Bitcoin Price Prediction as the Coin Grows to a Resistance at $27k and Reclaims 50% Market Dominance after 2 Years

Updated: 20 June 2023

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After seeing a week of price drops, the Bitcoin price recovered significantly over the weekend as a consequence of BlackRock’s Bitcoin ETF filing. While many expected the coin to correct with the start of the new week, BTC managed to find support at $26,450 and then surge on Monday evening.

However, the new price surge did not take it very far, as the resistance level at $27k managed to hold on and stop the coin from advancing.

It also rejected the price slightly, causing it to drop to $26,767, which is where it sits at the time of writing. For now, however, a support at $26,750 seems to have stopped the correction, and BTC has, for the moment, found stability again.

According to analysts, Bitcoin still has a chance to break the resistance line and continue to rise to the $27,460 resistance.

At this point, it might get rejected again, depending on how the buying pressure performs at the time. Still, in order to climb that far up, BTC will have to break the current resistance at $27k first.

While the coin has been giving some bullish signals, a lot of analysts seem to believe that the price could go either way from here on.

The bears still have solid arguments, and the whole wave up from November 2022 low could be just a 5-wave move, which a continued decline will follow. Even so, analysts seem optimistic about the future of the coin’s price, expecting it to continue its surge for a while longer.

Bitcoin whales bought $3.5 billion in BTC during the dip

While BlackRock’s ETF filing is undoubtedly what started the recovery, Bitcoin has had other reasons to grow lately.

For example, after its price started dropping, a lot of whale activity was reported in the market. Crypto whales started buying BTC at a low price, and within days, they accumulated $3.5 billion worth of BTC.

It is unknown whether this was an attempt at market manipulation or if they were simply making a beneficial investment decision, but the whales certainly contributed to the growing buy pressure.

Binance sets up Bitcoin Lightning nodes

Binance may have also played a role in Bitcoin’s sudden recovery.

According to recent reports, the world’s leading crypto exchange decided to set up Bitcoin Lightning Nodes to make it easier for users to make withdrawals and deposits.

#Binance is working to integrate the #Bitcoin Lightning Network for deposits and withdrawals.

Some eagle-eyed users spotted our new lightning nodes recently. Yes – that's us!

However, there's still more tech work to be done. We'll update once Lightning is fully integrated. https://t.co/N0oN8561sN

— Binance (@binance) June 20, 2023

The exchange tweeted that there is still more work to be done, but it officially confirmed that Lightning Nodes are being installed and prepared for use.

The exchange said that it would integrate the Bitcoin Lightning Network (LN) back in May to allow users to get their money in and out faster.

According to the exchange, the decision came after the last temporary Bitcoin withdrawal pause caused by network congestion.

Bitcoin market dominance at 2-year high

Finally, another piece of good news that BTC has seen lately is the surge of its market dominance.

This is likely another consequence of Blackrock’s spot ETF filing, but regardless of whether this is what caused it, the fact is that Bitcoin dominance once again reached 50%.

This means that BTC alone accounts for half of the total crypto market cap, which sits at $1.07 trillion at the time of writing.

Bitcoin’s market cap currently sits at $520 billion, suggesting that the coin is above 50% right now.

Wall Street Memes is closing in on $9 million raised

Despite Bitcoin’s recovery and re-awakened interest among investors, one cryptocurrency still seems to be attracting even more attention.

The crypto in question is Wall Street Memes (WSM) — a meme coin inspired by Reddit’s WallStreetBets. This is a subreddit that stood up against institutional investors in 2021, preventing them from ruining multiple companies for profit by shorting their stocks.

WSM emerged as a way to remember their struggle, just at a time when meme coins got their second wind.

Since it started its presale, the project has raised over $8.8 million, and its token is still available at the price of $0.0295 at the time of writing. However, in only a few hours, the price will jump to $0.0295, so those who wish to purchase it should act quickly.

The token is available in exchange for ETH, USDT, or you can purchase it with your credit or debit card.

Smog (SMOG) - Meme Coin With Rewards

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