Jatuh Cinta
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Perfect from our end
BTC
USD
84,080.6
Gold
USD
4,282.02
Time now:
Jun 1, 12:00 AM
Crypto Analysis by FxPro
- Thread starter TradeLikeAPro
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Jatuh Cinta
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Bitcoin swings in a tight cage
Bitcoin continues its wild swings between $29-31.5K. By the end of the day on Tuesday, it had moved sharply back to the upper end of the range, but Wednesday began with a new dip, temporarily falling below 30K. Overall, bitcoin adds 2.7% over the day and has lost 4% in seven days, all well below the intraday fluctuation amplitude.
Ethereum has added 2.2% in the last 24 hours, while other leading altcoins have shown mostly positive dynamics, where a 9.8% spike in Cardano contrasts with a 0.3% decline in Solana’s price.
Total crypto market capitalisation, according to CoinMarketCap, strengthened by 2.2% overnight to $1.24 trillion, with the Bitcoin Dominance Index down 0.2 points to 46.6%. The Cryptocurrency Fear and Greed Index was up 2 points to 17 by Wednesday and remains in “extreme fear”.
According to Senior analyst from FxPro, investors continue to buy the dip in bitcoin. The number of addresses with a balance of at least 0.01 BTC reached 10.088 million earlier this week, setting a new record.
The market dynamics of the last few days indicate that the whales are making some big transfers of bitcoin from one pocket to another. Either this is an attitude of speculation in the range or whipping up froth to attract capital from retail investors who may feel that the low point has been passed.
The US Securities and Exchange Commission (SEC) launched an investigation into the sale of BNB tokens by cryptocurrency exchange Binance in 2017. The regulator will assess whether it was an unregistered offering of securities.
American economist and Nobel Prize winner Paul Krugman called cryptocurrencies a fraud, comparing them to the mortgage crisis in 2008.
Bitcoin continues its wild swings between $29-31.5K. By the end of the day on Tuesday, it had moved sharply back to the upper end of the range, but Wednesday began with a new dip, temporarily falling below 30K. Overall, bitcoin adds 2.7% over the day and has lost 4% in seven days, all well below the intraday fluctuation amplitude.
Ethereum has added 2.2% in the last 24 hours, while other leading altcoins have shown mostly positive dynamics, where a 9.8% spike in Cardano contrasts with a 0.3% decline in Solana’s price.
Total crypto market capitalisation, according to CoinMarketCap, strengthened by 2.2% overnight to $1.24 trillion, with the Bitcoin Dominance Index down 0.2 points to 46.6%. The Cryptocurrency Fear and Greed Index was up 2 points to 17 by Wednesday and remains in “extreme fear”.
According to Senior analyst from FxPro, investors continue to buy the dip in bitcoin. The number of addresses with a balance of at least 0.01 BTC reached 10.088 million earlier this week, setting a new record.
The market dynamics of the last few days indicate that the whales are making some big transfers of bitcoin from one pocket to another. Either this is an attitude of speculation in the range or whipping up froth to attract capital from retail investors who may feel that the low point has been passed.
The US Securities and Exchange Commission (SEC) launched an investigation into the sale of BNB tokens by cryptocurrency exchange Binance in 2017. The regulator will assess whether it was an unregistered offering of securities.
American economist and Nobel Prize winner Paul Krugman called cryptocurrencies a fraud, comparing them to the mortgage crisis in 2008.
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John Schwab
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How I wish I had bought bitcoins back when this cryptocurrency appeared. Now I would be in the money, despite the fact that it has fallen slightly in price.
Maya⁷
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Many are still sceptical about it. Myself included
Jatuh Cinta
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Cryptocurrency’s lingering lull
Bitcoin was down 3.7% on Wednesday, ending the day near the $30.2K level, which it remains near on Thursday morning. The overall subdued sentiment towards cryptocurrencies coincided with a pullback in stock indices. However, the dynamics of the previous days suggest that this is more of a coincidence than a correlation.
