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Bitcoin (BTC) Consolidated Sunday’s Rally but Remains Under Pressure

Key Insights:

  • On Monday, bitcoin (BTC) gave up gains from the session to end the day flat.

  • With the US markets closed, the NASDAQ 100 Mini provided some support, with a 110-point gain suggesting a possible easing in selling pressure after last week’s 4.78% loss.

  • Technical indicators are bearish, with bitcoin sitting below the 50-day EMA.

On Monday, bitcoin (BTC) slipped by 0.01%. Following an 8.44% rally on Sunday, bitcoin ended the day at $20,551.

A bearish start to the day saw bitcoin slide to a low of $19,616 before making a move.

Steering clear of the Major Support Levels, bitcoin rallied to an afternoon high of $21,016.

WERBUNG

Falling short of the First Major Resistance Level at $21,575, bitcoin slipped back to sub-$20,000 before finding late support. While a return to $20,500 recovered the loss, resistance at $21,000 pegged bitcoin back on the day.

A pickup in market risk appetite delivered support. While the US markets were closed, the NASDAQ 100 Mini increased by 110 points.

At the time of writing, the NASDAQ 100 Mini 128.5 points, with WTI up $195 to $111.51.

Bitcoin Fear & Greed Index Remains Particularly Bearish

Following an increase from 6/100 to 9/100 on Monday, the Fear & Greed Index held steady this morning.

Fear & Greed 210622
Fear & Greed 210622

A late BTC recovery likely provided support.

Despite the hold, the Index remained deep in the “Extreme Fear” zone, with current levels aligned with March 2020 levels, when bitcoin sat at sub-$10,000.

Investor sentiment towards Fed monetary policy and investor fears of a global recession remain headwinds.

The sentiment towards inflation and central bank monetary policy also places a greater emphasis on crude oil prices. Another spike is likely to weigh on riskier assets.

Bitcoin (BTC) Price Action

At the time of writing, BTC was up 0.20% to $20.592.

A choppy start to the day saw BTC fall to an early morning low of $20,380 before striking a high of $20,667.

BTC left the Major Support and Resistance Levels untested early on.

BTCUSD 210622 Daily Chart
BTCUSD 210622 Daily Chart

Technical Indicators

Avoiding the $20,402 pivot would bring the First Major Resistance Level at $21,173 into play.

BTC would need plenty of support for a breakout from Monday’s high of $21,016.

An extended rally would test the Second Major Resistance Level at $21,791 and resistance at $22,500. The Third Major Resistance Level sits at $23,194.

A fall through the pivot would bring the First Major Support Level at $19,770 into play. In another extended sell-off, bitcoin could test the Second Major Support Level at $18,986 and support at $18,500.

BTCUSD 210622 Hourly Chart
BTCUSD 210622 Hourly Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bearish signal. Bitcoin sits below the 50-day EMA, currently at $21,712. Today, the 50-day EMA fell back from the 100-day EMA. The 100-day EMA eased back from the 100-day EMA, bitcoin price negative.

A move through the 50-day EMA would give the bulls a look at $22,500.

BTCUSD 210622 4 Hourly Chart
BTCUSD 210622 4 Hourly Chart

This article was originally posted on FX Empire

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