Sellers pressed Bitcoin's price back below $40,000, while analysts believe BTC will remain rangebound until the $42,000 level is breached. The cryptocurrency market is in the midst of another lackluster day on June 16, with the price of Bitcoin (BTC) dipping below $40,000 ahead of the Federal Open Market Committee meeting, where United States officials intend to discuss whether interest rates should be raised or kept near zero.
While many investors anticipate that BTC will soon resume its bull run and rally above $40,000, technical analysts are sounding the alarm about a looming death cross that could send Bitcoin's price to $30,000 and below.
Data from Cointelegraph Markets Pro and TradingView shows that after losing the $40,000 support level, Bitcoin bulls were overrun by sellers, triggering a drop to June 16's intraday low at $38,415. Despite the threat of a death cross and significant headwinds residing in the $40,000—$42,000 resistance cluster, recent data from Glassnode suggests that the newest crop of Bitcoin hodlers show no signs of selling at the current levels, especially for wallets that have been holding for longer than three months.
According to David Lifchitz, managing partner and chief investment officer of ExoAlpha, Bitcoin price action has been stuck in a range between $33,000 and $40,000 for more than three weeks as the market attempts to stabilize following the May 19 sell-off. The market crash managed to “wash out speculators who were the ones who tended to move the price in a ‘fast and furious’ way,” leading to a decline in momentum for BTC, which is now “stuck in limbo.” He added that there is “a fierce battle brewing under the surface between bulls and bears,” which has resulted in a “higher average traded volume post-crash.”
Lifchitz indicated that the bulls are comprised of “dip buyers and institutional investors such as Micro Strategy which take advantage of the dip to reinforce their holdings,” while the bears are “probably miners who are looking to unload at the best price they can get now (i.e. circa $40k) in order not to crash the market more and thus shot themselves in the foot."
From a technical perspective, Lifchitz highlighted the $42,000 level as a significant hurdle for the price of Bitcoin, which would likely need miners to “exhaust their selling or be convinced that they could unload at a higher price if they let Bitcoin breathe a little bit” in order to overcome."
“A break above $42,000 would be needed for Bitcoin in order to extract itself from its trading range, at which point it could power quickly higher to the $50,000 level which coincides with the local bottoms of April 26 and May 12 before beginning to lose ground on May 15.”
Altcoins also faced pressure as Bitcoin' price fell below $40,000, but there were a few tokens that managed to buck the bearish trend. The best performing token on June 16 is Amp, which gained 44% to establish a new record high at $0.1211. Shiba Inu (SHIB) and Chiliz (CHZ) also rallied another 18% following June 15's 20% gain after the news that Coinbase Pro would list both assets.
The overall cryptocurrency market cap now stands at $1.6 trillion, and Bitcoin’s dominance rate is 45.3%.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||62.4%||76||$23 195.66||-1.29%||-1.50%||$447 262 989 624|
|2||ETH||Ethereum predictions||69.2%||57||$1 649.37||-2.09%||2.18%||$201 839 732 133|
|3||USDT||Tether predictions||91.2%||1||$1.000217||0.01%||0%||$68 079 422 781|
|4||BNB||Binance Coin predictions||79.6%||38||$328.36||-0.90%||4.32%||$51 848 565 385|
|5||USDC||USD Coin predictions||93.2%||1||$0.999942||-0.01%||-0.03%||$41 988 565 849|
|6||XRP||XRP predictions||74.8%||42||$0.404201||-2.02%||-1.97%||$20 533 036 252|
|7||BUSD||Binance USD predictions||91.6%||1||$0.999723||-0.07%||-0.02%||$16 253 765 776|
|8||ADA||Cardano predictions||69.2%||64||$0.393348||-2.60%||1.16%||$13 613 460 494|
|9||DOGE||Dogecoin predictions||74.8%||51||$0.092617||-1.65%||3.10%||$12 287 566 308|
|10||MATIC||Polygon predictions||68%||67||$1.21||-2.86%||1.52%||$10 591 629 612|
|11||STETH||Lido stETH predictions||92.4%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|12||SOL||Solana predictions||56.8%||86||$23.67||-4.58%||-3.57%||$8 819 921 992|
|13||SHIB||SHIBA INU predictions||67.6%||73||$0.000014||1.35%||19.81%||$7 914 712 336|
|14||DOT||Polkadot predictions||67.2%||66||$6.70||-4.41%||1.44%||$7 726 491 964|
|15||HEX||HEX predictions||70%||60||$0.041030||-11.76%||52.80%||$7 114 999 412|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2023 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.