scorecardresearch
What's up with Bitcoin and what to expect from the crypto token in the coming days?

What's up with Bitcoin and what to expect from the crypto token in the coming days?

- Bitcoin was trading at $31,429, 6.08% up at 3.30 PM IST as per data from CoinMarketCap on Monday. Is the token in recovery mode?  

 Bitcoin was trading at $31,429, 6.08% up at 3.30 PM IST as per data from CoinMarketCap on Monday.   Bitcoin was trading at $31,429, 6.08% up at 3.30 PM IST as per data from CoinMarketCap on Monday.  

After ending the longest weekly downturn in its history, Bitcoin (BTC) investors have reason to be optimistic as the new week begins.

BTC/INR found its footing to complete the week at Rs 2321585.50, Rs 34,940 higher than the previous Sunday, after battling for support throughout the weekend.

The pair continued to soar during the night of June 5 and into the morning of June 6 to hit multi-day highs.

The price action offers bulls with some long-awaited relief, but Bitcoin is far from safe at the start of what promises to be an eventful trading week.

The conclusion will likely be United States inflation data, which serves as a barometer for global macroeconomic pressures. As time passes, the effects of anti-COVID policies, geopolitical conflicts, and supply constraints become increasingly evident.

For many, risk assets remain an unlikely wager, since central bank monetary tightening is expected to exert pressure on stocks and cryptocurrencies alike in the future.

In the meantime, Bitcoin's network foundations continue to adapt to the surrounding environment and its influence on network participants.

Bitcoin was trading at $31,429, 6.08 per cent up at 3.30 PM IST as per data from CoinMarketCap on Monday.

Experts Take

Sharat Chandra, crypto expert and vice president Research and Strategy at EathID told Business Today, “Bitcoin's 50-day moving average is pegged at $34,000 and faces resistance at this level. Bitcoin's Relative strength index(RSI) is hovering below the neutral mark of 50.”

As to what these barometers mean for the cryptocurrency, he said, “It indicates slowness in price momentum and aligns with BTC's six-month downtrend. Price stabilization is expected above $20,00-25,000 support levels.”

Finally when asked what to expect in the coming times, he said, “Unless BTC breaches the $32,000 price threshold, it's expected to stay weak.”

 

Published on: Jun 06, 2022, 3:50 PM IST
Posted by: aakanksha chaturvedi, Jun 06, 2022, 3:47 PM IST