The bitcoin price has risen by over appx 4% in the past 24 hours, as the cryptocurrency market recorded a slight recovery, becoming the best performers of the market as of June 25.
BTC SCENARIOS
After dipping to a monthly low at $232 billion, the valuation of the cryptocurrency market increased to $254 billion,
by $22 billion. Overall, the volume of major cryptocurrencies like bitcoin and Ethereum have risen substantially in the
last 24 hours, improving market conditions.’Yesterday, the volume of Tether, a stablecoin whose value is hedged to the value of the US dollar, was over $3.5
billion, while the volume of bitcoin remained at around $4 billion and Ethereum’s volume was $2 billion. At one point,
the volume of Tether was 72 %higher than Ethereum signifying the volatility in the market and the instability of major
cryptocurrencies.The recovery of the volume of Ethereum from $2 billion to over $2.5 billion and the volume of bitcoin from $4 billion
to $4.5 billion demonstrate an improvement in the market’s short-term trend, which previously showed an overly
strong downtrend with complete control from bears.If the bitcoin price rebounds to over $6,700 in the upcoming two to three days with continuous bullish momentum
shown on various momentum indicators including the RSI divergence, it is likely that the bitcoin price experience a
short-term corrective rally, potentially to above $7,200. But, if BTC closes the day below the $6,200 mark, it is unlikely
to see a short-term recovery to the $7,000 region.The abrupt increase in the price of bitcoin on June 24 that allowed the cryptocurrency market to avoid a steep
decline to the lower end of $250 billion was the start of a minor corrective rally, and for BTC to continue its run to
$7,200, it will need to maintain its momentum around this region.In previous instances wherein the bitcoin price recovered to major support levels at $9,000 and $12,000, the volume
of BTC remained well above $7 to $8 billion, while the volume of Tether and other stablecoins remained relatively low.
To initiate a short-term bullish rally, BTC will have to experience a spike in its volume.