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Bitcoin [BTC] and Litecoin [LTC] Price Analysis: BTC and LTC bulls defend position

Yash Rajan

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Bitcoin [BTC] and Litecoin [LTC] Price Analysis: BTC bulls defend as LTC bulls bellow
Source: Pixabay

Bitcoin, the king of all cryptocurrencies was priced at $8,049.86 with a 0.98% 24-hour change and $25.61 billion in 24-hour trading volume, at press time. With a market cap of $142.61 billion, Bitcoin continued on its bullish path.

Litecoin was priced at $103.34 with 8.56% growth over the 24-hour change cycle and $6.12 billion was the 24-hour trading volume. Litecoin was ranked fifth with a market cap of $6.39 billion.

1-Day BTC

Bitcoin saw an uptrend from $3,959.01 to $8,146.31. The two resistance lines stood at $8,197.57 and $7,220.63, along with the three support lines at $5,026.28, $3,742.69 and $3,373.01.

Bollinger bands depicted an increase in the volatility of the market.

Awesome Oscillator showed a consistent rate of growth above the zero-line, supporting the short-term momentum as it became greater than long-term momentum. As the last three lines were red, a bearish swing was in the offing.

Chaikin Money Flow indicator line was just below the zero-mark, indicating that money was flowing out of the market.

1-Day LTC

Litecoin [LTC] saw three uptrends, from $38.91 to $92.15, $92.37 to $102.17, and $102.62 to $103.51. Resistance lines stood at $61.19 and $102.40 as the support lines were at $41.36 and $29.78.

Soure: TradingView

Soure: TradingView

Parabolic SAR indicator displayed a bearish trend in the market as the markers were above the candles.

Moving Average Convergence/Divergence [MACD] showcased a bullish crossover as the MACD line crossed above the signal line.

Relative Strength Indicator presented a high buying pressure as the indicator line was positioned at 65.11.

Conclusion

Bitcoin and Litecoin are projected to be in bullish territory by the indicators.





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Wall Street is on the losing side of Bitcoin’s impressive price rally

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Even as Bitcoin breaks $13,000 Wall Street is on the losing side of the price rally
Source: Unsplash

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?





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