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BTC Reclaims Key Psychological Support Levels; Ethereum's Merge to Take Place Before September

Chart of the Day

On Thursday, the broader crypto market continued to observe choppy trading patterns whilst U.S. stocks declined further on the back of a volatile day of trading. BTC has reclaimed the $30k level after rising by 3.4% in the last 24 hours. However, a major bearish trend line with its upper bound near the $30.5k level is forming on BTC's hourly chart, indicating that the recent upside gains of the number one cryptocurrency by market cap may be limited. If BTC fails to pick up its pace above the $30.5k resistance level, it will likely embark on a fresh round of downward movements to test the previous bases that were established within the $28.5k to $29.7k region.