Bitcoin is witnessing a tough battle between buyers and sellers near the $25,000 mark. A minor cause of worry for the bulls is that even the news of BlackRock having filed an application for a Bitcoin (BTC) spot exchange-traded fund could not boost prices higher. This suggests that investors remain cautious due to the regulatory overhang.
However, this does not mean that professional investors have abandoned plans to invest in cryptocurrencies. The Laser Digital Investor Survey of institutional investors conducted in April shows that 90% of the respondents were ready to consider putting money into crypto if the asset was backed by a “large traditional financial institution.” Another positive was that 82% of the investors polled were positive on crypto’s prospects over the next 12 months.
Glassnode co-founders Yann Allemann and Jan Happel said in a tweet on June 15 that a traditional technical analysis indicator and two on-chain indicators for Bitcoin were looking similar to how they did in the third quarter of 2020, just before Bitcoin soared above its 2017 high of $20,000.
Could Bitcoin and the altcoins start a recovery from the current levels? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin plunged below the crucial support at $25,250 on June 14, indicating aggressive selling by the bears.
Go to Source to See Full Article
Author: Rakesh Upadhyay
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
