Since the card fell below $ 9,000 on June 24, Bitcoin (BTC), CoinMarketCap's most highly available digital asset today, has recovered from trading in the $ 9,300 range. A quick recovery occurred as traders continued to wait impatiently as a result of violation of record Bitcoin options in the amount of 1.06 billion US dollars and the expiration of futures contracts.
While digital assets are still trending, stocks also improved sharply earlier this week as a terrible second wave of coronavirus infection spread to many US states that decided to resume their economies in mid-March.
As investors expected, the price of bitcoins collapsed along with the stock markets, and according to Cointelegraph shareholder Marcel Pechman:
“The recent increase in the correlation between bitcoins and the S & P 500 may be the root of the current BTC price volatility.”
Since early May, the price of Bitcoin has dropped several times around the mark of $ 10,000, and after falling on June 11 to $ 9,100. This trend began when the price was trading in the lateral range instead of the subsequent high-bottom model, which began immediately after the collapse of Black Thursday March 12th. Although bitcoin lost momentum a bit, investors continued to buy almost every drop, but there is also growing concern that the price could fall below $ 8,800 to revise prices in the range of $ 8,500. 6,800 dollars
Currently, the crypto index of fear and greed, an indicator that reflects the attitude of investors to market conditions, is 40 in the fear category.
Aggressive investors usually trade opposite the index, thus buying a fall last night, but the current value may also reflect the concerns of traders before the expiration of the BTC options on June 26.
As you can see on the daily chart, the price continues to meet the line of resistance and the trend from a local peak of 10,360 dollars. BTC finds support at the level of $ 9,200, and below this level from $ 9,000 to $ 8,800, the region has been in price again many times since the end of April.
As shown in the scoping index for the size profile, a drop below a node with a large volume of $ 8,670 can push the price to 200-MA, revised to $ 8,300, but there is also a volume gap in this area, so a drop can occur of $ 7200 .
If Bitcoin could break the downtrend to cope with a daily close above 20-MA ($ 9,500), the digital asset would aim to move $ 9,800 from resistance to support, returning $ 10,000 to the table.
Short time frames tell a similar story, showing that the price should provide a 4-hour light of about 9,300 dollars, and then a push through the falling trend line and 20-MA.
Regardless of short-term price action, most traders will focus on whether the validity of future BTC 1.06B options will provide additional volatility.
Altcoins also suffered when the price of Bitcoin fell below $ 9,000, which was to be expected, but several medium and large altcoin coins also recovered quickly when BTC returned to its previous range.
The primary percentage code (BAT) and ontology (ONT) appeared with an increase of 6.78% and 4.78%, while Chainlink (LINK) managed to recover 2.46%. The DeFi composite token index (COMP) today rose 13.47% after listing in Binance.
According to CoinMarketCap, the total cryptocurrency market maximum is now $ 261.4 billion, and bitcoin dominance is 64.4%.