The writer's opinion is presented and it is not financial, investment, trading, or other types of advice. The market structure has been bearish since late April and the bulls were unable to breach the $30k mark.
The downturn in prices was a response to the network overheating and investors in traditional markets seemed to be worried about the U.S. debt ceiling, which negatively impacted the crypto markets.
From a technical perspective, the $24k-$25k area can offer buyers an opportunity to enter the markets, but risk-averse traders should exercise caution and wait for a strong bullish reaction in terms of price and volume before entering.
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