Cryptocurrencies have entered a period of the most pronounced and prolonged lull since late 2020, as the total cryptocurrency cap hovers between $1.2 and $1.3 trillion for almost a month. This lull is also reducing trading volumes, as the entire cryptocurrency industry often attracts the attention of lovers of solid moves. In the past 24 hours, Ethereum has lost 0.5%, hovering around $1800 at writing. Altcoins from the top 10 show small multidirectional movements from a 0.75% decline (BNB, Solana) to a 0.7% rise (Polkadot).
The cryptocurrency fear and greed index were down 6 points to 11 by Thursday and remains in “extreme fear”. The nature of the cryptocurrency market, built on hype, convinces us that a lack of movement is the worst news for cryptocurrencies. Perhaps only strong moves can attract interest. Crypto traders anxiously recall the “crypto winter” of 2018. However, a crypto summer lull that started a month ago may not be any easier.
Bitcoin was down 3.7% on Wednesday, ending the day near the $30.2K level, which it remains near on Thursday morning. The overall subdued sentiment towards cryptocurrencies coincided with a pullback in stock indices. However, the dynamics of the previous days suggest that this is more of a coincidence than a correlation.
Cryptocurrencies have entered a period of the most pronounced and prolonged lull since late 2020, as the total cryptocurrency cap hovers between $1.2 and $1.3 trillion for almost a month. This lull is also reducing trading volumes, as the entire cryptocurrency industry often attracts the attention of lovers of solid moves. In the past 24 hours, Ethereum has lost 0.5%, hovering around $1800 at writing. Altcoins from the top 10 show small multidirectional movements from a 0.75% decline (BNB, Solana) to a 0.7% rise (Polkadot).
The cryptocurrency fear and greed index were down 6 points to 11 by Thursday and remains in “extreme fear”. The nature of the cryptocurrency market, built on hype, convinces us that a lack of movement is the worst news for cryptocurrencies. Perhaps only strong moves can attract interest. Crypto traders anxiously recall the “crypto winter” of 2018. However, a crypto summer lull that started a month ago may not be any easier.
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mrvx
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bitcoin near to crash soon...
Jatuh Cinta
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GBPUSD and FTSE100 have not recouped their downside potential
GBPUSD is trading near 1.2250, losing about 3% in the last four trading sessions. Pressure on the pound intensified on Monday, releasing a disappointing set of statistics. Monthly estimates showed the economy shrinking by 0.3% for April, contrary to expectations of a 0.1% growth. Industrial production data also fell short of expectations.
High employment levels do not promise a rapid expansion in the current environment. As we can see, manufacturers generally prefer to take a wait-and-see attitude, maintaining a 0.7% y/y gain.
For the UK economy, it will get worse before it gets better. And it is not very good news for the GBPUSD. Sterling is approaching the lows of mid-May. A move below 1.2150 would confirm that we have only seen a rebound in the bear market at the end of last month, and we shouldn’t be surprised by an intensified sell-off and possible failure with a potential target at 1.1500 (March 2020 lows and 161.8% of the March-May 2022 anti-rally).
The FTSE100 has fallen sharply below its 200-day moving average due to pressure on global markets. This dip attracted buyers in March and May as volatility began to subside. The 7700 level from 2018 remains too attractive for long-term sellers. In February 2020 and two years later, we saw a furious sell-off as powerful fundamentals were on the bears’ side, as they are now. Correction targets for the FTSE100 could be levels of 7000 for a relatively soft landing and 6800 for a deeper correction.
GBPUSD is trading near 1.2250, losing about 3% in the last four trading sessions. Pressure on the pound intensified on Monday, releasing a disappointing set of statistics. Monthly estimates showed the economy shrinking by 0.3% for April, contrary to expectations of a 0.1% growth. Industrial production data also fell short of expectations.
High employment levels do not promise a rapid expansion in the current environment. As we can see, manufacturers generally prefer to take a wait-and-see attitude, maintaining a 0.7% y/y gain.
