Crypto Marketis Down Today: Is Crypto Winter Over, Indeed?

Crypto Marketis Down Today: Is Crypto Winter Over, Indeed?

20 June 2023

Both the price of Bitcoin (BTC) and the Total Crypto Market Cap (TOTALCAP) have attained significant horizontal support levels. APE can reach a brand-new record low.

A deal between Binance U.S. and the SEC will allow the latter to release customer funds to its users rather than having their assets frozen. TOTALCAP, the cryptocurrency market cap, reaches long-term support.

Since reaching a yearly high of $1.26 trillion in April, the TOTALCAP has decreased. The decline verified a deviation over the $1.15 trillion resistance barrier.

Is crypto winter over or it’s hiding in plain sight? Following a significant loss the prior week, the cryptocurrency market recovered this week. From a low of $20,000 on June 13, Bitcoin (BTC) increased to a high of $26,700 on Friday. The price of Ethereum (ETH), which hit a low of $950 on June 13, surged to a high of $1,450 on Friday.

Several factors, including the Federal Reserve’s decision to halt interest rate increases for the foreseeable future, are believed to have contributed to the cryptocurrency market’s recovery. The Fed’s decision was viewed as a positive development for the economy as a whole and assisted in calming some of the worries that were weighing on the cryptocurrency market.

BlackRock submits a proposal for a Bitcoin ETF.

The information that BlackRock, the most significant asset manager in the world, filed for a Bitcoin spot ETF was another encouraging move for the cryptocurrency industry this week. Is crypto winter over? This is the question on every trader’s mind. The registration represents a significant advance for the cryptocurrency market since it may open doors for additional institutional investors to enter the market.

Price of Bitcoin (BTC) Reaches Important Support

The price of Bitcoin has decreased since the beginning of April, much like TOTALCAP. The price of BTC dropped as low as $24,800 on June 15. Following that, the price bounced, resulting in a lengthy lower wick.

Is crypto winter over? More like BTC reached the previous wick highs from the end of 2022, even though it did not reach the $24,500 horizontal support region.

Despite its decline, the RSI still shows a positive signal because it is above 50. So, if the price of BTC spikes to around $24,400, a rise to $30,000 may follow. However, if there is a breakdown, the price of BTC can drop to $21,800.

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