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Analysis

Bitcoin [BTC] vs Litecoin [LTC] Price Analysis: Market remains bullish after minor fall in prices

Sarvesh Kumar

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Source: Pixabay

Bitcoin [BTC] experienced a fall of 10% after hitting a high of $8,000 yesterday, and its effect was seen on other coins as well. At press time, BTC stood at a price of $7,274.92 and had a market cap of $128 billion, after falling by 8.14% over the day, at press time.

The LTC market was also affected by the BTC downfall. At press time, LTC was priced at $87.77, with the market cap at $5.70 million, after falling by 7.23% over the day.

1-Day BTC

Source: Trading View

The one-day chart for BTC showcased uptrends from $3,174.51 to $3,354.97, $3,353.32 to $3,895.17 and from $3,912.65 to $5,136.17.

The Parabolic SAR markers were above the candles, indicating a bearish market.

The MACD indicator underwent a bullish crossover, at press time.

The Chaikin Money Flow was also above the zero line and depicted increasing money flow into the BTC market, at press time.

1-Day LTC

Source: Trading View

The one-day chart for LTC showed uptrends from $22.35 to $32.21, from $32.50 to $45.05, and from $45.25 to $59.99. The resistance stood at $92.31, while support lines stood at $47.97 and $22.10.

The Bollinger Bands indicated high volatility in the market.

The Relative Strength Index indicated strong buying pressure in the market.

In the Awesome Oscillator, the short-term momentum was higher than the long-term momentum.

Conclusion

The one-day charts for BTC and LTC were largely bullish. However, some bearish activity may be in the offing.





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I am a journalist here at AMBCrypto. I cover news on prices of various coins in the crypto-verse and also work on the latest news of coins like - Bitcoin| Ethereum| Litecoin and more.

News

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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