The price of the leading cryptocurrency bitcoin rebounded considerably during the week of June 21-28. It reached a low of $28,805 but created a long lower wick. It proceeded to reach a close above the $32,600 horizontal support area. This area is crucial because bitcoin hasn’t reached a close below it since the beginning of the year, though some wicks have breached it.
Bitcoin trades above $35,000
At the time of writing, bitcoin is changing hands at just above $35,100. The leading cryptocurrency is up by 3% in the last seven days, with a 24-hour trading volume of $38.2 billion. Bitcoin has failed to surpass the $40,000 level since its last crash. However, bitcoin has gained some positive momentum later this month, and short-term predictions are quite bullish. The prices of bitcoin and other cryptocurrencies have tumbled in recent months on the prospect of greater regulatory oversight of crypto trading in the U.S., China, and Europe.
Mexican billionaire comes out in support of bitcoin.
Earlier, the well known Mexican billionaire Ricardo Salinas Pliego said in reply to MicroStrategy CEO Michael Saylor, who tweeted a video of Pliego advocating for bitcoin, “Sure, I recommend the use of bitcoin, and me and my bank are working to be the first bank in Mexico to accept Bitcoin.” Salinas is Mexico’s third-richest man, with an estimated fortune of $15.8 billion, and the owner of Banco Azteca. Some hours later, he tweeted again in Spanish to say that the cryptocurrency was a good way for investors to diversify their holdings. “I think that any investor should start learning about cryptocurrencies and their future. At @BancoAzteca we are working to bring them to our clients,” the post said.