For the UK economy, it will get worse before it gets better. And it is not very good news for the GBPUSD. Sterling is approaching the lows of mid-May. A move below 1.2150 would confirm that we have only seen a rebound in the bear market at the end of last month, and we shouldn’t be surprised by an intensified sell-off and possible failure with a potential target at 1.1500 (March 2020 lows and 161.8% of the March-May 2022 anti-rally).
The FTSE100 has fallen sharply below its 200-day moving average due to pressure on global markets. This dip attracted buyers in March and May as volatility began to subside. The 7700 level from 2018 remains too attractive for long-term sellers. In February 2020 and two years later, we saw a furious sell-off as powerful fundamentals were on the bears’ side, as they are now. Correction targets for the FTSE100 could be levels of 7000 for a relatively soft landing and 6800 for a deeper correction.
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mrvx
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Jatuh Cinta
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Bitcoin and Ether reached two of three bears’ targets
Bitcoin collapsed 15.1% on Monday, ending the day around $23,200 and slipped another 10% on Tuesday morning on inertia before finding support from buyers after touching $20,800.
Ethereum has lost 7.8% in the past 24 hours and more than 30% in the week. The top ten altcoins show buyer optimism, with Solana up 9.5% and Cardano up 7.3%. Among the decline, leaders are Tron with -8% and BNB with -3.5%.
The total capitalisation of the crypto market, according to CoinMarketCap, sank 6% overnight to $0.965 trillion. The Cryptocurrency Fear and Greed Index was down 3 points to 8 by Tuesday and remains in “extreme fear”.
Bitcoin collapsed on Monday in the biggest decline since the March 2020 crisis amid falling stock markets and a rising US dollar. Bitcoin closed the December 2020 gap by touching the area below the 200-week simple moving average. But in our view, Bitcoin needs to touch levels near 19500: the 2017 peak, which is also where the most aggressive growth phase started at the end of 2020, for a definitive return of long-term buyers.
A similar three-point checklist for Ether is also incomplete. ETHUSD touched the 200-week average and dived below the peak levels of the previous cycle in 2018. However, the most aggressive rally at the end of 2020 came from $740, which is well below the day’s lows today at $1075. However, the latter target may prove too ambitious for the bears.
Along with BTC, cryptocurrency-focused stocks also collapsed. MicroStrategy shares lost 25.2%, while Coinbase dropped 11.4%.
According to Alex Kuptsikevich The key trigger for the sell-off in the crypto sphere is the US inflation hike to 8.6% on Friday, followed by speculation that the Fed could raise rates by 75 points at Wednesday’s meeting or at the end of July.
Bitcoin collapsed 15.1% on Monday, ending the day around $23,200 and slipped another 10% on Tuesday morning on inertia before finding support from buyers after touching $20,800.
Ethereum has lost 7.8% in the past 24 hours and more than 30% in the week. The top ten altcoins show buyer optimism, with Solana up 9.5% and Cardano up 7.3%. Among the decline, leaders are Tron with -8% and BNB with -3.5%.
The total capitalisation of the crypto market, according to CoinMarketCap, sank 6% overnight to $0.965 trillion. The Cryptocurrency Fear and Greed Index was down 3 points to 8 by Tuesday and remains in “extreme fear”.
Bitcoin collapsed on Monday in the biggest decline since the March 2020 crisis amid falling stock markets and a rising US dollar. Bitcoin closed the December 2020 gap by touching the area below the 200-week simple moving average. But in our view, Bitcoin needs to touch levels near 19500: the 2017 peak, which is also where the most aggressive growth phase started at the end of 2020, for a definitive return of long-term buyers.
A similar three-point checklist for Ether is also incomplete. ETHUSD touched the 200-week average and dived below the peak levels of the previous cycle in 2018. However, the most aggressive rally at the end of 2020 came from $740, which is well below the day’s lows today at $1075. However, the latter target may prove too ambitious for the bears.
