empty
 
 

23.06.202119:08 Forex Analysis & Reviews: Bitcoin: Fall was redeemed, consolidation continues

As noted in yesterday's review, the level of 31,082.82 (red dotted line) will locally decide the Bitcoin situation. At the time of writing on Tuesday, the breakdown candle was bearish but by the end of the day, the fall was redeemed.

Yes, the May 19 minimum has been updated. But the daily candle on June 22 closed bullish, above 31,082.82 (red dotted line), with a long lower shadow. And support at 28,392.99 was not even tested for strength.

What does this mean? Below the level of 31,082.82, there is a strong player or several who do not let the price go down. Large investors almost unanimously say that now, "at the bottom", bitcoin needs to be bought. The technical picture does not contradict this.

For example, the funds of the famous crypto advocate Cathie Wood redoubled their efforts to buy back the fall. According to the latest reports, Ark Invest took advantage of the Bitcoin downturn to buy related assets.

The online ETF Ark Generation bought over a million additional shares of the Grayscale Bitcoin Trust for $29.3 billion. The Grayscale Bitcoin Trust provides institutional investors with indirect access to Bitcoin in a regulated environment.

After dropping nearly 20% over the past five trading sessions, GBTC shares reversed momentum on Tuesday and closed up 1.12% at $28.01. Following its purchase on Tuesday, the Ark Generation fund now owns over 8.5 million shares worth $238.8 million.

Cathie Wood of Ark Invest does not give up her belief in the future of Bitcoin. She also believes that the emergence of a Bitcoin ETF will completely change the dynamics of the market in favor of Bitcoin investors.

But so far, Ark Invest funds are actively investing in public cryptocurrency companies such as Coinbase. The investment company acquired 214,718 COIN shares for $47.7 million.

Ark Invest's recent purchase of COIN stock came through the world's most popular ETF, Ark Innovation. Ark currently owns 4.7 million shares of Coinbase with a total investment of over $1 billion.

Bitcoin whales do not waste time either. Earlier it was noted that while the main cryptocurrency is trading in the sideways range of 28,392.99 - 41,980.24, large investors are accumulating Bitcoins, as evidenced by the statistics on crypto-whale wallets.

Now, in the corridor of 28,392.99 - 41,980.24, BTC/USD is on its way to the level of 34,708.27. If it is broken, the price will move higher towards 38,610.88 (red dotted line).

Exchange Rates 23.06.2021 analysis

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Ekaterina Kiseleva,
Analytical expert
InstaForex Group © 2007-2021
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
Can't speak right now?
Ask your question in the chat.