Today, the crypto market is in red and most assets are trading at a lower price. It is possible that the crypto market is facing a severe recession and growing inflation. These two factors have made it harder for the crypto market to endure this winter, which has only gotten worse.
Recent liquidations, especially of riskier coins, have caused investors to feel sour. Major assets are reviewing their support levels. Weak sentiments meant that the last market rebound failed to provide the needed push and died quietly.
BTC and some altcoins saw small gains following the Federal Reserve’s 75 basis point rate increase. However, analysis suggests that the outcome will be worse. Bitcoin (BTC), which was close to the $20,000 support, fell as panicked traders sold their holdings in fear of an aggressive US Federal Reserve rate rise on June 15. The Celsius platform and Three Arrows Capital, a crypto venture capital firm (3AC), go bankrupt.
CryptoQuant’s on-chain analytics platform CryptoQuant revealed that 24-hour trade inflows reached 59,376 Bitcoin on June 14. This is the highest level of inflows since November 30, 2018, according to data. Other investors also sent bitcoin to exchanges with Bitcoin miners. The Bitcoin Miners to Exchange flow metric reached a seven-month peak of 9476, which suggests that miners might be expecting another drop in the near future.
It is not clear whether a Bitcoin backside has been discovered by prominent traders. Analysts agree that Bitcoin should have $20,000 while Ether (ETH), can backside out at $1,000. Arthur Hayes (co-founder and former leader of BitMEX), has also stated these degrees. He suggested that if the degrees fail, it could lead to “big promotion strain” in spot markets.
Learn about: Trend Analysis and Patterns in Crypto Asset Buying
All crypto tokens traded lower Friday, with the exception of stablecoins. Polkadot dropped 13 percent, while Solana and Ethereum fell more than 10 percent. Bitcoin was just $20,000. It is down 8 percent. Global crypto market cap was $893.91 Billion, down 7 percent over the last 24 hours. The total volume of crypto trading fell to $75.92 Billion, however.
Chart for Bitcoin (BTC).
BITCOIN traded sideways between $28,500 and $32,500. Yesterday saw the asset finally break out on the downside, making it the worst weekly candle since December 2020. BTC plunged nearly 30% in just 4 days after it broke and closed below the $28,500 key support. It then fell to $20,111 for the daily time frame.
The asset is seeking support at the psychological level $20k. It can hold and sustain above this support level, then we can expect upward movement. A daily close below $20k would lead to further decline and prices could slide to 17k. BTC could face stiff resistance between $23,000 and 28,500.
Chart for Ethereum (ETH).
ETH was trading at an ‘Ascending Triangle’ pattern and was receiving multiple support at $1700 (Previous lows of the ‘Double Bottom’ pattern and its 200-Week Moving Average). ETH broke out on the downside and plummeted by almost 40% to reach the weekly low of $1,013.3
The asset seeks support at psychological levels of $1,000. It can hold and sustain above this support level, which will allow for a relief rally. A close below $1,000 would lead to further decline. Bears are in control of the market, as indicated by the RSI in negative territory and downsloping Moving Averages.
Polygon (Matic), Chart
Matic traded in a range of $0.75 to $0.55. Matic traded below its range and saw a sharp drop. Prices fell almost 40%, reaching a weekly low of $0.363. Matic currently tries to consolidate between $0.36 and $0.45. The trend will be further determined by breakouts on either side of the asset with high volumes.
USD ($)09 Jun 2216 Jun 22Previous WeekCurrent WeekCloseClose% ChangeHighLowHighLowBTC$30,112$20,382-32.31%$31,693$29,312$29,402$20,178ETH$1,790$1,068-40.34%$1,915$1,729$1,679$1,026BAT$0.39$0.32-18.75%$0.42$0.37$0.37$0.26Crypto Asset1w – % Vol. Change (Global)BitCoin (BTC)60.54%Ethereum (ETH)92.27%Basic Attention Token (BAT)82.80%Resistance 2$28,500$1,700$0.60$0.45Resistance 1$23,000$1,300$0.45$0.35USDBTCETHMATICBATSupport 1$20,000$1,000$0.35$0.30Support 2$17,000$750$0.25$0.25
A dogecoin investor filed a $258 million lawsuit against Elon Musk and his companies Tesla, SpaceX, and SpaceX. Rumours about the company’s bankruptcy spread quickly on social media, causing panic and selling off in the markets.
Disclaimer: This report should not be regarded as investment advice. It does not consider the financial situation or investment goals of investors. When deciding whether an investment is right for them, all investors should take into account these factors and consult with a professional advisor. This report was prepared by the Company using information that it has access to, as well as information from public sources that have not been independently verified. The Company makes no representations or warranties, either express or implied, regarding the accuracy, reliability, completeness or reliability of any information, opinions or conclusions contained herein. This report is preliminary. The Company does not assume any obligation to revise or update the reports in response to new events or circumstances after the date of the report was made. Trading and Investments in crypto assets viz. Bitcoin Cash, Ethereum, and other crypto assets are highly speculative, and can be subject to market risk. The Author’s analysis should be used only as information and should not be considered investment advice.
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