The cryptoverse seems to be on a roller coaster ride as the market witnessed high fluctuation. The 24-hour market volume for BTC, at press time, stood at $25.1 billion, with the market cap at $134.6 billion. LTC’s 24-hour market volume was $3.6 billion and the market cap amounted to $5.3 billion.
1 Day BTC chart
The first uptrend line was seen from $3354 to $3882.97, $4141.85 to $5120.89, $5120.89 to $5713.15 and $5713.15 to $7514.11. The downtrend was seen from $8423.35 to $7277.23. The resistance stood at $8393.96 and support stood at $6762.95, at press time.
The Bollinger Bands indicated high volatility in the market, as the mouth of the bands was expanding
The Parabolic SAR’s dotted markers were seen above the candlesticks and indicated a bearish market
The Relative Strength Index indicator stood above the fifty marker and indicated buying pressure in the market
1 Day LTC chart
The uptrend at press time extended from $32.48 to $59.70 and the downtrend stretched from $126.06 to $78.25. The resistance stood at $89.26 and support was at $23.21.
The Awesome Oscillator showed short-term momentum, indicating a bearish selling opportunity.
The Chaikin Money Flow marker was seen below the zero mark, signifying money outflow being greater than money inflow, at press time.
The MACD line showed a bearish crossover
Both Bitcoin and Litecoin were struggling to consolidate as the bears ravaged the market. All the indicators projected a bearish future for the markets in the near-term.
Subscribe to AMBCrypto’s Newsletter
Wall Street is on the losing side of Bitcoin’s impressive price rally
Wall Street, complete in their tailored suits, suede shoes, and leather briefcases, have once again placed their bets against Bitcoin.
Despite the fact that the collective cryptocurrency market broke the $350 billion mark, with Bitcoin alone accounting for 62 percent of the same and trading at $2,000 over its price at the beginning of the week, hedge funds were not impressed.
The Wall Street Journal citing data from the Commodity Futures Trading Commission reported that crypto-vested managers were holding 14 percent short positions more than long ones on the now, primary avenue for BTC Futures contracts, the Chicago Mercantile Exchange [CME].
A key point to remember here is that CME contracts are cash-settled and hence, no Bitcoins are actually being transferred, with the traders simply placing bets on the cash-equivalent price of Bitcoin.
Well-suited hedge fund owners however weren’t alone, with other stakeholders excluding the small scale crypto-investors holding a 3x on short positions, indicating a further pessimistic sentiment.
Smaller investors were however, long on the BTC market, with the CFTC report stating that investors holding 25 BTC or less were holding four times the long positions as their more exuberant counterparts. It should be noted that the CFTC report was prepared as the price of Bitcoin was still in the $9,000 range, prior to the five-figure surge.
BitMEX, a popular cryptocurrency exchange offering derivatives trading services, saw over $64.38 million in shorts liquidated when Bitcoin broke $10,000. The same was replicated when the price shot past $12,000.
Short positions indicate not just a sheepish position, but rather an investors’ contractual affirmation that the price of an asset will more likely fall than rise. Long positions on the other hand, indicate a pessimistic point of view. Hence, based on Wall Street’s trading activity, institutions are not buoyant about the cryptocurrency market.
In what could be a reverse-catalyst for the digital assets industry, Bitcoin decided to use this negativity as fuel to breach $11,000 earlier this week. Not done with the Wall Street bears just yet, BTC pumped yet again on June 26, with the price breaking the $12,000 ceiling with a further climb to $13,000 looking likely.
Who said Coin Street doesn’t go past the Wall Street express lane?
Subscribe to AMBCrypto’s Newsletter