Bitcoin Struggles for Direction as Market Jitters Continue

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Created by TradeOr

3rd Party Analysis 24 Jun 2021

Key Takeaways:

  • Bitcoin seeks to hold the ground above $30,000
  • Ether trades flat for a third straight day as price remains pinned right under $2,000

Bitcoin Struggles For Direction: What Has Happened This Week?

Bitcoin struggles for direction as cryptocurrency investors are trying to pull Bitcoin out of the $30,000 area. Bitcoin’s price slid under the $30,000 threshold. As a result, market participants have not been able to provide enough sustained buying momentum for the digital currency. In consequence, bitcoin went as high as $34,800 on Wednesday. However, prior to the closing time, it gave away the gains and finished the day moderately unchanged, up 0.5% to $33,000.

On Thursday, bitcoin opened for trading to the downside. The price of the flagship cryptocurrency slipped to a session low of $32,300. Bitcoin remains pressured as price hovers near the intraday low, currently around $32,500.

The short-term relief rally that brought back the orange coin from its low of $28,900 on Tuesday has lost steam as traders grapple with the likelihood of looming regulation. The lack of any significant upside catalyst is keeping a lid on bitcoin’s price and remains the biggest hurdle for a move higher in the broader cryptocurrency market.

What Are The Expectations For Bitcoin?

Crypto market enthusiasts expect bitcoin to hold the $30,000, saying that the short-term impact of Chinese miners shutting down could be negative, but overall, the trend would recover as they relocate. The opposing view argues that expected regulations over the cryptocurrency market could affect cryptos’ volatile swings and ultimately cause the market to lose its appeal as it becomes correlated to stocks.

Since the crypto market crash in mid-May, the price of bitcoin has been gyrating in the neighborhood between $40,000 and $30,000. During the past month, bitcoin bulls have attempted to overtake the $40,000 milestone three times, while bears have equally been able to bring bitcoin’s price to the $30,000-mark also three times.

Other coins are similarly caught in a range after last week’s sell-off. Ether has been keeping a steady line for the past three days, trading near $2,000 per coin. The Ethereum token posted two straight days right under the flatline. Today, ether’s price remains pinned at $1,900.

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