- Bitcoin Gains 7% In 24 Hours, But May Still Drop below $16k
- A further selling pressure could take it below $12k
Bitcoin made some gains, giving some market watchers the impression that the bear market may be over. However, there are no definite signs to show that this is the situation.
The price of BTC rose to $20,580 on Monday, June 20, making a gain of 7% in 24 hours. The general coin market took a cue from the resurgence giving a boost to the price of most top coins. However, some market analysts are of the opinion that the trend of the price of the digital asset is yet to reverse.
Top Gaining Coins
Ethereum made a gain of 9%, Binance Coin (BNB), 5%, Cardano (ADA), 8% and Ripple (XRP), 3.4%.
The top gainers among the top 100 coins in the past 24 hours are Synthetix, 58%, Arweave, 14%, 1Inch Network, 23%, STEPN (GMT), 26%, Quant (QNT), 17%, Aave, 18%, Maker, 15%, Elrond, 14%, Apecoin, 16.6%, Polygon, 13%, Avalanche, 15%, Polkadot and Internet Computer, 10%, Basic Attention Token, (BAT), 12% and Kusama Coin, 11%.
The global market capitalization rose by 5.3% to $902 billion. Despite the gains, some market analysts such as Capo Crypto are of the opinion that the uptrend is temporary. According to him, the $31-$32k range became a resistance after it was broken. The same applied to the $20-$21 zone. He maintained that BTC main target price is the $16k-$17k, “especially $16,000-16,250”.
No Signs of Price Bottom
In the meantime, the $19,500 support is still very active, So despite the bounce, we can conclude that the support can still be tested in the next few hours or days. If the support fails, we should expect BTC to drop to $16-$12k region. This is the most likely scenario since the small bounce we have seen isn’t accompanied by any significant bullish signs