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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
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237th Latest Crypto News Digital Magazine | 7th June 2022 - Platinum Crypto Academy