• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin
Nexo Logo

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

Jet Encila by Jet Encila
2 weeks ago
in Bitcoin, Cryptocurrency news
Reading Time: 2 mins read
Advertisement

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.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

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

Suggested Reading | Dogecoin Price Jumps As Elon Musk Reiterates Support For Meme Crypto At Qatar Forum

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.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

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.

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.

Suggested Reading | Celsius (CEL) Price Scorches To 130% Rally Despite Frozen Network Accounts

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
Tags: Bear marketbitcoinbtccryptocrypto market
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Jet Encila

Jet Encila

Freelance writing is Jet's other cup of tea. When not on his computer, he unwinds with a bottle of beer and laughs with his son over cartoons. Other than that, he's just like everybody else who wants to be happy with their life.

Related Posts

Cardano (ADA)

Cardano Vasil Hard Fork On The Horizon, Will ADA’s Price React To The Upside?

49 mins ago
Bitcoin Long-Term Holder Capitulation Approaching Bottom Zone, But Not Quite There Yet

Bitcoin Long-Term Holder Capitulation Approaching Bottom Zone, But Not Quite There Yet

2 hours ago
bitcoin

Mounting Support For Bitcoin At $19,000 As Market Ushers In A New Week

4 hours ago
Ethereum Gas Fees Falls To Record Low, Price Consolidates Around $1,000

Ethereum Gas Fees Falls To Record Low, Price Consolidates Around $1,000

4 hours ago
AR

Market Update: Bitcoin And Ethereum Struggles To Recover, AR And NMR Soars Significantly

4 hours ago
bitcoin performance

Bitcoin Ready For Fireworks? Long Positions See Uptick This 4th Of July

6 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Mehracki (MKI), Dash (DASH) and Curve DAO Token (CRV) – 3 Solid Coins to Help You Survive the Crypto Crash

July 4, 2022

GBEX: The exchange token of a “new kind”.

July 4, 2022

Web3 Delight Lagos – Breaking barriers to pave the way for the digital future

July 4, 2022

LBank Exchange Will List DOTORI (DTR) on July 4, 2022

July 4, 2022

WorldPF (WDPF) Is Now Available for Trading on LBank Exchange

July 4, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.