Bitcoin
BTC$22 994.25

-3.54%

Ethereum
ETH$1 687.91

-5.10%

Tether
USDT$1.000205

0%

USD Coin
USDC$1.000033

0.02%

Binance Coin
BNB$322.84

-0.68%

Binance USD
BUSD$1.000068

0%

Dip-buyers anticipate further downside after Bitcoin price falls to $38K


17 Jun 2021

#Bitcoin

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.

Bitcoin remains range bound

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."

Lifchitz said:

“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.”

Coinbase provides relief for select altcoins

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%.


Related

Bitcoin's bullish stability
Bitcoin's bullish stability
Bitcoin remains in ascending corridor
Bitcoin remains in ascending corridor
Bitcoin retreats from the upper boundary of an uptrend channel
Bitcoin retreats from the upper boundary of an uptrend channel
Musk has clipped the wings of Bitcoin
Musk has clipped the wings of Bitcoin
Crypto's full swing recovery
Crypto's full swing recovery
Blockchain projects are pulling the crypto market up
Blockchain projects are pulling the crypto market up
Bitcoin dipped into a flat
Bitcoin dipped into a flat
Bitcoin benefiting from gains in equities
Bitcoin benefiting from gains in equities
Cryptocurrencies rise after equities
Cryptocurrencies rise after equities

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 80.8% 35 $22 994.25 -3.54% 0.01% $439 591 538 662 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 66% 68 $1 687.91 -5.10% 3.56% $205 761 571 724 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000205 0% 0% $66 531 586 544 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 93.2% 1 $1.000033 0.02% -0.01% $54 021 851 086 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 69.2% 62 $322.84 -0.68% 11.75% $52 086 335 344 BNB 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 90.8% 1 $1.000068 0% 0.01% $17 752 502 175 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 80.4% 36 $0.363424 -3.65% -1.50% $17 569 045 535 XRP 7 days price change
8 Cardano (ADA) ADA Cardano predictions 75.2% 50 $0.511389 -4.25% 1.61% $17 253 774 183 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 78% 44 $39.74 -6.33% 3.54% $13 844 600 613 SOL 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 94.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 69.6% 62 $8.71 -4.69% 9.10% $9 626 327 113 DOT 7 days price change
12 HEX (HEX) HEX HEX predictions 64% 70 $0.054592 -1.19% 18.95% $9 466 937 752 HEX 7 days price change
13 Dogecoin (DOGE) DOGE Dogecoin predictions 84% 28 $0.068228 -6.49% 1.79% $9 051 914 563 DOGE 7 days price change
14 Avalanche (AVAX) AVAX Avalanche predictions 70% 55 $27.42 -3.30% 17.24% $7 814 089 843 AVAX 7 days price change
15 Dai (DAI) DAI Dai predictions 93.6% 1 $0.999863 0.05% 0.03% $7 525 054 582 DAI 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 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.