- After going above $ 36,600 on Tuesday, today Bitcoin’s price holds around $ 35,000 but is still trading sideways and in the $ 30,000- $ 40,000 range.
- The next level to watch now is the 50-day moving average, which currently sits just above $ 38,000.
- A significant break above could see us climb back to $ 40,000.
Bitwise CIO Matt Hougan says Bitcoin is rebounding due to regulatory clarity. He said in an interview with Bloomberg,
“I think crypto investors are realizing that the path to a greater crypto future is through institutional adoption and the path to institutional adoption is through regulatory clarity.”
Regulation is the “biggest driver of the bull market,” Hougan said.
However, open interest on CME futures is still at an all-time low. With the base coverage decreasing, as funding rates turn negative, funds are now unwinding their short positions as cash-and-carry operations are no longer lucrative.
The premium for CME futures, however, is on the rise after trading in a slight swerve to a small contango. The footprint of Bitcoin futures on CME in cryptocurrency price discovery, meanwhile, is growing. Paul Barroso, CEO of crypto trading platform Atani, said:
“While we may have a few turbulent months ahead, we remain very bullish in the industry for the long term and have no doubts that the market will recover faster than expected.”
“The fundamentals remain very strong.
Returning to Bitcoin Interestingly, Bitcoin’s latest price spike fell to nearly $ 1,750 an ounce on Tuesday. The precious metal is down almost 8% this month. Since this year, Bitcoin and gold prices have moved in opposite directions as cryptocurrency gains traction as digital gold.
According to market participants, the lack of bullion price discovery could be due to Bitcoin, which is preferred by the younger generation, with the older generation also starting to get used to it amid increased inflation.
The way #gold and #bitcoin follow each other is financial harmony. pic.twitter.com/yxS7WtTfdy
– Charlie Morris (@AtlasPulse) June 29, 2021
At BTIG, strategists including Julian Emanuel and Michael Chu reiterated their end-of-year price target of $ 50,000 per BTC and $ 5,000 per Ether.
$ 2,142.49-$ 40.28 -1.88%
Volume 23.34 b Variation – $ 40.28 Opened $ 2,142.49 Outstanding 116.5 m Market capitalization 249.6 b
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In a note last week, they wrote that they would “take advantage of the current weakness” as the rationale for a 1-3% portfolio allocation to crypto-assets “is stronger than ever,” citing the “Blockchain transformative power” and “a store of value in an increasingly uncertain and inflation-prone world”.
Retail Investors Remain Interested With greens everywhere as most cryptocurrencies climb higher, it gives positive signals. But according to trader DonAlt, “Bounces led by Ethereum and altcoin are riskier than bounces led by Bitcoin. “
Indeed, Bitcoin remains the first “safe haven” asset and a healthy market depends somewhat on the good performance of the main cryptocurrency. Once Bitcoin pumps, capital flows from BTC to “riskier” assets, i.e. altcoins.
Strong Altcoins and Weak Bitcoins actually show a “very sparkling state” in the market made up of retail speculation. This is what happened in 2018, where “altcoins kept us entertained while Bitcoin pulled the rug.”
BitFlyer USA chief operating officer Joel Edgerton said retail investors remain interested in buying volume of around 70% of total retail volume on its platform last week, and over 90% of transactions were buy orders.
While Google’s (NASDAQ 🙂 searches for cryptocurrency-related terms are on the decline, year-over-year growth is still strong. Edgerton is also seeing an influx of new customers setting up bitFlyer accounts.
“This behavior is consistent with conversations with our customers, who see Bitcoin as a long-term investment rather than just short-term speculation.”
“While this volatility may be too high for many, those who understand Bitcoin’s fundamentals and long-term value see it as a great opportunity.”
Bitcoin / USD
34,661.6440 -1 $ 188.89 -3.43%
- Volume 34.17b
- Foreign exchange -1 $ 188.89
- Open $ 34,661.6440
- Circulation 18.75 m
- Market capitalization 649.74 b
Bitcoin post bounces as gold continues its downward trend of nearly 8% in June first appeared on BitcoinExchangeGuide.