- Bitcoin (BTC) drops 8.1 percent
- Bisq and The Winklevoss Twins upgraded
While Bisq is registering new BTC trade volumes following the migration of traders from LocalBitcoins, The Winklevoss Twins are the latest Bitcoin billionaires. Because of recent price spikes, their wealth swelled to over $1.4 billion. Even so, it seems like the euphoria is over, and BTC bulls are taking profits as prices drop 8.1 percent in 24 hours.
Bitcoin Price Analysis
Fundamentals
The recent price rally from $10,000 to over $13,000 was a spectacle. However, such bursts often cause price imbalances. As such, a correction back to equilibrium was inevitable. That retracement, cooling off bulls, is in progress.
By dropping $1,500 in the Asian session, there will be an opportunity for better entries for enterprising traders. Although sell pressure could increase due to profit taking, BTC would likely tumble to within the $10,000 support zone if candlestick arrangement leads this projection. However, away from prices, it has been a blissful week for Bisq.
Competing with the hemorrhaging LocalBitcoins, statistics from CoinDance reveal that the platform is receiving record trading volumes. Expectedly, considering the drastic rise of BTC prices, the scramble for the valuable asset was anticipated.
On June 22, BTC related volumes in the decentralized exchange spiked to $6.1 million, the best since inception. Most of these fiat trading volumes were from Brazil as well as the UK.
Meanwhile, Bisq wasn’t the only beneficiary. The brains behind the regulatory complaint crypto exchange, Gemini, The Winklevoss Twins, were restored to the Bitcoin Billionaires status. The Twins’ Bitcoin fortune doubled to slightly over $1.4 billion according to reports from Bloomberg.
Candlestick Arrangement
Banding along the upper Bollinger Bands (BB), BTC bulls are clearly in charge. However, considering the rapidity of the last few days, there was an expansion after yesterday’s close. From the chart, BTC closed above the upper BB.
That means, BTC was slightly overvalued and the correction of early today was therefore primarily expected. Sinking $1,500 bears retested $11,200, the first level of support from previous BTC/USD trade plans.
All the same, this is not to mean that bears are back. Accompanying this drawdown are light trading volumes. As such, savvy traders can buy the corrections, preferably between $9,500 and $11,200 while targeting $15,000.
Technical Indicator
Following yesterday’s ecstatic price spikes, buy trend confirming candlestick thrusting BTC towards $15,000 ought to be with similar trading volumes.
Therefore, June 26 candlestick, with 80k in trading volumes, leads this trade plan. Any drop below $9,500 with the same degree of participation unequivocally invalidates this overview.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
