On Thursday, the global crypto market experienced a slight decline. The total market capitalization fell by 0.32% to $2.38 trillion, while overall trading volume decreased significantly by 35.76% to $57.09 billion. The most trending crypto was zkSync, which saw a 3.55% drop to $0.2144 with a 24-hour trading volume of $512.58 million. On the other hand, Fetch.ai (FET) emerged as the top gainer, rising by 27.68% with a trading volume of $353.37 million over the same period. Conversely, Ethena (ENA) was the biggest loser, falling by 8.82%, and its 24-hour trading volume stood at $123.21 million. Meanwhile, the DeFi sector saw a modest increase of 0.31%, bringing its total value to $7.47 billion.
On June 20, Bitcoin faced significant pressure from large-scale order book players, with its steady climb past $66,000 quickly stalling. BTC/USD reached $66,455 on Bitstamp before the Wall Street opening, but those gains were short-lived. An abrupt reversal saw the pair drop by $2,000. Trading resource Material Indicators attributed the sudden downturn to the actions of major Bitcoin holders, or “whales.” Adding to the day’s events, there was notable activity involving the movement of confiscated BTC by the German government, which further fueled market speculation. The day’s volatility impacted both long and short BTC positions, with short positions suffering more. Additionally, the crypto market’s Fear and Greed Index, a popular sentiment gauge, recorded a Greed level of 63, a decline of 11 points over the past week.
The recent consolidation of Ether around $3,500 has significantly dampened market expectations for a monthly options expiry above $4,000. Initially, bulls were optimistic, driven by the potential approval of a spot Ethereum exchange-traded fund (ETF) by regulators, which had propelled a 23% gain on May 20. However, Ether has since struggled to maintain levels above $3,600. Barring an unexpected approval of the spot ETF before June 28, it is likely that the market will settle around $3,500. This outcome would be seen as a victory for the bears, especially given that Ether was trading above $3,800 just two weeks earlier.
Additionally, The latest macroeconomic data from the United States has sent mixed signals regarding the progress against inflation. For the week ending June 15, jobless claims were reported at 238,000, slightly above the expected 235,000 but a reduction of 5,000 from the previous week’s figures. In 2024, crypto markets have shown heightened sensitivity to employment data. Analysts pointed out that “job openings have dropped to levels reminiscent of the COVID-19 pandemic and the Global Financial Crisis (GFC), suggesting lows in business activity and liquidity cycles, rather than highs.
Technical Outlook
Bitcoin
BITCOIN after correcting almost by 23% from its all-time high of $73,777 dropped to $56,552. The lower shadow around the crucial support level of $56,000 indicated buying from these levels and the prices rallied up to $71,979. However, the bulls did not succeed in breaking the all-time high and the asset struggled to sustain above the $70k mark and the prices corrected to $64,060. Currently, the asset has made small doji candles over the past three days which indicates indecision at these levels. BTC has a strong support zone from $62,000 to $60,000 whereas $66,500 will act as a strong resistance.
Ether
ETH after giving a breakout above the ‘Descending Triangle’ pattern, the prices rallied up to $3,977. However, the bulls failed to cross the psychological level of $4,000 and started to trade in a range between $3,900 to $3,700 with declining volumes. The asset has broken the range on the downside but with low volumes and made a low of $3,491. ETH has strong support at $3,350 and a lower longer shadow at these levels indicates buying whereas $3,700 will now act as a resistance for the asset.
BNB
BNB was consolidating and was trading in a range from $560 to $620. The asset finally gave a breakout above the range and made a new all-time high of $721. Post this move, BNB witnessed some profit booking at higher levels and failed to give a weekly close above the previous all-time high of $691. The prices corrected almost by 20% and dropped to $575. BNB has a strong support at $560. If it holds the support then we may expect the bulls to resume the up move.
Weekly Snapshot
| USD ($) | 13 Jun 24 | 20 Jun 24 | Previous Week | Current Week | |||
| Close | Close | % Change | High | Low | High | Low | |
| BTC | $66,304 | $64,829 | -2.22% | $71,907 | $66,123 | $67,295 | $64,067 |
| ETH | $3,469 | $3,511 | 1.21% | $3,838 | $3,431 | $3,648 | $3,366 |
| BNB | $599.52 | $587.11 | -2.07% | $710.84 | $592.29 | $611.94 | $575.76 |
| Crypto | 1w – % Vol. Change (Global) |
|---|---|
| Bitcoin (BTC) | -7.62% |
| Ethereum (ETH) | 12.71% |
| Binance Coin (BNB) | -25.64% |
| Resistance 2 | $73,777 | $4,000 | $1.00 | $691 |
|---|---|---|---|---|
| Resistance 1 | $66,500 | $3,700 | $0.75 | $625 |
| USD | BTC | ETH | Matic | BNB |
| Support 1 | $60,000 | $3,350 | $0.6 | $560 |
| Support 2 | $56,000 | $3,000 | $0.5 | $500 |
Market Updates
- The Gemini Exchange recently announced its campaign finance project to facilitate campaign contributions to pro-crypto candidates in the United States ahead of the Presidential election this November.
- Japanese crypto exchange BitFlyer will acquire the Japanese arm of the collapsed crypto trading platform FTX.
- Web3 Foundation (W3F) researchers have introduced a new Request for Comments (RFC-0092) proposal to reduce the period for staked tokens on Polkadot.
