Bitcoin’s intense shake-up

Expert market comment from senior analyst Alex Kuptsikevich of the FxPro Analyst Team: Bitcoin’s intense shake-up

FxPro | 1185 дней спустя

Market picture

Bitcoin has been experiencing intense ups and downs this week but remains close to $28,000. This dynamic is looks like a quarterly portfolio shakeout, and predicting the next local move is difficult.

At the same time, we note the slight downward slope of local highs and lows. The Q1 successes have created a demand for profit-taking. In the coming days, it is worth keeping an eye on the trading range boundaries.

According to CryptoQuant, the number of BTCs in exchange wallets is rising. Since the end of March, traders have sent coins to exchanges to sell later.

An accelerated decline at $27.5K would raise the prospect of a deeper correction to $25K, where the price could go quickly. A consolidation above $28.5K would indicate that the sideways trend of the last two weeks is over and that the price is ready to move higher.

According to CoinShares, investments in crypto funds increased by a modest $2.5 million last week, following a $160 million increase the week before. Bitcoin investments rose by $9 million, while Ethereum fell by $3 million.

News background

BTC miners reported their best results since May last year. Bitcoin mining companies collectively generated $755 million in revenue in March.

Two law firms are suing Binance for $1 billion for promoting unregistered securities. This is the second lawsuit against the exchange, on top of one from the CFTC last week.

According to Kaiko, Binance’s spot market share has dropped significantly in the past week. The CFTC’s investigation could last for years, so the outflow of funds will continue.

By the FxPro analyst team

FxPro

4.5

440 отзывов

Тип: NDD

Регулирование: FCA (UK), SCB (The Bahamas)

Тэгов: Анализ

Oil Enters July on a Knife Edge

Oil ended June with a dramatic reversal as markets shifted from pricing a lasting supply shock to anticipating a gradual recovery in Middle Eastern exports. Yet shrinking inventories, fragile supply chains and unresolved geopolitical risks suggest volatility is far from over, leaving Brent highly sensitive to any disruption or diplomatic setback.

Headway | 5ч 11мин назад

Today Technical Analysis: Gold rebounds back above $4,000 as the dollar index faces strong resistance

Gold has regained bullish momentum after rebounding strongly from the $3,942 support area. Price is trading above the 20-period moving average, while the 5 and 10-period moving averages have crossed back above the MA20, confirming a renewed short-term uptrend.

STARTRADER | 7ч 4мин назад

Today Fundamental Analysis: US indices start the month weaker as tech sell-off continues

U.S. stock futures turned lower after early gains as investors waited for the June U.S. jobs report, a key release that could shape expectations for the Federal Reserve’s next policy move.

STARTRADER | 7ч 59мин назад

U.S. 2-Year Yield Holds Key Level Before Payrolls

The U.S. 2-year yield enters July 2 in a holding pattern before the June payrolls report. This part of the curve is the market’s cleanest proxy for Federal Reserve expectations, so today’s jobs data can quickly reset pricing for July, September, and year-end policy risk.

Errante | 8ч 59мин назад

Yen spikes ahead of US jobs report as Warsh gives little away

Fed’s Warsh keeps investors guessing but cites lower inflation risks. Yen spikes higher on suspected intervention. Dollar lacks direction after mixed US data and ahead of June NFP. Oil slips further as progress seen in US-Iran talks. Chip stocks back under pressure, gold edges up.

XM Group | 10ч 56мин назад