Day: June 18, 2023

Bitcoin bulls attempt to regain control after failing to sustain BTC below $25,000, possibly triggering buying interest and initiating recovery in select altcoins. However, the overall trend remains bearish, and cautious trading is essential for addressing ongoing market risks.

Coinbase’s COIN price quickly rebounded by 17.4% after a massive gap and seems to be forming a double bottom pattern, signaling a potential recovery and trend reversal. However, strong resistances may challenge this bullish thesis, and investors should closely monitor price action around key levels.

Ethereum (ETH) experienced a slight decline of 0.60% to $1,741.24, extending losses over the past week. Despite short-term downturn, Ethereum remains attractive for long-term success with a market capitalization of $209.26 billion and a YTD increase of 43.96%. Amidst market turbulence, 59.66% of Ethereum addresses are in profit, showcasing resilience against regulatory challenges.

The Shiba Inu (SHIB) price shows a significant upswing with a potential 6% gain if it breaks through resistance formed by a downsloping trendline. However, the continuity of the rally remains uncertain, as numerous resistances may curtail sustained growth in Shiba Inu prices. Conduct thorough research before investing, as market conditions are subject to change.

Over the past week, Terra Classic coin (LUNC) experienced a consolidation phase marked by uncertainty, remaining within a falling wedge pattern. A trend reversal could depend on buyer’s conviction in sustaining higher prices, while a bearish outcome may push the price towards the $0.000062 mark. Volatility and sideways movement are expected as long as $0.000102 and $0.0000826 range levels hold.

The cryptocurrency market displays mixed performance, with some coins gaining while others fall in value. Factors like technological advancements, market trends, and influential comments affect prices. Blockchain technology’s vast potential for revolutionizing industries is evident in DeFi and NFTs’ growing popularity.

The Ethereum price experienced an 8.3% increase after a decline in June, reaching a resistance of $1770. However, strong selling pressure and market control by sellers make recovery challenging. With increasing buying pressure and an overall downtrend, ETH could face a volatile week ahead.

Cardano’s ADA price has formed a symmetrical triangle pattern within the 4-hour timeframe chart, potentially signaling a temporary pause before resuming primary trend. Bollinger Bands and RSI indicate trapped momentum and underlying bullish momentum, respectively. However, market conditions and crypto volatility warrant caution when predicting trajectory.

The Grayscale Bitcoin Trust (GBTC) nears 2023 highs amid BlackRock’s filing for a Bitcoin spot price ETF. GBTC’s negative premium reduces as optimism grows surrounding BlackRock’s ETF approval, potentially breaking the US spot ETF deadlock and impacting the cryptocurrency market.

Bitcoin’s price surpasses $26,000, reaching a market cap of $514 billion and sparking conversations about its future direction. The bullish sentiment is reinforced by technical indicators, with a focus on maintaining the $26,200 level to drive further growth. Cryptocurrency investments, however, remain volatile and require thorough research.

Crypto executives, including Changpeng “CZ” Zhao and Jesse Powell, have rallied to fund over $1 million in legal fees for on-chain investigator ZachXBT, who faces a defamation lawsuit from Jeffrey Huang. This support demonstrates the importance of on-chain investigations for transparency within the crypto industry and highlights the expensive nature of defending against online defamation claims.

The summary judgement in the Ripple lawsuit may be announced soon, amid the SEC’s preference for Ethereum and Ripple partnered banks’ participation in the US Federal Reserve’s FedNow Service launch. Investors should remain vigilant and informed, as regulatory distinctions can impact the crypto market significantly.