The bulls reappeared while the selling pressure tried to accentuate. The entire crypto market today is recovering from last Tuesday’s losses.
At the time of this writing, BTC stands at $ 32,463.55, after having reached a minimum of $ 29,728.00 just two days ago, which means a recovery of more than 10%.
Other cryptocurrencies are also recovering along with it. ETH is today at $ 2,030.76, accumulating a gain of 3.95% in the last 24 hours.
BNB is breathing too, trading at $ 296.78, after rising close to 2% over the past 24 hours.
For now, the strong upward pressure has faded a bit, but could it come back? To find out, he then made a review of the current situation.
Bitcoin analysis as the crypto market recovers
The behavior seen on the daily chart is quite encouraging for the bulls. And we see again how the bulls appear to defend while the price touches $ 30,000.
Now the possibility that the bottom of the setback has already been reached comes to light again.
The continued rejection of low prices tells us that the bears may already be out of stock. However, buyers have not yet finished confirming a bullish scenario.
To think about short-term purchases, the resistance at $ 32,261 must be crossed, which would open the way to a rise to $ 35,819. It will not be until over $ 40,000 when the resumption of the major trend is confirmed.
There is still a chance that the fall will spread. But for the scenario to be really worrisome, the support at $ 28,850 must be lost, which would open the way to selling to $ 26,500 as a minimum.
Bitcoin rebounds and the entire crypto market recovers. Source: TradingView.
It is evident that most of the participants in this market are leaning on the side of a stage where the bull run is not yet over.
Elcryptotavo, a verified analyst at Crypto Quant, shows us two metrics with which he lets us know why we are not in a bear market yet.
The first of these metrics is the inflow of BTC to exchanges, where we see that not even the recent peak of this indicator (which occurred on May 19) was similar to previous crashes.
And the second is where it is evident how Bitcoin reserves in exchanges are still low, if we make a comparison to how it was at the climax of previous cycles.
Quick review by elcryptotavo analyst. Source: CryptoQuant.
As good as those metrics may be, it seems like we’re still in a bind for the short term.
According to a Decentrader review, data such as low network activity and GBTC’s negative premium indicating low interest from institutional, tell us that there are still no clear signs of reversal.
Quick review by DecenTrade analyst. Source: CryptoQuant.
Ethereum and Binance coin are quite bullish
The week is developing quite positive for ETH, again strongly rejecting the support level at $ 1,728, and making way for gains up to probably $ 2,322 (resistance that it will need to overcome to resume the medium / long term trend).
ETH vs USDT weekly chart as the crypto market recovers. Source: TradingView.
BNB is also jumping strongly to the upside as the crypto market recovers. The Binance coin price is generating a fairly positive signal, after holding support at $ 260.
Now the Binance cryptocurrency must look to break above $ 428 if it wants to confirm that the bottom of the drop has already been reached.
BNB vs USDT weekly chart. Source: TradingView.
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