Musk tweeted on Sunday that the electric car maker would resume authorization of Bitcoin transactions when miners who verify transactions use more renewable energy. Bitcoin, the world’s largest and best-known cryptocurrency, is down more than 42% from its year’s low.
“We can see a lot of consolidation in the markets. Trading volumes remain low. This consolidation was very much to be expected and could prevail throughout the month. The sale had very low trading volume which is a sign positive for the crypto market, ”said Edul Patel. , CEO and Co-Founder, Mudrex.
El Salvador’s bold move to accept Bitcoin as legal tender once again asked Wall Street whether a cryptocurrency could really replace the old-fashioned dollar. Companies like Tesla, MicroStrategy, and Square have incorporated Bitcoin into their balance sheets without triggering a larger business revolution. Now the focus is on governments.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data at 9:30 a.m., IST June 14, 2021)
- Bitcoin: $ 38,996.77, up 11.51%
- Ethereum: $ 2,478.09, up 5.82%
- Tether: $ 1.00, down 0.05%
- Binance Coin: $ 358.86, up 5.58%
- Cardano: $ 1.54, up 5.59%
- Dogecoin: $ 0.3212, up 4%
- XRP: $ 0.8708, up 5.50%
- USD coin: $ 0.9996, down 0.05%
- Polkadot: $ 21.72, up 7.35%
- Uniswap: $ 22.8, up 8.89%
Note: Price change in the last 24 hours
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Bitcoin is trading between its weekly support at $ 32,000 and its weekly resistance at 200 DMA (Daily Moving Average) of $ 42,000. There is a lot of fear in the market as President Biden will be speaking about cryptocurrency and its role in recent ransomware hacks. A weekly close below $ 32,000 would be problematic for Bitcoin.
A chain indicator, on the other hand, displayed an “oversold signal”. The indicator is the “Active Address Sentiment Indicator” which is available from Decentrader.
The metric compares the 28-day price change and the 28-day change in the active address. The orange line represents the 28-day price change of BTC and the red and green dotted lines represent the upper and lower bands of the 28-day change of the active address, respectively.
It is a bullish signal when the price of BTC falls below the lower band (represented by the green dotted line) and enters it almost immediately. This happened shortly after the Covid crash of March 2020 and the bear market trough of 2018.
The stock-flow chart also indicates that a market could experience a strong rebound in BTC prices. Currently, it has moved away from the stock-flow line, and based on similar past spreads, the market may rebound strongly to return to the stock-flow line. The story is bearish. At the same time, the facts and statistics are optimistic.
(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in the asset (s) mentioned.)