons behind the dropping prices of Bitcoin.
On 20th June, Bitcoin traced a recovery path and rose by 16%, reaching $20,744.82. From there on, it only went up, until June 29 when it returned under the value of $20,000 though analysts remain hopeful for a bullish run.
However, according to the data from Bitfinex, on the hourly chart of the BTC/USD pair a major bearish trend line could be seen forming with resistance near $20,820. At the time of writing, Bitcoin was trading at USD 19,950.46, down 4.88% in the last 24 hours.
Meanwhile, the top altcoin, Ethereum, which was together with Bitcoin in its freefall at one point lost the resistance zone of $1,000. It also quickly rebounded with Bitcoin and as of this writing was trading at $1,116.74.The leading cryptocurrencies by market cap continue to remain way below their all-time highs.
Bitfinex Market Analysts commented on Bitcoin’s journey back to under $20,000:
“A narrative that could well play out for the rest of the year and beyond is guiding bitcoin lower today, one of a looming recession and mushrooming levels of inflation. As the blunt tools of Central Banks have not yet fed through in curbing inflation, we can expect to see more volatility across the digital token economy in the months to come. The nervous sentiment that has already engulfed stocks and bonds appears to be also creeping into the global property market. We can expect continued pressure on bitcoin until the wider macro-economy shows some sign of stabilization.”
Bitfinex is one of the leading cryptocurrency exchanges that offer crypto trading services to digital asset owners worldwide. Founded in 2012, Bitfinex provides access to peer-to-peer financing, financed trading for various cryptocurrencies, and the OTC market. While Bitfinex traders and Market analysts are passionate individuals having years of valuable experience in cryptocurrency.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
