Bitcoin has grown 8% in just two days, hitting the $29,000 benchmark. Current market analysis for Bitcoin and Ethereum as of June 21, 2023.
Bitcoin
Bitcoin has surged 8% over two days (June 20-21), testing the mark at $29,012. The price has currently edged closer to a strong resistance zone between $29,300 and $30,000, which may be filled with sellers' limit orders. Considering the rapid growth, sellers might reposition their orders to the next level situated above $31,000.
Current support zones are between $26,800-$28,000 and $24,800-$25,700. As long as the price remains above $26,800, the priority is a continued upward trend. A closer perspective of the current situation can be obtained by examining lower timeframes.
BTC chart on the H4 timeframe
Even though the overall trajectory is positive, Bitcoin's surge seems more akin to a short-term pump, which leaves a lot of untapped liquidity behind. For sustainable growth, it would be logical to anticipate tests of the support zones at $27,300-$27,900 and $26,200-$26,600.
We can anticipate sellers to respond at the current local high ($29,012) or within the $29,500-$30,000 zone. The increase is taking place amidst substantial trading volumes, indicating local buyers' strength and hinting at the potential for further upward progress.
BTC chart on the 30m timeframe
Ethereum (ETH)
Ethereum is currently tracking Bitcoin's performance, hovering around the resistance zone of $1,828-$1,860. If buyers manage to break this barrier, they'll encounter the next key seller's territory at the $1,900 price point.
As with Bitcoin, buyers have left a substantial number of unfulfilled buy orders within the $1,726-$1,770 range. A positive outlook for Ethereum remains in place as long as its price holds above $1,700. However, should this support give way, we could expect a retest of the $1,627-$1,650 zone and a potential decline to local lows under $1,600.
ETH chart on the H1 timeframe
It's worth noting that Bitcoin's dominance has escalated to 51%, marking its highest level since April 2021. If Bitcoin goes into a period of sideways trading, this could fuel a surge in altcoins and trigger a local altseason.
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. These are solely the opinions of the GNCrypto editorial board regarding the market situation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the movement of price between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K - $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GNCrypto:
