Bitcoin [BTC] was priced at $7,684.69, dropping by 2.75% over 24 hours. According to CoinmarketCap, the king coin had a market cap of $136.63 billion and had a market dominance of 55.70%. Bitcoin had nosedived after its exponential rise took it to the $8,000 mark.
Litecoin [LTC] had a market cap of $7.18 billion and strengthened its 4th position on the cryptocurrency charts, at press time. According to CoinMarketCap, the digital currency was priced at $115.60. Falling by 1.78% in 24 hours, LTC had a 24 hour trading volume of $4.43 billion.
Resistance for the king coin stood at $8,774.80, with support positioned at $7,640.51 and $3,330.44. BTC recorded an uptrend from $4,272.31 to $8,817.91.
Parabolic SAR had the dotted markers above the candlesticks, indicating a bearish market.
Bollinger Bands suggested a slight convergence, indicating slight drop in the market’s volatility.
MACD displayed a bearish crossover as the MACD line was below the signal line.
LTC saw an uptrend from $34.44 to $116.52. Support lines were positioned at $58.38 and $101.84, as the crypto-asset faced resistance line at $118.68.
Relative Strength Index suggested some form of equilibrium between the market’s buying and selling pressure. However, the former was greater than the latter.
Chaikin Money Flow suggested that the money gushing into the market was higher than capital moving out.
Awesome Oscillator pointed towards some recent stability in the market’s momentum, most of which was of a bullish nature.
Bitcoin [BTC] continued to struggle to shrug off the June bears, while LTC consolidated on its bullish position.
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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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