Bitcoin rose marginally last week, snapping its longest streak of nine negative weekly closes. The bulls attempted to build upon this strength in the new week and put in a bottom but the bears are in no mood to let go of their advantage. Although Bitcoin has remained under pressure in 2022, institutional investors have continued to accumulate the dips. This suggests they remain bullish in the long term.
CoinShares’ latest Digital Asset Fund Flows Weekly Report shows that year-to-date, the total institutional inflows into Bitcoin have crossed the half a billion-dollar mark. Does the sustained demand from institutional investors suggest that Bitcoin may have bottomed out or the downside is limited?
According to Arthur Hayes, former CEO of BitMEX, Bitcoin’s previous halving cycles suggest that Bitcoin may bottom out in the range of $25,000 to $27,000 and Ether may find a bottom between $1,700 and $1,800.
We had suggested in our previous analysis that Bitcoin may remain stuck in a range in the short term and that is how it has been. The BTC/USD pair has been trading between $28,800 and $32,646 for the past few days. The bulls tried to propel the price above $32,646 on May 31 but the bears held their ground.
That may have attracted profit-booking by short-term traders, which pulled the price back below the 20-day exponential moving average (EMA) on June 1. Buyers again pushed the price above the 20-day EMA on June 6 but could not sustain the higher levels. This suggests that the sentiment remains negative and traders are selling on minor rallies. The bears will now attempt to sink the price below the strong support of $28,800. If they manage to do that, the pair could drop to the May 12 intraday low of $25,338.
This is an important level for the bulls to defend because if it cracks, the selling may accelerate and the pair could plunge to $20,000. The first sign of strength will be a break and close above $32,646.
Such a move will increase the likelihood that a bottom may be in place. The pair could then attempt a rally to $37,000.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
FEATURING IN THIS WEEKS EDITION
– Age of Zalmoxis
– Asia Broadband
– DC Pay
– Giving To Services
CRYPTO TRADE OPPORTUNITIES
BITCOIN – BTC/GBP
Bitcoin rose marginally last week, snapping its longest streak of nine negative weekly closes. Bitcoin Price Prediction says the bulls attempted to build upon this strength in the new week and put in a bottom but the bears are in no mood to let go of their advantage. Although Bitcoin has remained under pressure in 2022, institutional investors have continued to accumulate the dips. This suggests they remain bullish in the long term. CoinShares’ latest Digital Asset Fund Flows Weekly Report shows that year-to-date, the total institutional inflows into Bitcoin have crossed the half a billion-dollar mark. Read more
ETHEREUM – ETH/GBP
Ether turned down from the 20-day EMA on May 31 and again on June 7, indicating that the bears continue to defend the level aggressively. The price action of the past few days has formed a descending triangle pattern, which will complete on a break and close below $1,700. If that happens, the ETH/USD pair could resume its downtrend Read more
RIPPLE – XRP/GBP
XRP turned down from the 20-day EMA on June 1, indicating that the sentiment remains negative and traders are selling on rallies. The buyers again attempted to push the price above the 20-day EMA on June 6 but failed. The bears will now attempt to sink the price below the strong support of $0.38. If they succeed, the XRP/USD pair could witness aggressive selling which could pull the pair down to the May 12 intraday low of $0.33. Read more
Solana turned down from $47.75 on May 31, indicating that the bears had flipped the level into resistance. This may have intensified selling which pulled the SOL/USD pair below the vital support of $36 on June 4. However, the long tail on the day’s candlestick shows buying at lower levels. The bulls again tried to start a recovery which hit a wall near the 20-day EMA on June 6. The failure of the bulls to push the price above the 20-day EMA indicates that the sentiment remains negative and traders are selling on rallies. Read more
BINANCE – BNB/GBP
Binance Coin rose above the 20-day EMA on May 30 but the bulls could not sustain the higher levels. That may have tempted the short-term traders to book profits, which pulled the price back below the 20-day EMA on June 1. The buyers tried to push the price back above the 20-day EMA on June 6 but the bears were in no mood to relent. They defended the level aggressively and pulled the price below the $286 support on June 7. Read more
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