Bitcoin Holds Steady Amid Market Volatility
08 Jun 2023
Bitcoin Retains Its Stability.
An overview of the cryptocurrency market on June 8: The value of the entire market fell to $1.09 trillion.
The oldest and most valuable cryptocurrency in the world, Bitcoin (BTC), was able to hold onto the $26,000 area early on Thursday.
The price of bitcoin was $26,294.72, down 2.02 percent over the previous day.
During a broader cryptocurrency slump on Thursday that included altcoins cited and unmentioned in the Securities and Exchange (SEC) lawsuits against Binance and Coinbase earlier this week, Bitcoin returned to the green. Investors seem to have factored in the most recent regulatory body blows to an industry already reeling from several missteps.
The largest cryptocurrency token, Bitcoin, fell back into the red after losing approximately 2% and narrowly holding the $26,000 level.
The continuous hostilities between the SEC, Binance, and Coinbase caused Bitcoin to fall below the $26,400 mark. Despite efforts, BTC was unable to rebound past $27,000. According to Edul Patel, CEO and Co-Founder of Mudrex, “BTC’s support currently lies at the $26,200 level, while resistance is seen at the $26,600 level.
BITCOIN TECHNICAL ANALYSIS DAILY CHART:
Bitcoin is trading in the down channel.
Bitcoin is currently trading above all SMA.
RSI is in buying zone which suggests bullishness and Stochastic is suggesting no trend.
Bitcoin resistance is at 26394 & its immediate support level is 26463
HOW TO TRADE BITCOIN
Currently, bitcoin is at a crucial support zone that it has tested numerous times as it is trading lower and following a lower-low structure. From here, we can expect Bitcoin to move upward if it manages to hold itself above the support level, but if it somehow manages to break the support level, we can expect even more losses.