Forex Analysis & Reviews: 03.06.2021 - BTC reaches $38,100 after...

03.06.2021 01:56 PM

BTC reaches $38,100 after five days slump

On June 2, the crypto community froze in anticipation of the formation of the "death cross" figure on the horizontal charts of bitcoin. Despite the high probability of such a scenario, the market supported bitcoin. The indicators of the BTC/USD pair rose by 5% and reached $38,100 for the first time since May 28. Bitcoin has shown signs of life and encouraged the entire market, but it is still too early to talk about the beginning of an upward trend.

Despite the encouraging results and the almost complete exclusion of the possibility of retesting $30,000, bitcoin is in an unstable position. To consolidate the sudden success caused by the activity of the market, the indicators of the cryptocurrency need to overcome and gain a foothold above the $40,000 mark. Given the current dynamics of price changes (+0.5%) and the daily trading volume that has dropped to $33 billion, there is reason to believe that BTC is still at the consolidation stage. The asset continues to accumulate the volumes necessary for a successful assault of the $40,000 mark and is a little nervous around $39,000. At the same time, the sudden increase to $38,000 indicates an upward trend in market support. This may be a signal for the entry of more skeptical players, who will accelerate the accumulation of the necessary volumes to gain a foothold above the psychological mark.

As of 10:00 UTC, bitcoin quotes are in a safe corridor, and the asset is gaining momentum, as can be seen on the horizontal charts. It is likely that with the proper level of market support, the cryptocurrency will be able to reach $40,000 by the evening of June 3. The latest decline in bitcoin indicators occurred in the region of $38,900, but the coin almost immediately won back the fall and continued to grow. BTC quotes had problems reaching the $39,000 mark, where the coin collapsed on June 29. This threshold will be the last significant problem before the retest of the $40,000 mark. Given the growing interest in the first cryptocurrency, we can expect a successful breakout of the round mark in the upcoming test.

This is evidenced, firstly, by the improving state of bitcoin. Due to the obvious oversaturation and a series of negative macroeconomic and local (for BTC) factors, the crypto market was filled with speculative assets. It was due to overheating that the first cryptocurrency reacted painfully to the positive and negative market. The result of the unhealthy reactions was increased volatility, which hit the institutionalization of the cryptocurrency and its ability to overcome crisis moments. After a massive sell-off and panic of a part of the audience, BTC quotes successfully stabilized and normalized in the conditioned ranges where price consolidation took place. The overnight upward surge confirms the desired level of market support and can be a signal for the entry of a larger number of players. With the proper attention of the market and the absence of a powerful negative from regulators or large companies, bitcoin is able to gain a foothold above the $40,000 mark and remove some of the pressure from the altcoin market.

Ethereum and the Ripple token are able to provide a reverse service to bitcoin, increasing interest in the cryptocurrency market by accumulating their own reserves. This interaction between assets was made possible due to the significantly increased correlation between altcoins and bitcoin, which reached 60%-80%. At the same time, the positive news was not fully won back by the market, which may become an additional factor in the success of BTC. For example, it became known that Google will lift the ban on advertising cryptocurrency platforms and wallets in the United States. In addition, Messari analysts added a positive message to the market, who believe that the collapse of the crypto market and bitcoin is caused by excessive oversaturation and inadequate reactions of players to economic events, and not by the fundamental problems of the first cryptocurrency. The Chainalysis platform also confirmed that whales continue to actively increase their positions in bitcoin and have purchased from 70,000 to 120,000 bitcoins over the past days of the collapse. The growing confidence of investors, supported by positive announcements, can be a determining factor in the successful retest of bitcoin of the $40,000 mark.

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Artem Petrenko,
Chuyên gia phân tích của InstaForex
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