The crypto market is in red today and the majority of the assets are trading at lower value. It is very much possible that the crypto market is currently facing the intensity of probable recession and rising inflation which is spreading globally. These two factors have certainly made a dent in this harsh winter for the crypto market prolonging it more.
There has been a lot of recent liquidation especially from the riskier coins which made the investors sentiments negative. The majors assets are examining their support levels. The last market rebound was not able to give the push required and passed away silently due to weak sentiments.
BTC and select altcoins made small gains after the Federal Reserve implemented a 75 basis point rate hike, but analysis is suggesting that the actual outcome is further downside. Bitcoin (BTC) fell near the crucial $20,000 support as traders panicked and dumped their holdings amid fears of an aggressive US Federal Reserve rate hike on June 15. Celsius platform and crypto venture capital firm Three Arrows Capital (3AC) go bankrupt.
Data from on-chain analytics platform CryptoQuant showed 24-hour trade inflows of 59,376 bitcoin on June 14, the highest inflows since November 30, 2018. Bitcoin miners also joined other investors in sending bitcoin to exchanges. The Bitcoin Miners to Exchange flow metric hit a seven-month high of 9476, suggesting that miners may be anticipating another drop in the near future.
Prominent traders are divided on whether or not a backside has been made in Bitcoin or not. Many analysts agree that Bitcoin should hold $20,000 and Ether (ETH) can also additionally backside out at $1,000. These degrees have been additionally stated via means of Arthur Hayes, co-founder and previous leader of BitMEX, who recommended that if the degrees crack, it can lead to “big promotion strain in spot markets.”
Read About: Crypto Asset Buying Patterns and Trend Analysis
With the exception of stablecoins, all crypto tokens traded lower on Friday. Polkadot fell 13 percent, while Solana, Ethereum, and Avalanche each fell more than 10 percent. Meanwhile, Bitcoin was barely around $20,000. It’s down 8 percent. The global crypto market cap traded at $893.91 billion, down 7 percent in the past 24 hours. However, total crypto trading volume fell by around 40 percent to $75.92 billion.
BITCOIN was trading sideways in a range between $28,500 to $32,500. The asset finally gave a breakout on the downside of the range yesterday, and witnessed a sharp fall making the lowest weekly candle since December 2020. On a daily time frame, BTC after breaking and closing below the long held key support of $28,500 plunged almost 30% within 4 days and made a low of $20,111.
The asset is trying to take support at the psychological level of $20k. If it holds and sustains above the support then we can expect some upward movement whereas a daily close below $20k will lead to further downfall and the prices can slide to 17k levels. BTC may face stiff resistance at $23,000 and 28,500.
ETH was taking multiple support at $1,700 (Previous low of ‘Double Bottom’ pattern) and its 200 Week Moving Average and was trading in an ‘Ascending Triangle pattern’. ETH gave a breakout on the downside of the pattern and plunged almost by 40% making the weekly low $1,013.3.
The asset is trying to take support at the psychological level of $1,000. If it holds and sustains above the support then we can expect a relief rally whereas a close below $1,000 will lead to further downfall. Downsloping Moving Averages and RSI in the negative territory indicates that bears have an upper hand.
Matic was trading in a range from $0.75 to $0.55. The asset gave a breakout below the range and witnessed a sharp fall. The prices corrected almost by 40% making the weekly low of $0.363. Currently, Matic is trying to consolidate between $0.36 to $0.45. Breakouts on either side with good volumes will further decide the trend for the asset.
|USD ($)||09 Jun 22||16 Jun 22||Previous Week||Current Week|
|Crypto Asset||1w – % Vol. Change (Global)|
|Basic Attention Token (BAT)||82.80%|
- An investor in dogecoin, originally created as a joke but whose value increased and fell as it was promoted by Elon Musk, filed a $258 billion lawsuit Thursday against the billionaire and his companies Tesla and SpaceX.
- Crypto lender BlockFi confirmed Thursday it recently liquidated a ‘large client’ amid reports that troubled crypto hedge fund Three Arrows Capital failed to meet margin calls.
- Several US states including Texas and Alabama are investigating Celsius Network’s decision to halt customer withdrawals. Rumours of the company’s insolvency spread quickly across social media, sparking panic and sell-offs in the markets.
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