Bitcoin price races toward $27K, but a swift recovery is not confirmed by market data
1 min readBitcoin might have displayed strength by quickly recovering from the $25,500 support level on June 6, but that doesn’t mean that breaking above $27,500 will be an easy task.
Investors still expect stricter regulatory scrutiny after FTX’s bankruptcy in November 2022, including the recent suits
Overall, Bitcoin bulls seem to be in a bad place, both from the worsening regulatory crypto environment and the unfolding global economic crisis.
Bitcoin derivatives markets indicate a low probability of the BTC price breaking above $27,500 in the short to medium term. In other words, Bitcoin’s market structure is bearish, so a $25,500 support retest is the most probable outcome.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.