Bitcoin crashes again
- Early this morning, Bitcoin dropped to $ 20,850, where it found support.
- Bitcoin has proven time and time again that it is recovering from any kind of storm.
Bitcoin chart analysis
Early this morning, Bitcoin dropped to $ 20,850, where it found support. After that, we see a recovery to $ 23,320, the site of today’s resistance. We need to break above this zone so that bitcoin can form a new bottom at $ 22,000. Then we could expect a further recovery towards $ 25,000. For the bearish option, we need continued negative consolidation and a new price withdrawal towards $ 21,000. Excessive pressure and long consolidation on that level could push the price towards $ 20,000 to the psychological level.
Market overview
Bitcoin has proven time and time again that it is recovering from any kind of storm. Anthony Scaramucci – former White House communications chief and founder of Skybridge Capital – said he remains positive amid all the gloom and negativity in the bear market.
Fears of the recession continue to spread among investors ahead of this week’s key meeting of the Federal Reserve and after vicious inflation on Friday.
According to the Consumer Price Index, inflation reached a 40-year high in May, prompting market observers to expect a higher-than-expected rate increase of 0.50%, as opposed to the current 0.75% forecast.
The head of SkyBridge also compared the current sale to the collapse of web1 companies in 2000, when virtually all shares of internet companies crashed.
He advised investors to maintain discipline. Scaramucci and SkyBridge bought more Bitcoin and Ethereum in response to a question from host Andrew Durkin about the phrase “buy dip”.
In the last 24 hours, Bitcoin has reached $ 23,000, which is a significant distance from the previous resistance level of $ 30,000. As the entire market feels the devaluation of the largest cryptocurrency, the value of the cryptocurrency of whales has fallen to a level not seen in 2020.
