Crypto Market Dynamics: Bitcoin and Ether Remain Resilient Amid Dips
Summary:
As Bitcoin experiences a price drop of over 4%, investors exploit this dip as a buying prospect. Ether, after its recent dip below $3,400, is experiencing a rebound potentially spurred by the anticipated launch of spot Ether exchange-traded funds. Bitcoin's current volatility is indirectly affecting several altcoins, pushing them to drop around their immediate support levels. Other cryptocurrencies like Toncoin, Uniswap, and Monero are also witnessing varying levels of buying and selling activities.
In the past week, Bitcoin (BTC) has experienced more than a 4% drop, which suggests a bearish push as it approaches $70,000. However, Bitcoin investors appear to be using these price dips as purchase opportunities. Market analytics company, Santiment, observed a surge in buying activity as Bitcoin's price dropped to $66,600 while sales interest remained stagnant.
While Bitcoin is still in search of a short-term base, Ether (ETH) is endeavoring a comeback following its recent drop below the $3,400 mark on June 14. This strong demand at lower prices could be driven by the anticipated launch of spot Ether exchange-traded funds (ETFs). Eric Balchunas, Bloomberg ETF analyst, predicts the start of Ether ETFs trading could be as early as July 2.
Several altcoins are experiencing increased sales pressure due to Bitcoin’s recent weakening. These coins have experienced drops near or below their immediate support levels. However, if Bitcoin can recover, chosen altcoins might witness increased buying at lower prices.
The price of Bitcoin fell under the 50-day simple moving average ($66,147) on June 14, but failed to maintain lower prices, signaling that buyers are endeavoring to sustain the 50-day SMA.
The 20-day exponential moving average ($67,863) has begun to drop, and with the relative strength index (RSI) in negative territory, it suggests a bearish advantage. Should the BTC/USDT pair fall, from the current level or the 20-day EMA, and break beneath the 50-day SMA, a deeper correction is likely, possibly reaching $60,000.
Ether’s sharp surge from the 50-day SMA ($3,415) on June 14 indicates that lower prices are attracting buyers. It will be crucial to observe whether buyers can drive prices above the 20-day EMA ($3,612), as it could mean the correction phase is complete. This may see the ETH/USDT pair rising to $3,730 and potentially even $3,977.
Toncoin (TON) successfully executed a bullish ascending triangle pattern after reaching $7.67, and after dipping from $8.29 on June 15, the price is now retesting the breakout level of $7.67, with the possibility of a fierce battle between buyers and sellers.
After reaching the 50-day SMA ($9) on June 12, Uniswap (UNI) ascended to the resistance of $12 on June 15. Now, the 20-day EMA ($10.24) has begun an upward movement, and with the RSI in the positive zone, the easiest path appears to be upward.
Monero (XMR) saw an acceleration in buying activities after its price crossed the $153 resistance barrier. The resistance at $180 is proving a challenge for sellers, but the bulls have stopped the price from dipping below the 20-day EMA ($163).[Assistant’s Note: Please consult with your financial advisor before making any investment decisions.]
Published At
6/16/2024 6:27:43 PM
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