Bitcoin’s short-term price prospects slightly improved, but most traders are far from optimistic

A mild sense of hope emerged among Bitcoin (BTC) investors after the June 18 drop to $17,600 becomes more distant and an early ascending pattern points toward $21,000 in the short-term. Bitcoin 12-hour USD price at FTX. Source: TradingView Recent negative remarks from lawmakers continued to curb investor optimism. In an interview with Cointelegraph, Swiss … Read more

Here’s how pro traders could use Bitcoin options to buy the $20K BTC dip

Bitcoin hit a 2022 low at $17,580 on June 18 and many traders are hopeful that this was the bottom, but (BTC) has been unable to produce a daily close above $21,000 for the past six days. For this reason, traders are uncomfortable with the current price action and the threat of many CeFi and … Read more

Voyager Digital cuts withdrawal amount as 3AC contagion ripples through DeFi and CeFi

The Singapore-based crypto venture firm Three Arrows Capital (3AC) failed to meet its financial obligations on June 15 and this caused severe impairments among centralized lending providers like Babel Finance and staking providers like Celsius. On June 22, Voyager Digital, a New York-based digital assets lending and yield company listed on the Toronto Stock exchange, saw … Read more

Bitcoin futures enter backwardation for the first time in a year

Bitcoin’s (BTC) month-to-date chart is very bearish and the sub-$18,000 level seen over the weekend was the lowest price seen since December 2020. Bull’s current hope depends on turning $20,000 to support, but derivatives metrics tell a completely different story because professional traders are still extremely skeptical. BTC-USD 12-hour price at Kraken. Source: TradingView It’s … Read more

Market selling might ease, but traders are on the sidelines until BTC confirms $20K as support

The total crypto market capitalization fell off a cliff between June 10 and June 13 as it broke below $1 trillion for the first time since January 2021. Bitcoin (BTC) fell by 28% within a week and Ether (ETH) faced an agonizing 34.5% correction. Total crypto market cap, USD billion. Source: TradingView Presently, the total … Read more

Ethereum price risks a drop below $1K if these key price metrics turn bearish

Ether (ETH) price is down 37.5% in the last 7 days and recent news reported that developers decided to postpone the network’s migration to a proof-of-stake (PoS) consensus. This upgrade is expected to end the dependency on proof-of-work (PoW) mining and the Merge scalability solution that has been pursued for the past 6 years. Competing … Read more

Large Bitcoin liquidations mean one man’s pain is another man’s pleasure — Time to buy the dip?

Bitcoin (BTC) has been unable to restore the $24,000 support since Celsius, a popular staking and lending platform, paused withdrawals from its platform on June 13. A growing number of users believe Celsius mismanaged its funds following the collapse of the Anchor Protocol on the Terra (LUNA; now LUNC) ecosystem and rumors of its insolvency … Read more

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Is it time to be greedy? Experienced market makers and arbitrage desks have turned strongly risk-averse as BTC price dropped to $22,600. Bitcoin (BTC) lost the $28,000 support on June 12 following worsening macroeconomic conditions. The United States Treasury 2-year note yield closed on June 10 at 3.10%, its highest level since December 2007. This … Read more

The total crypto market cap drops under $1.2T, but data show traders are less inclined to sell

The total crypto market capitalization has been trading in a descending channel for the past 29 days and currently displays support at the $1.17 trillion level. In the past 7 days, Bitcoin (BTC) presented a modest 2% drop and Ether (ETH) faced a 5% correction. Total crypto market cap, USD billion. Source: TradingView The June … Read more

This key Ethereum price metric shows ETH traders aren’t as bearish as they appear

Ether (ETH) is down 25% in just a month and even the recent upgrade to a proof-of-stake (PoS) consensus on the Ropsten testnet failed to move the altcoin’s price.  The merge is meant to address energy-use issues and open a path for higher transaction output, but the actual full transition for the Ethereum network is … Read more