Along with BTC, cryptocurrency-focused stocks also collapsed. MicroStrategy shares lost 25.2%, while Coinbase dropped 11.4%.
According to Alex Kuptsikevich The key trigger for the sell-off in the crypto sphere is the US inflation hike to 8.6% on Friday, followed by speculation that the Fed could raise rates by 75 points at Wednesday’s meeting or at the end of July.
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Jatuh Cinta
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Bitcoin was down 0.7% on Wednesday, ending it near $21.8K, although it was a hair away from $20K in the first half of the day.
Ethereum gained 5% in the past 24 hours, losing 35% in 7 days. Altcoins from the top 10 are growing ahead of the curve, rising between 7% (BNB) and 18.6% (Solana). The top altcoins are behaving better than the flagships (ETH, BTC) this week, as they have fewer institutions and crypto enthusiasts find them relatively stable and still cheap.
Total crypto market capitalisation, according to CoinMarketCap, added 5% overnight to $0.94 trillion. The Bitcoin dominance index declined 0.6 points overnight and 2.2 points in 7 days to 44.3%.
By Thursday, the cryptocurrency fear and greed index remained unchanged at 7 points (“extreme fear”).
It isn’t easy to rely on the resulting rebound as it is not due to easing financial conditions. Bitcoin’s recovery to Tuesday’s levels looks like a technical bounce after a quick collapse. Yesterday, financial markets received the fastest monetary policy tightening in almost 30 years, which has hardly added to the appeal of cryptocurrencies for the foreseeable future.
Investors and traders should be prepared that yesterday’s rebound could choke out rather quickly. We need to be ready that cryptocurrencies and risky assets in financial markets are unlikely to reliably bounce back before there are signals that the economy has stopped slowing. The Fed is no longer tightening its rhetoric.
Despite the massive fall in the crypto market, MicroStrategy CEO Michael Saylor continues to express confidence in bitcoin’s growth. He said the company is safe, has enough collateral for its loan, and could survive a BTC’s fall as low as $3562. MicroStrategy has already lost more than $1.2 billion due to the decline in BTC.
According to Alex Kuptsikevich, a senior analyst with FxPro, people are willing to buy anything in the hope of an “ace” but end up losing their hard-earned money.
Ethereum gained 5% in the past 24 hours, losing 35% in 7 days. Altcoins from the top 10 are growing ahead of the curve, rising between 7% (BNB) and 18.6% (Solana). The top altcoins are behaving better than the flagships (ETH, BTC) this week, as they have fewer institutions and crypto enthusiasts find them relatively stable and still cheap.
Total crypto market capitalisation, according to CoinMarketCap, added 5% overnight to $0.94 trillion. The Bitcoin dominance index declined 0.6 points overnight and 2.2 points in 7 days to 44.3%.
By Thursday, the cryptocurrency fear and greed index remained unchanged at 7 points (“extreme fear”).
It isn’t easy to rely on the resulting rebound as it is not due to easing financial conditions. Bitcoin’s recovery to Tuesday’s levels looks like a technical bounce after a quick collapse. Yesterday, financial markets received the fastest monetary policy tightening in almost 30 years, which has hardly added to the appeal of cryptocurrencies for the foreseeable future.
Investors and traders should be prepared that yesterday’s rebound could choke out rather quickly. We need to be ready that cryptocurrencies and risky assets in financial markets are unlikely to reliably bounce back before there are signals that the economy has stopped slowing. The Fed is no longer tightening its rhetoric.
Despite the massive fall in the crypto market, MicroStrategy CEO Michael Saylor continues to express confidence in bitcoin’s growth. He said the company is safe, has enough collateral for its loan, and could survive a BTC’s fall as low as $3562. MicroStrategy has already lost more than $1.2 billion due to the decline in BTC.
According to Alex Kuptsikevich, a senior analyst with FxPro, people are willing to buy anything in the hope of an “ace” but end up losing their hard-earned money.
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