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Market Update: Bitcoin remains under seller pressure

June 22, 2021
by Joseph Jeffriess, Market Analyst

Hi traders, today we have been keeping a close eye on the price of Bitcoin as buyers looked to be re-establishing some control from the key support and a demand area. This evening sellers have once again started a new bear raid.

Looking at Bitcoin’s daily chart we can see the latest move down towards key support that’s seen around the 30,800 level. This level is important to us as its held for buyers since the 5th of January. Since that point, it’s seen 10 tests without folding. While the price can remain above this level we will continue to look for possible rebounds.

Overall price remains under negative influences with China continuing its war on crypto. Pressure continues to mount from the Central Government on Bitcoin miners. China’s ban and continued pressure have been driving factors in recent declines.

If we did see a strong break of support this could open up new attempts by sellers to move back into the 20k levels. A move below 28K takes price below the 61.8% Fib point and starts to suggest that the trend might be over, but that’s not a reality just yet.

Bitcoin Daily price chart, 22 June 2021

Bitcoin D1 Chart

With a lot of negative feeling around Bitcoin right now we really want to see a new statement from buyers showing that there’s a shift in momentum. It would be great to see a statement like that around key support.

All times are AEDT.