Bitcoin (BTC) climbed back above $35,000 on June 28 after making a double bottom at $31,500 on June 25. Despite the increase, BTC is still 44% down from it’s highest ever daily close of $63,689 on April 13.
BTC is trading under a descending resistance line drawn from May 10 when the price began to crash. Unless the price is able to move above and close over this line, the trend is likely to continue to be bearish. If it manages to continue moving upwards, there is a strong horizontal resistance level between $41,000 and $43,000.
At the time of press, the RSI is at 47 and is facing resistance at 53. If BTC fails to break out from resistance, there’s a good chance that it will test lower support levels, possibly near $27,000.
The total cryptocurrency market cap is up 6.5% on the day to $1.44 trillion. Since crashing from an all-time high of $2.3 trillion on May 12, the market cap has mostly been moving in a range between $1.75 trillion and $1.33 trillion. Nearly every cryptocurrency in the top-100 by market cap is up in value over the past 24 hours.