empty
19.06.2023 10:25 AM
Bitcoin Recovers Above $26k: Should We Expect Further Growth?

Despite an abundance of various negative and worrisome factors, Bitcoin bulls managed to successfully conclude the previous trading week. The asset's price recovered above the $26k mark at a time when it seemed that BTC would permanently disrupt the structure of the upward trend.

This image is no longer relevant

The confident upward movement at the end of last week gives investors hope for a similar price increase at the end of the new trading session. However, it is not advisable to evaluate the local growth of BTC as a reversal of the medium-term trend. There are numerous factors indicating that the bearish trend of the asset is not yet over.

Fundamental Factors

Last week saw two positive events in the global financial arena: a higher-than-expected decrease in inflation in the United States and a pause in raising the key interest rate. Despite all the positivity, the Federal Reserve's statements about a possible resumption of rate hikes are forcing investors to factor in this possibility as early as July.

This image is no longer relevant

The current trading week will also be important in terms of economic events. The next couple of days are expected to be calm in the cryptocurrency market due to the U.S. banking holiday and a national celebration. However, later on, the publication of U.S. unemployment data, Powell's speech, and SEC oversight hearings are expected.

This image is no longer relevant

Regarding the latter, it is worth noting that the likely reason for the green cryptocurrency market over the weekend was an agreement between the SEC and Binance.US, which secures the largest market for the exchange. The CEO of Tether also noted that the company has fulfilled all reporting requirements to the New York Attorney General's office.

This image is no longer relevant

These news items have become an important underlying factor in the emotional confidence of investors in the crypto market. The local saga of good news ended with the appearance of an additional $250 million USDT in the market. It is evident that a portion of these funds ended up in Bitcoin and other cryptocurrencies.

BTC/USD Analysis

Bitcoin resumed its upward movement last Thursday but failed to absorb the bearish volumes from Wednesday. At that time, it seemed that this would inevitably lead to a retest of $25k, but instead, we saw growing buying volumes. As a result, BTC settled above $26k and continues to hold this level, opening the way for further growth.

This image is no longer relevant

Trading volumes as of 08:00 UTC dropped again to $10 billion, indicating a decrease in volatility to local lows. Despite this, the key task for the bulls is to consolidate above $26.8k in order to recover within the consolidation range of $26.6k-$27.5k.

Subsequently, this will allow Bitcoin to continue its upward movement towards $28k. However, as of June 19, the $26.8k level remains untouched, and the current trading volumes are insufficient for its definitive breakout. Technical indicators indicate that BTC has paused its upward movement.

This image is no longer relevant

Despite this, a "bullish crossover" is forming on the stochastic oscillator and MACD. This suggests an attempt to form a medium-term upward trend. However, without significant growth in trading volumes, it will not be possible to realize this impulse.

This image is no longer relevant

It is also worth not discounting the bears, who may take advantage of the volatility in the second half of the week to achieve their targets. Their primary task is to definitively break the $25.5k-$26k level. This will allow them to return to their main objective, which is to breach the $24.6k-$25k area.

Conclusion

The cryptocurrency market is witnessing a parity between bulls and bears, characterized by a phased and inconclusive price movement. With the current trading volumes, there is no basis to believe that either side will be able to seize the initiative and radically change the situation. As a result, we observe a consolidating movement and rare impulsive movements within the wide range of $24.6k-$26.8k.

Artem Petrenko,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Crypto market shows extremely low volatility

Bitcoin volatility has dropped to a historic low, while Bitcoin itself is trading within 2% of its all-time high. The lack of willingness to buy at current prices could become

Jakub Novak 13:46 2025-07-09 UTC+2

Crypto market resilient despite dollar volatility

BTC/USD is rising again today after yesterday's dip, overall maintaining its bullish momentum. Fundamentally, conditions continue to support BTC/USD growth in the medium term. The global economic and market landscape

Jurij Tolin 14:14 2025-07-08 UTC+2

Japan's digital bank by Metaplanet

While Bitcoin stubbornly refuses to decline, fueled by massive demand from ETF funds, the Japanese firm Metaplanet is planning to use its Bitcoin reserves to create the first digital bank

Jakub Novak 13:46 2025-07-08 UTC+2

Trading tips for crypto market on July 8

Both Bitcoin and Ethereum remain on a sound footing, poised to continue a bullish trend. As long as BTC continues trading above the $105,000 mark, the odds of further growth

Miroslaw Bawulski 12:16 2025-07-08 UTC+2

Clarity act on digital asset market gains support

Bitcoin and Ethereum have returned to the channels in which they spent most of last week. While Bitcoin has yet to break above the $109,000 mark, the prospects

Jakub Novak 11:00 2025-07-08 UTC+2

Elon Musk's America party advocates for Bitcoin and digital assets

The recently formed political party, America Party led by Elon Musk, will support Bitcoin. This was announced by the Tesla CEO himself on social media. "Fiat is hopeless

Jakub Novak 15:31 2025-07-07 UTC+2

Bitcoin will test its Support.1 after successfully breaking through and closing below the Uptrendline intraday chart, Friday, July 4, 2024.

Bitcoin – Friday, July 4, 2025. With an inflow into the Bitcoin ETF around USD$ 50 billion, it shows strong interest from investors, thus strengthening the legitimacy of this cryptocurrency

Arief Makmur 07:58 2025-07-04 UTC+2

Ripple has the potential to correct and weaken down to the Support level of 2.1924, Friday, July 4, 2025.

Ripple – Friday, July 4, 2025 Friendly regulatory pressure and the case with the SEC that seems to be stopped and open interest in the derivatives market that has jumped

Arief Makmur 07:58 2025-07-04 UTC+2

Trading Recommendations for the Cryptocurrency Market on July 4

Bitcoin has encountered significant resistance around $110,000, and it is unlikely to break through this level easily in the near term. Ethereum is also facing difficulties moving above the $2,600

Miroslaw Bawulski 07:27 2025-07-04 UTC+2

Trading Recommendations for the Cryptocurrency Market on July 3

Bitcoin and Ether have resumed growth, reaching new weekly highs amid favorable macroeconomic conditions. Over the past 24 hours, Bitcoin has risen by 2.5%, trading above $109,000. Ethereum also advanced

Miroslaw Bawulski 08:47 2025-07-03 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.