Bitcoin Steady Above $20K After Drop To $17K – A Slow Climb To Green?

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After a weekend in which Bitcoin (BTC) experienced realized losses to the tune of $7.3 billion, the largest cryptocurrency has erased all weekend losses and is up over 8 percent to $21,206 in the last 24 hours.

Bitcoin has risen almost 22 percent since Saturday’s low of $17,592, and is currently trading around $21,000.

The BTC price increased more than 4 percent to $20,882, Coin Metrics data showed Tuesday. Over the weekend, Bitcoin reached a low of $17,959. It had not been lower since December 2020.

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On Wednesday, Bitcoin climbed after a slew of negative sentiments had lifted the cryptocurrency to a new 2022 low over the weekend.

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Bitcoin Market Selling Pressure

Heavy liquidations in the cryptocurrency market dropped Bitcoin’s price below its all-time high in 2017, placing a heavy load on the whole cryptocurrency industry.

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The broader cryptocurrency market did not anticipate such a sharp decline, especially below the “unbreakable” $19,000 support, but the cryptocurrency has, as is occasionally the case, breached the $20,000 barrier.

Image: Crypto Academy

The price actions are a response to the negative press surrounding the bitcoin sector, which began with pressure from macroeconomic forces.

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As this developed, the United States Federal Federal Reserve raised its benchmark interest rate by three-quarters of a percentage point, the largest increase since 1994.

Too Early For A Major Turnaround

“This recovery takes out some of the extreme oversold aspect of the cryptocurrency,” Alex Kuptsikevich, a senior market strategist at FxPro, pointed out.

“However, it is too soon to speak of a long-term turnaround: all unfavorable fundamentals remain in place,” he continued.

Crypto total market cap at $881 billion on the daily chart | Source: TradingView.com

The surprising rebound was also largely caused by a lack of selling activity on centralized exchanges, since the vast majority of institutional and individual investors gave up during the weekend trading session, when the Bitcoin network suffered $7 billion in losses.

Similarly to stock investors, crypto investors are treading carefully in the face of bear market rallies, with some expecting the asset class would decline further before experiencing a substantial recovery.

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Craig Erlam, a senior market analyst at Oanda, cautions against growing too comfortable with market gains, despite minor recovery in traditional markets following the Juneteenth holiday market closures on Monday.

Erlam stated in a newsletter, “Everyone is looking for the bottom, but there’s a tremendous cloud of uncertainty over the forecast and the data has not yet shown any good indicators.”

Featured image from Panorama Summit, chart from TradingView.com

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Author: Jet Encila


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