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Do or Die for Bitcoin & Market is Looking to Gain a Foothold after a Turbulent Month

Most of the cryptocurrency market remains in a place of confusion and fear as an exceptionally volatile last month comes to an end.

After showing some recovery in the last day of the month, the cryptocurrency market is trading relatively flat, with its total market capitalisation nearly $1.6 trillion. The price of market two major cryptocurrencies BTC and ETH are up by 0.54% and 3.75%, respectively. ADA, BNB and XRP are a notable standout among top altcoins leaving behind dogecoin to the seventh rank.

Source - Coin360

Short-term holders are still booking losses and sentiment in the cryptocurrency market is exceptionally low, with most participants feeling scared and anticipating a prolonged bear market.

Source - Glassnode

And on the other hand, according to the data shared by Glassnode, miners and long term holders are holding and accumulating more bitcoins.

Do or Die Situation for Bitcoin

Source - Glassnode

The present degree of net unrealised profit and loss held by Long term holders tests the 0.75 level, which has been the make or break level between past bull and bear cycles. Glassnode analysts Wrote :

“Only in the 2013 ‘double pump’ scenario did this metric see a recovery. Should LTHs continue to see their paper gains fall, this too may create a new source of overhead supply. On the other hand, higher prices and a supply squeeze from buying the dip would begin to resemble the ‘double pump’ scenario from 2013.”

If bitcoin fails to do so then we might see it going in a bearish trend which might last for a few months to years.

BTC Technical Analysis

200 MA is playing as an important resistance for bitcoin which is around $41,000 .It tried to break the important psychological and technical resistance of $40,000 but wasn't able to sustain it for longtime and is currently trading around $37,200. Immediate support is at $35,000 and major one is around $33,000. Once it will be able to break and close above $40,000, We will be looking for $42,500 to $43,500 in the short term.

The price of bitcoin has given positive returns 7 out of 10 times in the month of June. Many market experts are also expecting this month to close in the green after a historic 36% drop in the price of bitcoin last month.

We have also shared many things in detail in our today's video, where we also talked about the potential danger of death cross in the coming month and also other dangers and positive signal for bitcoin and crypto in this month and also done quick technical analysis of many major cryptocurrencies.

Disclaimer & Suggestion : Please always do your due diligence before investing in any cryptocurrency or project. This should not be treated as financial advice.

1 Comment

Kuldeep Verma
Kuldeep Verma
Jun 01, 2021

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