• Bitcoin price experiences bearish rejection at the $20,000 level.
  • Binance Labs vows to assist the crypto community by reducing fees on their platform.
  • Invalidation of the bullish macro count remains $13,880.

Bitcoin price is beginning to pull market sentiment from the grave ashes. Still, investors should approach the peer-to-peer digital currency with a cautious dollar-cost averaging approach, as bearish unpredictability is still a factor.

Bitcoin price remains in a critical spot

Bitcoin price is facing some turbulence to start Wednesday's trading session. The bulls have been rejected at the upper $20,000 area, bringing two kinds of traders in the market, the hopeful bulls and confident bears. 

Binance Labs, notorious for their exchange service (catering to over 28.5 million crypto customers to date), is helping to fuel bullish optimism as the company has vowed to reduce fees for anyone purchasing Bitcoin through their platform. 

From a technical perspective, the Bitcoin price will need much more assistance. The bears have produced an expected pullback that has not yet breached the June 19 low at $17,592. A break of the low could pour in an influx of bearish momentum, with price targets at the $16,700 level. Bears looking to enter the market should be aware of the recent Relative Strength Index divergence, which accompanied the mid $17,000 low, as a whipsawed short squeeze event could occur upon entry. 

tm/btc/6/22/22

BTC/USDT 8-Hour Chart

Bitcoin price currently trades at $19,870. The bulls have not yet been able to hurdle the 200-Week Moving Average. The most reliable bullish invalidation point will be $13,880, as mentioned in previous articles. If $13,880 were to get breached, the entire macro count would be in jeopardy. The bears could fall sub $4,000, resulting in a 90% decrease from the current Bitcoin price.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Why LUNA traders do not have to be in the market all the time

Why LUNA traders do not have to be in the market all the time

Terra (LUNA) price action has slipped below a critical level outlined a few days ago. As price action moves start to get smaller, a big move is set to happen, but it is very cloudy to see where that move will be going.

More Terra News

SEC vs. Ripple case, two key decisions awaited by XRP holders

SEC vs. Ripple case, two key decisions awaited by XRP holders

XRP holders are awaiting key decisions in the SEC vs. Ripple case. Experts believe judge Sarah Netburn could rule on the two key decisions in the lawsuit against payment giant Ripple. 

More Ripple News

MATIC price explodes as Polygon achieves Carbon neutrality

MATIC price explodes as Polygon achieves Carbon neutrality

MATIC’s purchase of carbon credits through KlimaDAO partnership represented 104,794 tonnes of greenhouse gasses, equivalent to the Ethereum scaling solution’s debt since 2019. Carbon neutrality has fueled a bullish sentiment among traders and 

More Polygon News

Things have suddenly changed for the Shiba Inu price, is the bottom in?

Things have suddenly changed for the Shiba Inu price, is the bottom in?

Shiba Inu price may have bottomed but this can only be confirmed if the current rally persists. Traders should be aware of several factors. Shiba Inu price has suddenly changed as the bulls have printed a significantly large bullish engulfing candle on the daily chart. 

More Shiba Inu news

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis

BTC

ETH

XRP