Analysts say Bitcoin range ‘consolidation’ is most likely until a ‘macro catalyst’ emerges
— Market, Previous, Bitcoin, Emerges, Consolidation, Analysts, Catalyst, Digital, Cycle, Macro — 1 min read
Bitcoin price and on-chain metrics have begun to reach levels similar to those seen during previous market bottoms. June was especially painful for investors after the price of Bitcoin (BTC) fell nearly 40% to mark one of its worst calendar months on record. The total cryptocurrency market cap has declined from $3 trillion to $991 million. This is the first time in Bitcoin’s history that its price has fallen below the all-time high set during a previous bull market cycle. Should BTC fail to hold support near $20,000, Delphi Digital pointed to an expected “support around $15K, and then ~$9K to $12K if that level failed to hold” The next major resistance level is $28,000. Source