Purebun.com – The Crypto Market Strengthens, It Turns Out This Is The Cause. The movement of the crypto market seems to have recovered slightly or rebounded on Monday (20/6/2022), after being bloody at the end of last week. Bitcoin on Saturday had dropped below USD 20,000 (Rp 296.8 million) and fell to USD 17,601 (Rp 261.2 million).
Tokocrypto trader Afid Sugiono explained that the decline puts Bitcoin below its all-time high low compared to December 2017’s only USD 19,783. The rebound that occurred was caused by the oversold value of Bitcoin.
“According to the Relative Strength Index (RSI) on the weekly chart it appears that BTC is oversold, which means selling pressure is easing, so the price could rise again in the short term,” Monday (20/6/2022).
Afid said, investors seem to take advantage of the low trading volume at the weekend to buy the dip, just like what happened in the capital market. They decided to buy crypto assets at this time, for fear of waiting for a longer bullish phase, so they tried to take short profits.
“Bitcoin is still weak, but it’s not clear where it will bottom. Technical analysis is not very useful at the moment, but fundamentals or macroeconomics can determine the direction of Bitcoin,” said Afid.
Currently, investors remain anxious about high inflation, which hit a 40-year high in May, the continued economic fallout from Russia’s invasion of Ukraine and the possibility of an escalating global recession.
“Negative sentiment also stems from concerns about the fragility of the crypto asset system. This emerged after the Celsius platform had stopped its withdrawals process plus rumors of debt default (insolvency) that hit the venture capital company, Three Arrows Capital,” explained Afid.
Meanwhile, the Bitcoin Fear & Greed Index has also remained in extreme fear territory for weeks and on Sunday, June 19, 2022, was at 6, near an all-time low on a zero to 100 scale.
“The target of Bitcoin’s movement will now be towards a decline of up to USD 19,000 to USD 15,500 in the near future. The bearish outlook also seems to continue to find the real bottom,” said Afid.
“If you look at the Bitcoin cycle, in the 2015 bear market, it took 426 days to finally reach the bottom position. Then if you look at the cycle in 2017, it took 365 days to score a bottom in 2018. While from the peak in June 2019 at USD 13,900, BTC then fell 274 days before bottoming out.”
So Afid concluded, if November 2021 is the peak cycle of the bottom point between 274 days or 365 days, then the calculation will occur in September 2022 or November 2022.
Crypto Prices Monday Morning 20 June 2022
Previously, starting the fourth week of June 2022, the prices of Bitcoin and the top cryptocurrencies were observed to experience uniform price movements on Monday morning (20/6/2022). The majority of top-tier cryptocurrencies managed to strengthen slightly.
Based on data from Coinmarketcap, Monday morning, June 20, 2022, the crypto with the largest market capitalization, Bitcoin (BTC) rose 9.42 percent percent in 24 hours, but still weakened 25.43 percent in the week.
Currently, the price of bitcoin is at the level of USD 20,413 per coin or equivalent to IDR 302.9 million (assuming an exchange rate of IDR 14,838 per US dollar).
Ethereum (ETH) also managed to strengthen today. During the last 24 hours, ETH rose 19.11 percent, but still weakened 23.09 percent in a week. With that said, ETH is currently at USD 1,131 per coin.
The next crypto, Binance Coin (BNB) also managed to strengthen since yesterday. In the last 24 hours BNB gained 9.70 percent, but still weakened 18.24 percent a week. This makes BNB priced at USD 213.80 per coin.
Then Cardano (ADA) this morning still slightly strengthened. In the past day the ADA was up 7.14 percent. But still down 6.89 percent for the week. Thus, ADA is at USD 0.4797 per coin.
Other Crypto Prices
Meanwhile, Solana (SOL) also managed to strengthen. Throughout the last one day SOL rose 16.11 percent and 7.84 percent a week. Currently, the price of SOL is at the level of USD 34.55 per coin.
XRP is up 6.62 percent in the last 24 hours, but is down 7.68 percent in the week. That way, XRP is now priced at USD 0.3267 per coin.
Stablecoin Tether (USDT) and USD coin (USDC), both rose 0.03 percent today. This makes USDT at the level of USD 0.9988 and USDC valued at USD 1.00.
While Binance USD (BUSD) fell 0.30 percent in the last 24 hours, but the price is still at the level of USD 1.00.
The overall crypto market capitalization is at the level of USD 898.5 billion. Still weak when compared to a few days ago which was above USD 1 trillion.