The cryptocurrency market has flipped and most major tokens are reporting tremendous growth. Bitcoin holders would be happy as the coin reflects green in all the one hour, 24 hours and seven day markets. Ethereum [ETH] is the top gainer of the market, followed by EOS and Bitcoin Cash.
At press time, BTC was valued at $3,796.90 with a market cap of $66 billion. The coin registered a 24-hour trading volume of $8 billion. The world’s largest cryptocurrency noted a growth of 4.68% over the past day and rose by 3.85% over the past seven days. While reporting, the token was noting a growth by 1%.
The one hour chart for BTC noted a sudden uptrend from $3,600.86 to $3,735.33. The coin failed to note any significant downtrend or resistance due to the current price rise. The coin marked support at $3,687.10.
Bollinger Bands appear to be diverging, increasing the volatility in the market. The moving average line is under the candles suggesting a bullish market.
Awesome Oscillator indicates a bullish market with strong momentum.
Chaikin Money Flow also indicates a bullish market as the markers are well above the zero mark.
The one day chart for the coin opens with a downtrend from $6,188 to $3,195.77, which was followed by an uptrend from $3,184.28 to $3,566,59. The token met with resistance at $4,075.34 and support at $3,358.99.
Parabolic SAR points towards a bullish market, as the markers have aligned under the candlesticks.
MACD line is over the signal line, indicating a bullish market. However, a crossover seems imminent.
Relative Strength Index indicates that both the buying and selling pressures are evening each other out, but the token is approaching the oversold zone.
As per the indicators from the one hour chart and the one day chart, a bullish future is predicted for the token.
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