- Bitcoin price is dancing in a narrow range between $18,000 and $19,500.
- Pressure continues to build on the crypto market as investors shun risky assets.
- Bulls must hold the fort at $18,500 to cultivate a potential symmetrical triangle breakout.
After dealing with a challenging week, Bitcoin price is finding footing at $19,000. Various unfavorable external forces curtailed recovery from support roughly at $18,000, forcing a rejection at around $19,500.
Most analysts are convinced that Bitcoin price has already touched its floor price, and the only way is to the upside. However, investors do not seem to agree and look elsewhere for opportunities amidst hiking interest rates to combat exploding inflation.
Bitcoin mining stocks bleeding seems unstoppable
Bitcoin mining stocks have continued to wallow in murky waters, largely attributed to the crypto market bear run. This week was particularly tough for most stocks globally, with the US Federal Reserve raising interest rates by 0.75%. The Bank of England (BoE) announced a slightly lower hike of 0.5% to combat the ballooning inflation against high energy and food prices.
According to a stock report by The Block, Marathon Digital Holdings, Iris Energy and Cipher Mining had fallen the most by the close of the market on Friday. Losses were generally witnessed across all Bitcoin mining stocks while BTC price doddered below the $19,000 mark.
Bitcoin stocks performance chart
Since the beginning of the year, investors have cut investment budgets to risky markets, citing spiking inflation levels and a strict monetary policy. This means that while Bitcoin price may have tapped a floor price, it lacks the momentum to sustain recovery.
Meanwhile, Bitcoin price is gradually getting closer to symmetrical triangle pattern breakout, as shown on its daily chart. The direction of the potential move is still unknown; hence traders must wait for a natural break above or below the pattern.
A bullish outcome is possible, but buyers must defend the $18,500 level. The Moving Average Convergence Divergence (MACD) indicator’s buy signal adds credibility to BTC’s tentative 9.5% move to $20,914.
BTC/USD four-hour chart
If push comes to shove and selling pressure overwhelms buyers at $18,500, an equal opposite breakout to $16975 may come into play. Other targets on the downside are $18,050 and $17,450 for traders looking forward to shorting BTC price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.