Bitcoin, like the entire crypto market, has been in difficulty since the last FED meeting. The reservations displayed by the American central bank regarding macroeconomic projections are putting risk markets under pressure. In this phase of questioning, what does BTC have in store for us?
It is Monday June 24, 2024 and the price of Bitcoin (BTC) is moving around $61,000.
This Monday morning, the performance map of the crypto ecosystem is red. The latent consolidation phase has transformed into a correction for a majority of the ecosystem.
Bitcoin, however, remains resilient in a bipolar market which sees certain altscoins revisiting the lows of the 2022 bear market.
Mapping the performance of the crypto ecosystem over the last week
Despite a struggling altcoin market, Bitcoin still does not cross the 56% dominance threshold. This metric nevertheless progressed very slightly, with a gain of 0.48% over the week.
Ethereum ETHfor his part, is experiencing an interesting development since its dominance increases by 1.80% within the market. The most notable, however, remains the dominance of stablecoins which increased by 7.21%.
Market players mainly tend to take refuge in stablecoins during this corrective phase. However, ETH appears to be attracting capital in a “risk-on” arbitrage that gives it relative strength to rival Bitcoin.
Evolution of Bitcoin dominance of Ethereum and stablecoins
📈 Surf the bull run by surrounding yourself with experts! Join us now at Cryptoast Research
Cryptoast Research: Don’t waste this bull run, surround yourself with expertsSelling pressure on Bitcoin ETFs
| Pairs with Bitcoin | 24 hours | 7 days | 1 month |
| Bitcoin/USDT | -3.3% | -8.3% | -10.9% |
| ETH/Bitcoin | +0.2% | -0.2% | -0.2% |
The Spot BTC ETFs are experiencing a series of selling days close to the longest since its launch. This pressure nevertheless diminishes as the days go by.
For several weeks, we have noted the professionalization of the market and in particular the massive arrival of hedging strategies within the Chigaco Mercantile Exchange (CME). Along the same lines, we could see a return of buyer flows on the ETF near the bottom of the range at $60,000.
The reaction of institutional investors to the approach of $60,000 should be carefully monitored. This could potentially highlight a reaccumulation zone on BTC. Conversely, a non-existent, selling or weak buying reaction could mark a distribution zone.
History of flows on spot Bitcoin ETFs
Buy cryptos on eToroBitcoin, ready to revisit the bottom of the range?
The weekly close marks a breakout of the 7- and 20-week moving averages, marking a deterioration in the medium-term trend. However, we still remain in an underlying upward trend with a phase of neutrality in the medium term.
Furthermore, the range between $60,000 and $72,000 continues to play its role. The polarity nevertheless shifted negative within this zone, since the middle of the range has been crossed downwards. This situation puts us in a position where revisiting $60,000 becomes an increasingly likely hypothesis.
The whole challenge this week will be to absorb all volatility to keep closing prices in the range zone. Another objective could be the invalidation of the change in polarity by succeeding in reconquering the upper part of the range and at least the 20-week moving average.
👉 How to easily buy Bitcoin (BTC) in 2024?
Weekly Bitcoin price chart
On a daily basis, the Bollinger bands are open and the ping-pong between the low BB and the 7-day moving average does not weaken. The bearish flow pattern is confirmed with a 20 moving average getting ready to cross the 50 day moving average. If the latter remains neutral for the moment, prices will have to react in the coming days or risk experiencing a powerful acceleration.
The lower limit of the weekly range is now very close and visiting it seems inevitable. The area to watch for a reaction capable of reversing the bearish flow is between $59,000 and $61,400. If the probability of remaining in the range is higher than the opposite, crossing this low zone would mark a significant deterioration with a first objective at $56,000.
On the contrary, the bullish camp will look for early signs of a reversal by observing a positive reaction within the Japanese candle patterns. This reaction must be followed by a reconquest of the 7-day moving average at close.
Bitcoin price graph in daily data
👉 Would you like to discover more technical analyzes on Bitcoin or altcoins? Join our premium Cryptoast Research group where we share altcoin analysis charts every week!
Cryptoast Research: Don’t waste this bull run, surround yourself with expertsIn summary, Bitcoin is experiencing a change in polarity within its weekly range. If the weekly trend remains neutral, the lower part of the range should be tested soon. The whole challenge this week is to keep the bottom of the range closed at the risk of entering a medium-term bearish trend.
So, do you think BTC can maintain its range? Don’t hesitate to give us your opinion in the comments.
Have a nice day and we’ll see you next week for a new analysis of Bitcoin.
Sources: TradingView, Coinglass, Glassnode
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page may feature investment-related assets, products or services. Some links in this article may be affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no harm to you and you can even get a bonus using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and cannot be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to cryptoassets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your capacity to lose part of this savings. Do not invest if you are not prepared to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
Analyst at Cryptoast Research for several years, I carry out in-depth monitoring of the crypto market to analyze the next narratives while keeping an eye on the financial markets.
Emmanuel Lazaro
27 items
Author Bio
A connoisseur of the digital marketplace and a master of the written word, this 30-year-old English expert brings to the table a wealth of knowledge rooted in the sale of digital products and a passion for blogging that resonates with an audience seeking expertise and insight in the online realm.
Their insights are drawn from hands-on experience navigating the intricacies of e-commerce and content creation—leading the forefront of digital innovation and communication. Whether it’s breaking down complex marketing strategies or sharing tips on how to captivate an online audience, their work stands as a testament to a career built upon successful digital engagement and savvy business acumen.
Stay tuned to absorb compelling content from a voice that not only understands the digital landscape but also shapes its future through every blog post and digital strategy.
