Swissblock review of altcoins with appreciable Bitcoin movement and keen analysis.
As per the recent week, there were speculations that bitcoin will go down to $20000 mark but market dominance is still going upwards as per swissblock charts and figures. According to the analysis and Project syndicate, an influential trader on tradingview shared his views that bitcoin market share will go up to 50%.If this is going to be the situation ,then we might get the idea that alts are going to bleed in the until bitcoin tests the 50% mark.
DOMINANCE IS CRUCIAL FOR REGULATIONS
As per the swissblock analysis ,market share and dominance of bitcoin at this time is need of hour to make it possible for getting regulated. If this happen, the industry will shoot to the moon. Meanwhile the revenues being generated by the bitcoin miners are continuously dropping due to difficulty in overcoming the fees and expenses. Production cost is increasing too and this leads to a bearish sentiment in the market.
Bitcoin Analysis :
Now it’s Bitcoin long holders who are taking loss. LTH SOPR is as bad as it was back in March 2020.Looks like market may bottomed out now. One can expect the range to continue till mid of June also.
As per Swissblock analysis, Bitcoin bounced from the support and again tested the resistance level. Still, BTC is unable to break above the resistance level. There is no clear market structure on lower time frames. We are waiting for a breakout of this range. BTC retraced back and filled the first CME. Now the Second CME Gap is acting as a Magnet.
BTC’s market structure has turned neutral on pretty much all time frames in the last 48 hours, after seeing no important increase in either bullish or bearish volume (not even on lower time frames) and a tight range between $28,000 and $32,000 which has been held for over a month.
There is still no signs of a breakout move, however, what traders are looking for is a daily break and close above $32,500 to confirm a higher move or a daily break and close below $28,000 to confirm further mid term downside. Even though no major move has been confirmed yet according to the swissblock analysis and the bears and the bulls are tightly fighting for control.
Major cryptocurrencies traded in the green early on June 08 as the global crypto market cap advanced 4.41 percent to $1.26 trillion over the last day. The total crypto market volume rose 3.49 percent to $84.24 billion over the last 24 hours. Bitcoin’s price hovered around $30,200 with a dominance of 47.21 percent, a 0.50 percent increase over the last day,
The total volume in Defi stood at $8.56 billion, 10.17 percent of the total crypto market 24-hour volume. The volume of all stable coins was at $74.26 billion, which is 84.18 percent of the total crypto market’s 24-hour volume.
Swissblock analysis shows that Bitcoin Fear and Greed Index is 17 which shows extreme fear. Bitcoin Suffers False Breakout Near $32K; Sheds Over 6%
Bitcoin (BTC) suffered another botched attempt at $32K, as the benchmark cryptocurrency slumped by over 6% in the last 24 hours. At press time, the cryptocurrency has returned above the $29.5K support, maintaining its one-month range. Some factors appear to encourage some price gains for BTC in the near term. However, technical analysts propose a slump below $24K in the coming weeks is imminent. This sentiment is supported by broad expectations of increased selling pressure ahead of the US inflation data release later this week.
Stay tuned for the next review on swissblock analysis blog section.
Swissblock-A safe block for your crypto assets.