Coindesk June 25th market analysis
The price of BTC is more than $6000, and it is still rising, but this week's BTC trend still depends on today's closing price.
According to Bitfinex's data, BTC fell to $5755 at 15:00 on Sunday (UTC time), the lowest level since November 12th - but then BTC quickly recovered to more than $6000.
In spite of the long run of the market, the empty head has failed to fully control the situation, indicating that the gap is weak; in the past seven weeks, BTC prices have fallen by more than 40% (from $9990 to $6000).
Therefore, the market may soon rebound, and of course it all depends on today's closing price (UTC time).
As of press release, BTC temporarily reported $6150, rising 24 in 24 hours.
BTC created cross star on Sunday, which usually indicates that the market is hesitant (air to air). However, if the May high of 9990 US dollars dropped by 40%, the cross star on Sunday might represent a weak spot.
If BTC closes at more than US $6250 today (Sunday's Cross Star High), it will mean a bullish trend and a marked rebound in the market.
In addition, the relative strength index (RSI) has begun to tilt towards the bull: Despite the low price, it has created a higher low. Therefore, today's aggressive price action will also confirm a bullish divergence.
If bullish crosses and bullish divergence are confirmed, it will increase the chances of a breakthrough in the down channel.
Although the short-term outlook is still bearish, while BTC is in a downward trend (bearish mode), short-term charts are indeed conducive to BTC rebound.
Bullish divergence has increased confidence in Sunday's bullish cross star, and heralded that BTC could close above $6250 today, all of which will confirm bullish Cross stars.
If today's closing time (UTC time) is more than $6250, BTC may be more active in the rest of the week; in this case, the BTC price may test the downside resistance - $6800, which is expected to drop to $6600 by Friday;
If the volume breaks through the down channel, it is expected to push the price to $7700.
If the closing price (UTC time) is below $6000 (low February), the price may further fall to $5090 (the downward wedge of the wedge rises).