Bitcoin started the week with a strong breakout of $40,900 but today the bulls are trying to keep bitcoin price above the $40,000 level.
As the price broke the $31,000 to $39,000 range on June 14, traders speculated that setting a daily high and close above $41,000 would propel BTC to $47,000, but the lack of continued buying volume and the much-talked-about possibility A death cross between the 50- and 200-day moving averages are factors that can keep traders alert.
According to Simon Peters, an analyst at eToro:
“Bitcoin is at its highest level since May, marking a remarkable recovery, but the crypto asset is yet to reassess – and most importantly, above – the $41,000 mark.
While sentiment has improved and futures premiums have corrected after entering a near-backward last week, analysts were unable to confirm that the bull trend has resumed.
“We have seen price face resistance at this level earlier this year, when it was trading around an all-time high, and I feel optimistic about a price correction and a potential push up.” Would need to see a really strong growth for that at $50,000 and above.”
Sentiment has improved but the market is flat
Regarding the lack of follow-through from bitcoin’s June 14 pump, Cointelegraph analyst Marcel Pechman shared the above chart, saying that the 25% delta is skewed. No longer indicating that excessive fear exists in the market.
“The Arbitrage Desk and market markers are currently uneasy with the price of bitcoin as the neutral-to-bearish put option premium remains high. However, the current 7% positive skew is a far cry from the 20% exaggerated fear seen at the end of May.”
Even though day traders are on the fence about trend status, several on-chain metrics, including the Hodler net position change, suggest that investors are still looking for excellent buying opportunities from the recent $30,000 drop and bitcoin’s current price of $40,250. see as. .
The HODLer net position change has gone green for the first time since October. pic.twitter.com/0hhjXrSdmF
— William Clemente III (@WClementeIII) June 15, 2021