Bitcoin remains technically bullish if it holds above previous lows around $60,000. However, a drop below $56,000 could signal the end of the bull market. Savvy investors, including MicroStrategy, continue to buy Bitcoin, and financial advisors are looking to increase their clients’ crypto exposure.
Bollinger Bands indicate critical support levels, suggesting potential massive volatile moves. Sideways consolidation does not necessarily signify the end of the bull market. Bitcoin’s price has kept investors on edge, with no clear confirmation of a bull or bear market. Last week, price action remained relatively calm, showing low volatility and a slight bullish relief. As noted in the tweet below, this is not the time to get bearish on BTC:
Not the time to get bearish #Bitcoin $BTC pic.twitter.com/4xseRTTbhL
— Quinten | 048.eth (@QuintenFrancois) June 20, 2024
But when will Bitcoin recover from the prevailing bearish outlook? Some analysts suggest that BTC will rebound when weak miners exit the market and the hash rate recovers.
Bollinger Bands Indicator Signals a Potential Surge
Currently, the Bollinger Bands indicator is testing critical support levels on the 4-hour and daily charts, suggesting that Bitcoin’s price is at historically low levels that often precede massive volatile moves.
These moves can be as significant as 20-30% or even larger. While sideways consolidation might seem bearish, it doesn’t necessarily signal the end of the bull market.
Experts say Bitcoin is technically bullish as long as it holds above previous lows around $60,000. However, if the price breaks below $56,000, discussions about the end of the bull market may begin.
Bitcoin recently retested a previous support area, now acting as resistance around $67,000 to $68,000. A break below this level confirms it as new resistance. The volume profile indicator shows a significant cluster of traded volume in this range.
The next significant volume support lies around $63,000 to $64,000. Additionally, liquidity is building around $67,300 to $67,400, signaling potential revisits to this resistance area before any further upward movement.
Savvy Investors Continue to Buy Bitcoin
Despite the uncertainty, savvy investors persist in purchasing Bitcoin. MicroStrategy, under the leadership of Executive Chairman Michael Saylor, recently acquired an additional 11,931 BTC for $786 million. This strategic move increases their total Bitcoin holdings to 226,331 tokens, valued at nearly $15 billion.
Furthermore, financial advisors are showing growing interest in Bitcoin, with 98% intending to enhance clients’ exposure to cryptocurrencies. Despite market fluctuations, Bitcoin’s potential for growth and its perceived role as digital gold continue to attract both cautious and adventurous investors alike.