SwanBitcoin445X250

Bitcoin is in recovery mode and bulls may push for $40k and above levels as the positive sentiment is fuelled by long term hodlers

The crypto market remains in the recovery mode after witnessing record price dips across the board last month, most prominently in the case of Bitcoin. Influencers are branding the ongoing phenomenon as the ‘Great Unwind’ that will filter out grains from the chaff. At the time of writing, Bitcoin was up by 2% in the last 24 hours, and was holding support at a little under $35,000. Technical analysis suggests a resistance in the vicinity of $40,000. Let’s carry out a brief analysis of Bitcoin’s recent price movements and understand where it may be headed in the month of June, 2021.

The flagbearer and gold standard of the cryptocurrency industry, Bitcoin is a peer-to-peer digital currency used primarily for online trading and digital payments. It was launched in 2009 by a mysterious and anonymous person going by the pseudonym, Satoshi Nakamoto.

What is the current price of BTC, and how did it reach this point?

Bitcoin was trading at $36,650 at the time of writing. The coin faced the maximum brunt of bearish developments over the past month, and saw the biggest drop in BTC’s history, crashing by over 50% from it’s all-time high of $64,000 in mid-April 2021.

There were multiple external factors involved in bringing about its recent downfall, including Elon Musk’s announcement that Tesla won’t accept Bitcoin anymore; Hong Kong’s crypto trading ban, limiting the activity to only a group of professionals with high net worth; and most notably, the Chinese crackdown on cryptocurrency. May 2021 was in fact the worst calendar month in the 12-year long history of BTC.

Read more from our friends at Coin Journal