Buying bitcoin with a target of $122,000 amid oversold conditions

Today, June 22, 2025, BTCUSD opened at $117,344.31, showing growth after a correction triggered by reaching the recent all-time high of $123,217.99.

Institutional adoption of cryptoassets remains the key driver of the rally. For instance, JPMorgan, despite its cautious stance, is exploring BTC and ETH-backed lending, which bolsters investor confidence. However, much of this optimism is already priced in, especially after the GENIUS Act was signed into law, reducing regulatory uncertainty around stablecoins and eliminating a major risk factor.

Uncertainty persists due to the declining correlation between bitcoin and altcoins, which historically precedes periods of high volatility. That said, this could signal the formation of independent trends, supporting consolidation: the market is not yet ready for sharp moves, awaiting new catalysts.

Bitcoin’s social dominance has risen to 43% across platforms, indicating heightened interest, but this often precedes a temporary slowdown as euphoria subsides. This does not necessarily imply a correction but rather a pause before a potential sustained upward movement.

This factor is amplified by high open interest in derivatives ($42 billion) and bullish bets, increasing volatility risks. The market is becoming more sensitive to news and macroeconomic factors, and any sharp price swings could trigger cascading liquidations.

BTCUSD is rebounding after a downward correction. On the daily chart, the price is trading above two exponential moving averages (EMA 20 & EMA 50), both sloping upward. Meanwhile, the stochastic oscillator is near the oversold territory, suggesting a likely resumption of the uptrend.

Current recommendation:

Buy at the current price of $118,000. Take profit — $122,000. Stop loss — $116,500.