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By the analysis team, Giottus Cryptocurrency Exchange
The past week has been volatile for the crypto market as Bitcoin (BTC) fell from $ 36,000 to $ 29,000 midweek before regaining most of the losses later. BTC was trading between 31,000 and 32,000, a key support range that may determine the coming weeks of activity in the cryptocurrency market.
Most altcoins have tracked BTC throughout the week without a standalone breakout. In this volatile scenario, traders will likely avoid leveraged positions.
BTC fell below $ 30,000 mid-week amid concerns over China’s crackdown on BTC mining rigs as well as a lack of support from major institutions. JP Morgan strategists believe the overall signals continue to be bearish for BTC. About $ 6 billion in options expired on Friday, causing the market to drop 8% overnight.
BTC has been presenting the Wyckoff model since early January and now may be entering a growth phase. Breaking out of the $ 42,000 barrier will be the key to a full-blown bullish divergence. Altcoins can grow disproportionately if this happens.
In the news of adoption, Paraguay is set to become the second country to propose a bill allowing Bitcoin as legal tender after El Salvador. El Salvador announced on Friday that it will distribute $ 30 worth of Bitcoins to every adult in the country. BTC will be legal tender in El Salvador on September 7. The country has already seen many developments in the cryptocurrency space, including 1,500 BTC ATMs, geothermal mining of BTC, and foreign investment in the country.
Microstrategy, the largest institutional buyer of BTC, added an additional $ 500 million of BTC to its portfolio earlier in the week.
BTC: Technical Analysis BTC has created dips in shorter time frames (
ETMarkets.com The BTC dominance chart (BTC’s share to the overall market) has recently tapered higher, suggesting that dominance could decline significantly in the coming weeks, indicating strong growth in altcoins.
Main levels Support: $ 29,700, $ 28,500, $ 27,300, $ 25,600 Resistance: $ 41,500, $ 39,800, $ 36,500, $ 32,100
Crypto prices at 12:15 IST on June 27, 2021 (Source: coinmarketcap.com)
Top 5 winners of the week:
INO Coin (INO), 170.25% Dero (DERO), 78.24 Celo (CELO), 77.97% Constellation (DAG) 43.47% Quant (QNT), 19.75% Top 5 losers of the week: Kusama (KSM), 45.23% Internet Computer (ICP), 39.96% Amp (AMP), 36.6% NEAR Protocol (NEAR), 36.44% Fantom (FTM) 36.05%
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