Connect with us

Ethereum

Bitcoin price hits $41K, then rejects after sellers defend the 200-MA

Published

on

The general temper of the cryptocurrency ecosystem is muted on June 15 with most altcoins buying and selling flat whereas Bitcoin (BTC) bulls search for a every day shut above $41,000 as an indication that the market may very well be shifting in favor of bulls.

Knowledge from Cointelegraph Markets Professional and TradingView exhibits that inside the previous couple of hours Bitcoin price rallied to $41,330 however the breakout was swiftly met by promoting at overhead resistance ranges.

BTC/USDT 4-hour chart. Supply: TradingView

One other gauge of investor sentiment as highlighted by Rekt Capital is the 200 exponential transferring common (EMA), which Bitcoin tried to surpass on Tuesday however was firmly rejected. 

The 200 EMA (black) is a long-term gauge of investor sentiment

When #BTC is above the 200 EMA – traders are bullish on Bitcoin$BTC is making an attempt to interrupt previous the 200 EMA proper now#Crypto #Bitcoin pic.twitter.com/uOlDfBoB0i

— Rekt Capital (@rektcapital) June 15, 2021

Bitcoin’s rejection at the 200 EMA was adopted by a speedy sell-off to $39,500, exhibiting {that a} doable transfer decrease will not be out of the query.

A couple of altcoins rally on constructive information

Each day cryptocurrency market efficiency. Supply: Coin360

Whereas most of the altcoin market noticed muted price motion on June 15, Shiba Inu (SHIB) rallied 33% following the revelation that buying and selling for the token can be supported on Coinbase Professional on June 17.

Inbound transfers for CHZ, KEEP & SHIB at the moment are out there in the areas the place buying and selling is supported. Merchants can’t place orders and no orders might be stuffed. Buying and selling will start on or after 9AM PT on Thurs 6/17, if liquidity situations are met. https://t.co/r2L6N477Uj

— Coinbase Professional (@CoinbasePro) June 15, 2021

Following the announcement, Chiliz (CHZ) and KEEP additionally rallied 18% and 10% respectively. 

Icon (ICX) additionally acquired a lift following the launch of a brand new Ethereum (ETH) Digital Machine (EVM) appropriate blockchain referred to as ICE. ICE is anticipated to turn into the software hub for the Icon challenge and it’ll have its personal native token.

VORTECS™ information from Cointelegraph Markets Professional started to detect a bullish outlook for ICX on June 13, previous to the latest price rise.

The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market situations derived from a mixture of knowledge factors together with market sentiment, buying and selling quantity, latest price actions and Twitter exercise.

VORTECS™ Rating (inexperienced) vs. ICX price. Supply: Cointelegraph Markets Professional

As seen in the chart above, the VORTECS™ Rating started to show inexperienced on June 12 and ultimately reached a excessive of 75 on June 13, 10 hours earlier than the price elevated 35% over the subsequent two days.

Different notable altcoin performances embody a 22% soar from Amp (AMP) and a 20% acquire for iExecRLC (RLC) and Extremely (UOS).

The general cryptocurrency market cap now stands at $1.685 trillion and Bitcoin’s dominance fee is 44.6%.

The views and opinions expressed listed here are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, it is best to conduct your personal analysis when making a call.

Supply