Bitcoin Continued to Fall in Value. So is it Worth Buying Cryptocurrency Now?
The leading digital coin rate fell to $29,5 thousand. At what point can the decline slow down? When will the market return to growth? These questions are of interest to experts, analysts, traders, and newbies.
On Tuesday, June 22, the Bitcoin rate fell to a local minimum of $29,5 thousand. Over the past ten days, the cryptocurrency has fallen in price by almost $10 thousand. The last wave of decline began after negative news from China. Over the past couple of weeks, four provinces have imposed mining bans, and local banks have started blocking digital asset transactions.
Bitcoin price may continue to decline
Bitcoin price is likely to continue to decline as there is no strong fundamental news on the market. Some experts call the next level of support the mark of $28 thousand, then $23 thousand. Experts believe that now is not the best time to buy BTC.
Globally, financial markets will be under pressure due to the recent FED meeting, which showed a tendency to tighten monetary policy in the long term. Analysts suggest that the $30K level for BTC may not hold up.
Now we shouldn’t panic and talk about a long-term downtrend prematurely. However, fixing the weekly price below $30 thousand will most likely indicate a shift in the trading range towards $20–25 thousand. Experts say that the most reasonable option is to wait for the final clarity on the asset and only after that make a decision to buy or sell.
Now the cryptocurrency market may be in the accumulation stage, according to the Wyckoff method. So while many are selling in panic, the big players are accumulating volume.
We may now be approximately at the point from which long-term growth might begin. The critical point for Bitcoin may be $30,000, and resistance — $36,000.
The decline in Bitcoin price does not cause an increase in open interest, which indicates that market participants have no desire to increase sales. It can be assumed that this situation indicates a possible start of price recovery in the foreseeable future.
We may see an attempt to break through the $30K level shortly, which may become the final price reduction. After that, experts are counting on the following consolidation in the area of $28- $30 thousand. However, further prospects for a fall are not visible.
Bitcoin is most likely in the final phase of price correction, the overall trend remains bullish, and Bitcoin only needs time to start growing. Many still believe that capitalization growth may begin at the end of summer.
LATOKEN does not provide investment, tax, legal or accounting advice. This article is written for informational purposes only. Like many other assets, cryptocurrencies are subject to high market risk. Please trade with caution.