Cryptocurrency

Bitcoin

April

As of writing, <a href="https://en.coin-turk.com/hot-development-fed-rate-announcements-when-will-powell-speak-this-week-crypto-on-alert/" data-wpel-link="internal">Bitcoin</a>&#8216;s price has climbed above $26,000 and peaked around $26,500. What&#8217;s next? Despite altcoins not reacting as much as expected to the surge, investors remain hopeful. With buyers stepping back into the limelight, the importance of some critical zones is intensifying. 
<h2 style="text-align: justify;" id="bitcoin-comment">Bitcoin Comment</h2>
The April survey by Laser Digital among institutional investors revealed that 90% of the participants were ready to invest in crypto if the asset was backed by a &#8220;large traditional finance institution&#8221;. The recent news from BlackRock may help accelerate the institutional demand. Today&#8217;s surge is largely driven by this expectation. 
The Glassnode co-founders Yann Allemann and Jan Happel, in their post on June 15th, stated that one traditional technical analysis indicator and two on-chain indicators for Bitcoin appear similar to what we observed right before Bitcoin surged above $20,000 in 2017, and in the third quarter of 2020. If history repeats itself, the anticipated rally for Bitcoin may begin. 
<h2 style="text-align: justify;" id="critical-level-for-cryptocurrencies">Critical Level for Cryptocurrencies</h2>
Bitcoin signaled aggressive bear selling when it slipped below the critical support of $25,250 on June 14th. We also saw the price briefly violate this same support before today&#8217;s ongoing surge began. Bulls need to secure closes above the 20-day exponential moving average ($26,320) for a stronger rally. The king cryptocurrency is finding buyers at $26,300 as of writing. The price that reached $26,500 a few minutes ago has slightly pulled back. 
<img decoding="async" loading="lazy" class="aligncenter wp-image-85062 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/06/bitcoin-13.png" alt="" width="1384" height="798" srcset="https://en.coin-turk.com/wp-content/uploads/2023/06/bitcoin-13.png 1384w, https://en.coin-turk.com/wp-content/uploads/2023/06/bitcoin-13-295x170.png 295w, https://en.coin-turk.com/wp-content/uploads/2023/06/bitcoin-13-768x443.png 768w, https://en.coin-turk.com/wp-content/uploads/2023/06/bitcoin-13-1200x692.png 1200w, https://en.coin-turk.com/wp-content/uploads/2023/06/bitcoin-13-108x62.png 108w" sizes="(max-width: 1384px) 100vw, 1384px" />
If <a href="https://en.coin-turk.com/crypto-analyst-michael-van-de-poppe-outlines-key-bitcoin-price-levels-amid-market-decline/" data-wpel-link="internal">BTC</a> can establish a foothold above this region, the rally could continue up to the 50-day simple moving average ($27,210). Contrary to this assumption, if the price turns down from the 20-day EMA, bears will try to pull the price back to the support base. 
Bulls are expected to defend this level with all their might because a fall below this could spread the fear of a crash towards the psychologically critical level of $20,000. Considering the SEC&#8217;s pressure, it&#8217;s likely that altcoins would suffer double-digit losses in this scenario. 
The post <a rel="nofollow" href="https://en.coin-turk.com/bitcoin-surpasses-26000-whats-next-for-the-cryptocurrency-market/" data-wpel-link="internal">Bitcoin Surpasses $26,000: What&#8217;s Next for the Cryptocurrency Market?</a> appeared first on <a rel="nofollow" href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Bitcoin Surpasses $26,000: What’s Next for the Cryptocurrency Market?

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