You had to bet on BTC – This is the news of the day: Blackrock would prepare a request for the creation of a Bitcoin ETFs. A news that does not move the price since it remains around $25,000 since the fall seen yesterday. Indeed, the FED has decided to take a break on the rate hike in the United States, and the bitcoin price fell a few hours after this announcement. Is this a bearish excess? Can Bitcoin bounce back?
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Bitcoin price drops nearly 4% in 24 hours
There volatility is back on Bitcoin and cryptocurrencies. Unfortunately, these are the sellers taking over. Indeed, the bitcoin price fall of almost 4% in 24 hours :
The Bitcoin price is now showing a 5% drop in one week. For a month, the course down more than 7%. In three months, the course fall of more than 5%. Buyers have been absent for several months on the price of BTC. With this decline, Bitcoin continues to strengthen. In fact, the BTC/ETH pair climbs 2.4% in 24 hoursand over 6% in one week.
Bitcoin outperforms altcoins year-to-date
In period of bull market as we experienced in 2021, altcoins outperform the king of cryptocurrencies. On the other hand, during the period of bear market as we currently know, operators prefer bet on BTC than on altcoins. Here’s a year-to-date performance comparison chart for Bitcoin, Ethereum, and altcoins shared by TradingView on Twitter:
Since the beginning of the year, you had to bet on the BTC. Indeed, the king of cryptocurrencies has climbed more than 80% before falling. Currently, the BTC is up about 55% year-to-date. On the other hand, ETH is strong, it remains up around 45%. On the other hand, for the other altcoins, it is much more difficult. The capitalization of altcoins shows an increase of approximately 6% since the beginning of the year. In times of uncertainty, few assets manage to perform. BTC is the big winner of these first six months of 2023.
Bitcoin price is back at the support level at $25,000
The sellers took over the course. Indeed, the price closed below the last low at $25,350sign that the bearish momentum continues in 4H:
However, the RSI is not following the course. A bullish divergence could be set up in the event of a fence above 62 at the RSI level. Buyers must show up at the bracket at $25,000 to avoid falling towards the next support located at $24,000.
The course of Bitcoin continues to fall, but it remains the best performing asset so far this year in the cryptocurrency sector. In 4H time frame, the price is back at the support level at $25,000. The RSI indicates a probable bearish excess, but the buyers will have to confirm by showing themselves. Otherwise, sellers could take advantage of this to bring the price back to $24,000.
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