Cryptocurrency Views – June 2021

16 June, 2021

The price of Bitcoin has been hovering around $40k during the past three days. As the latest US central bank’s policy statement, due to be released with fresh economic projections at 2 p.m. EDT (1800 GMT), is expected to err on the side of continuing the Fed’s support for the economy until more workers are back on the job. However, the FED will not conduct any actual action in a short time. Bitcoin remains bullish as usual.

15 June, 2021

Bitcoin price hovering around $40k during the last two days. The newest tweets from Elon Musk that once Bitcoin mining uses more than 50% renewable energy, then Tesla will accept bitcoin as payment again has helped Bitcoin stand steady above $40k. Furthermore, Bitcoin price moves consolidated after the 50% crash; it is believed that an early stage of the next bull run is coming.

11 June, 2021

Bitcoin price continues to swing above the $36k level after the CPI jump of 5% in May. Investors believe that the Federal Reserve will not interfere with the interest market in the short term, causing further depreciation in the US dollar. Therefore, Bitcoin is likely to benefit from an inflation hedging demand like Gold.

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10 June, 2021

Bitcoin price had surged nearly 20% reached $37,666 from its recent low at $31k on the 8th of Jun. El Salvador became the first nation to approve Bitcoin as its legal tender plays a vital role in the rally. However, the upcoming US inflation data is crucial that could bring Bitcoin back to the uptrend track. Behold, Bitcoin’s bull run remains.

9 June, 2021

Bitcoin’s bull faces several beats by negative news lately. The price is trading below $34k at the time of writing. Some institutional investors claim that they have shited some of their portfolios into Gold by realizing the profit made by Bitcoin. It seems to be a difficult time for the bulls. However, what could it be worse than now if that’s all the negative news comes out to beat Bitcoin? Who knows whether the giant whale accumulating Bitcoin behind the scene.

8 June, 2021

The crypto market has tumbled along with BTC lately. Even the U.S. Treasury Secretary Janet Yellen likewise failed to lift the mood when she voiced support for higher inflation. However, According to a June 7 report from CoinShares, Bitcoin investment products saw record outflows of $141 billion this past week while Ether products reported inflows of $22 million. Therefore, as we remain bullish on the market, ETH should apply to the buying the dip strategy.  

7 June, 2021

The two lead cryptocurrencies both are moving in the narrow triangle pattern. ETH has shown a stronger bullish movement as compared to BTC. ETH’s current price is around 8% to the nearest resistance level at $3k, while BTC is nearly 11% away from its newest resistance level at $40k. Both lead crypto assets are waiting for a significant breakout; ETH seems to gain more when the breakout occurs as it has more consolidated higher lows price movement. 

4 June, 2021

A series of Elon Musk’s tweets have caused the Bitcoin price to slumped nearly 8% to around $36k. It was after the Bitcoin price tried to break through the $40k level. Therefore, Elon Musk took the blame for this pullback among the crypto communities. On the other hand, it could be an excellent opportunity to buy the dip for the bulls. As not most of the market anticipants believe that he can decide the fate of Bitcoin, he got the record of swinging thoughts on Bitcoin after all.

2 June, 2021

ETH price is waiting to break the 2.7k level at the time of writing. People are paying attention to the fact that institutional investors load up ETH more than BTC lately, according to  CoinShares’ June 1 Digital Asset Fund Flows Weekly report. Whether ETH is gearing up to flip Bitcoin has become a hot discussion even more. Therefore, follow where the money inflows to could be proper for fining our target. 

1 June, 2021

Bitcoin price struggles to get back above the $40k level since the 26th of May. However, a higher lows pattern has recorded the track of the movement during the past few days for Bitcoin. According to data from Glassnode, the STHs behind the sell-off, in contract, the LTHs that are in profit. Therefore, it seems the long-term holders(LTHs) will win as the short-term holders(STHs) have begun to release their loss during the downturn.  

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