The BTC/USD pair turned down from the critical level of $10K on June 10 and slumped to $9,254 on June 11 in a major correction that saw the top crypto shed $800 in 24 hours.
Bitcoin is likely to make a decisive move in the next few days and start a trending movement that could remain in force for a few weeks as the struggle between the bulls and the bears continues.
The bulls are trying to kick start a rally to the $10K to $10,500 overhead resistance zone to continue the uptrend momentum. Conversely, the bears are attempting to form a short-term top at the $10K zone.
Following the slump on Thursday of last week, the bulls purchased the dip below the trendline, but they are finding it difficult to sustain the rebound. BTC is currently trading at $9,113.
Looking ahead, Bitcoin would need to avoid sub-$9,448 levels to bring the first major resistance level at $9,531.8 into play.
Institutional Interest For BTC is Rising
One month has passed since the 3rd Bitcoin halving, and a lot has happened for the top-ranked crypto since then in terms of investor behavior and exponential growth in institutional interest.
The halving seems to have marked the start of a new reality for BTC market participants, with all the fundamentals pointing to this year being pivotal for Bitcoin in terms of price and visibility.
Firstly, a recent report by Bloomberg expects BTC to outperform its record prices from 2017 and go as high as $28,000.
Secondly, there has been recent growth and popularity of Grayscale’s Bitcoin Trust security in the past few months, indicating soaring interest for BTC amongst institutional investors.
And now, investment firm Wilshire Phoenix has applied with the U.S. SEC to roll out a publicly-traded BTC fund. If the application is successful, it will likely bring in more institutional investors to the crypto market.
XLM Could Offer Trading Opportunities To Both Bulls and Bears
Stellar Lumens (XLM) recently dropped below the support line of the ascending channel at $0.071 after gains in recent weeks, on June 11.
While this is a bad sign, the bears have not been able to build upon this breakdown, indicating that bulls are buying on dips and are trying to keep XLM inside the channel.
Nevertheless, the bears are not allowing the bulls to have it easy as they are attempting to hinder the recovery and start a new downtrend.
Currently, XLM is trading at $0.0677, but if the price turns down from the current levels and breaks below $0.0653, a drop to $0.0635 is possible.
On the other hand, if the bulls can carry the XLM price above the downtrend line, a rally to $0.0862 is likely.
Essentially, the analysis points to the 13th-ranked cryptocurrency on CoinMarketCap going either way and offering trading opportunities to both bulls and bears.