After the prices’ roller coaster ride last week, Bitcoin [BTC] recorded its highest search volume on Google over the past year. The king coin was priced at $7,827.95 with a market cap of $130 billion, at press time. The 24-hour trade volume came up to be $24.6 billion, out of which BitMEX contributed 10.76% via XBT/USD pair. Bitcoin [BTC] fell by 1.01% over the last 24-hours, at press time.
Litecoin [LTC] was priced at $90, with a market cap of $5.56 billion. The 24-hour trade volume came up to be $3.4 billion out of which, Coineal contributed 10.28% via LTC/BTC pair. Litecoin [LTC] fell by 0.82% over the last 24 hours, at press time.
1 Day- BTC
The 1 day chart for BTC showed an uptrend from $5,5560 to $8,203.32. The support points stood at $3,173.62, $3,495.15 and $4,990.97. The point of resistance was seen at $8,192.92.
The Bollinger Bands indicated volatility in price as the bands were diverging.
The Chaikin Money Flow showed that the flow of capital into the market was more than the outflow, indicating a bullish trend.
The MACD indicator displayed a bullish trend, but hinted at a bearish crossover.
1 Day- LTC
The 1 day chart for LTC showed an uptrend from $55.88 to 102.26. The support points were at $22.44 and $29.71. The resistance points stood at $95.34 and $102.15.
The Parabolic SAR indicated a bullish trend as the dotted markers were formed under the candlesticks.
The MACD indicator showed was bullish, while suggesting an imminent bearish crossover.
The Relative Strength Index indicated a bullish trend as it was close to the overbought zone. But, the graph was seen to moving downwards.
The 1 day chart for BTC and LTC displayed a bullish trend, but hinted at an imminent bearish move as indicated by the aforementioned indicators.
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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?
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