Bitcoin Feels At Home at IDR 297 Million, Analyst Reminds to Pay Attention to These Resistance and Support Levels

money.nikaniku.com – Bitcoin Feels At Home at IDR 297 Million, Analyst Reminds to Pay Attention to These Resistance and Support Levels. The movement of the crypto market towards the end of June 2022 was observed to still show weakness. The largest cryptocurrency, Bitcoin is still perched in the range of USD 20,000 or around Rp. 297.6 million, although previously it was in the range of USD 21,000 a few days ago.

On Thursday (30/6/2022) afternoon, Bitcoin was trading at USD 20,055 per coin. When compared to early Thursday, Bitcoin had dropped to the level of USD 19,972, due to a lot of pressure in the crypto market. Other altcoins such as Ethereum and Cardano are down 4 percent and 1.73 percent, respectively.

Regarding the crypto and bitcoin market movements at the end of June 2022, Country Manager, Luno Indonesia, Jay Jayawijayaningtiyas said Bitcoin has not shown significant price movements this week.

“When we wrote this analysis, Bitcoin was moving at the support level of USD 20,000 (approximately Rp. 296 million) with a 200-week moving average (200-week Moving Average) at USD 22,500 (approximately Rp. 333 million), which is also a point of resistance. the top is the most important,” Jay said in a written statement, Thursday (30/6/2022).

“If Bitcoin is able to pass the current conditions, the next level to watch out for is in the range of USD 30,000 or around Rp. 444 million,” Jay continued.

As for Jay, on the other hand, if Bitcoin can’t maintain its support level at USD 20,000 around IDR 296 million, the nearest weekly support level to watch is also USD 16,000 around IDR 237 million.

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Crypto Prices Thursday Morning 30 June 2022

Bitcoin Feels At Home at IDR 297 Million, Analyst Reminds to Pay Attention to These Resistance and Support Levels

Previously, towards the end of June 2022, the price of Bitcoin and the top cryptocurrencies were observed to experience a compact price movement on Thursday (30/6/2022) morning. The majority of the top-tier cryptocurrencies are still stuck in the red.

Based on data from Coinmarketcap, Thursday morning, June 30, 2022, the cryptocurrency with the largest market capitalization, Bitcoin (BTC) fell 0.60 percent percent in 24 hours, but still gained 1.41 percent in the week.

Currently, the price of bitcoin is at the level of USD 20,253 per coin or equivalent to IDR 301.1 million (assuming an exchange rate of IDR 14,868 per US dollar).

Ethereum (ETH) is also still sinking this morning. Over the past 24 hours, ETH has fallen 4.16 percent, but is still up 5.39 percent for the week. With that said, ETH is currently at USD 1,114 per coin.

The next cryptocurrency, Binance coin (BNB) is also stuck in the red zone. In the last 24 hours BNB weakened 4.21 percent. But BNB is still up 3.18 percent a week. That makes BNB priced at USD 221.60 per coin.

Other Crypto Prices

Then Cardano (ADA) this morning should still be corrected. In the last one day ADA fell 1.35 percent, but still rose slightly 1.82 percent a week. Thus, ADA is at USD 0.4698 per coin.

Meanwhile, Solana (SOL) is still in a slump. Throughout the last one day SOL weakened 4.91 percent and 1.32 percent for the week. Currently, the price of SOL is at the level of USD 34.25 per coin.

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XRP remains weak this morning. XRP is down 3.03 percent in the last 24 hours, but is still up 2.72 percent in the week. That way, XRP is now priced at USD 0.3324 per coin.

Stablecoin Tether (USDT) and USD coin (USDC), both strengthened 0.01 percent today. This makes USDT at the level of USD 0.9989 and USDC valued at USD 1.00.

While Binance USD (BUSD) weakened 0.01 percent in the last 24 hours, but the price is still holding at the level of USD 1.00.

As for the overall crypto market capitalization, it weakened quite a lot today at the level of USD 904.1 billion from the previous day at the level of USD 917.1 billion.

Crypto Market Continues to Correct the Impact of Negative Sentiment from the Industry

Previously, Bitcoin for the last 10 days managed to perch above USD 20,000 or around Rp. 297.2 million. However, on Thursday (30/6/2022) early in the morning, Bitcoin had dropped to the level of USD 19,954 according to data from Coinmarketcap.

However, the decline did not last long, Bitcoin rose again in the range of USD 20,000. The biggest cryptocurrency is still holding around USD 20,200, even in the midst of various negative sentiments from the latest industry news that triggers anxiety. One of them reports an order by a British Virgin Islands court for the liquidation of crypto hedge fund Three Arrows Capital.

Oanda senior analyst Edward Moya said there has been a lot of bad news in the crypto industry lately.

“Concerns are growing that the collapse of Three Arrows Capital could trigger further market contagion,” said Moya, quoted from CoinDesk, Thursday, June 30, 2022.

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A slight departure from its pattern throughout the year, cryptocurrencies diverged from major US stock indexes, which were flat during Wednesday after Powell said inflation could continue to rise, given the disruptive impact of the COVID-19 pandemic, and reaffirmed the Fed’s commitment to address price pressures even at the expense of a recession.

The Three Arrows Disaster Continues

Powell’s comments offer some comfort to crypto investors already grappling with the ongoing Three Arrows debacle.

The company has suffered heavy losses in its recent sharp decline and is facing possible bankruptcy after issuing at least USD 400 million in liquidation.

Crypto broker Voyager Digital issued a notice to 3AC this week after the fund failed to make required payments on a loan of 15,250 bitcoins and USD 350 million in USDC. Voyager shares fell after disclosing its exposure to 3AC.

3AC has been an active investor in the digital asset industry in recent years with investments across NFTs, decentralized finance, layer 1 blockchain companies and crypto companies.

In the midst of the 3AC case that occurred, Moya was pessimistic about the potential for bitcoin in the future to maintain its price at the level of USD 20,000.

 

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