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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%.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 62.4% 76 $23 195.66 -1.29% -1.50% $447 262 989 624 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 69.2% 57 $1 649.37 -2.09% 2.18% $201 839 732 133 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.2% 1 $1.000217 0.01% 0% $68 079 422 781 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 79.6% 38 $328.36 -0.90% 4.32% $51 848 565 385 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 93.2% 1 $0.999942 -0.01% -0.03% $41 988 565 849 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 74.8% 42 $0.404201 -2.02% -1.97% $20 533 036 252 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 91.6% 1 $0.999723 -0.07% -0.02% $16 253 765 776 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 69.2% 64 $0.393348 -2.60% 1.16% $13 613 460 494 ADA 7 days price change
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10 Polygon (MATIC) MATIC Polygon predictions 68% 67 $1.21 -2.86% 1.52% $10 591 629 612 MATIC 7 days price change
11 Lido stETH (STETH) STETH Lido stETH predictions 92.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
12 Solana (SOL) SOL Solana predictions 56.8% 86 $23.67 -4.58% -3.57% $8 819 921 992 SOL 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 67.6% 73 $0.000014 1.35% 19.81% $7 914 712 336 SHIB 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 67.2% 66 $6.70 -4.41% 1.44% $7 726 491 964 DOT 7 days price change
15 HEX (HEX) HEX HEX predictions 70% 60 $0.041030 -11.76% 52.80% $7 114 999 412 HEX 7 days price change

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