Bitcoin
Bitcoin lost about 3.7% of its value from June 21 to 28, 2024. The minimum price dropped below $58,500. At the same time, it cannot be said that the bears dominated throughout the week: only three trading sessions ended in the red.
Source: tradingview.com
The main pressure on the largest cryptocurrency was exerted by the news that the MtGox crypto exchange, which went bankrupt in 2014, already in July It will start compensation payments. The total amount will be about $9 billion. It is impossible to deny the effect of the news related to MtGox: on June 24, BTC immediately fell by 4.6%. But experts disagreed about the impact all this will have on the market.
Alex Torn, head of Galaxy Research, believes that the negative impact attributed to the payments that the bankrupt exchange is going to make is greatly exaggerated. But the American investment bank JP Morgan, on the contrary, is confident that the negative impact on the crypto market will be significant.
On Wednesday, June 26, the week-long outflow of money from spot ETFs to bitcoin was interrupted. On that day, the inflow was about $31 million. At the same time, the GBTC fund of Grayscale continued to outflow. The change of mood among ETF investors gave a bit of hope for a reversal among bitcoin enthusiasts. However, the hopes were not destined to come true. June 26th price It 's gone down by 1.6%.
In general, an interesting situation is developing now. If we take the Binance exchange, which accounts for more than 50% of the BTC trading volume, then the share of accounts with long positions is more than 72%. At the same time, shorts hold less than 28%. It would seem that this is an ideal statistic for growth. But it's not that simple.
Source: coinglass.com
If we look at the ratio of trading volume on the largest exchanges, the situation is completely different. Even if we take Binance, the ratio of short and long positions there is almost 49.92% to 50.08%. What does this mean? Although most accounts are bullish, they are mostly owned by retail investors with small capital. But the mood in the camp of the major players (whales) is less optimistic.
Source: coinglass.com
The technical picture is in favor of the bears. This is evidenced by a decrease in the price below the 50-day moving average (indicated in blue). At the same time, the volatility of the largest cryptocurrency has been falling for more than three months. You can verify this by seeing the declining ATR indicator. Support and resistance levels: $56,500 and $65,513 respectively:
Source: tradingview.com
Fear and Greed Index continued his downfall. The current value is 47. This is 16 points lower than seven days earlier. Total: the neutrality between fear and greed has been established.
Ethereum
About 2% lost ether in value this week. It was not possible to stay above $ 3,500, but at the moment the price came close to $ 3,200. The number of trading sessions of decline turned out to be more than the growth sessions: four against three.
Source: tradingview.com
Ethereum fans are living in anticipation of the approval of the final approval of spot ETFs in the United States. According to Reuters, it can to be realized It's already July 4th. On the eve of this, the large cryptocurrency company Paradigm capital transferred 19,504 ETH (over $65.5 million) to the Anchorage Digital crypto asset storage platform. This is not the first such action. Over the past three months, Paradigm Capital has been transferring the broadcast to Anchorage Digital over and over again. At the same time, the amount It turned out to be the biggest one. Apparently, the crypto companies also expect the ETF to be approved soon.
It is worth noting that ether has remained an inflationary coin for more than 70 days, which is reflected in the continuous growth of supply. This is the longest period of time since the transition to Proof-of-Stake (PoS). The inflation of ether is explained by the drop in commissions for burning due to introductions "blobs" (blobs).
Source: ultrasound.money
From the point of view of technical analysis, in the short term, bears prevail among investors of the second largest cryptocurrency. This is evidenced by the location of the 50-day moving average (indicated in blue) above the price. But in the long run, the advantage of the bulls is still looming. This is expressed in exceeding the price of the 200-day moving average (indicated in orange). Support and resistance levels: $3,232.2 and $3,650, respectively.
Source: tradingview.com
Solana
The value of the Solana coin has jumped by 8.6% over the past week. The growth was provided by one trading session: on Thursday, June 27, the cryptocurrency immediately added 9.1%. In general, the week for Solana is divided into two parts: the fall in the first and the rise in the second.
Source: tradingview.com
The topic of ETFs continues to develop at a rapid pace. Solana received the first application to the U.S. Securities and Exchange Commission (SEC). The author was the New York investment company VanEck. The company already has an approved bitcoin spot ETF, the VanEck Bitcoin Trust (HODL). The application for a similar ether product has already been approved by the SEC. It was the first application for an exchange-traded fund that became the catalyst for Solana's growth on June 27.
But not only ETFs are alive. During the week, the Solana Foundation presented two new tools that will make the idea of mass adaptation of cryptocurrency more realistic. These are Actions and Blinks. The first one will allow users to make online exchanges or transactions from any platform that has a URL. This also applies to social networks and QR codes. Blinks, in turn, will allow share links to maintain Actions.
Despite the fact that Solana grew during the week, the overall technical picture remains bearish. The price is still below the 50-day moving average (indicated in blue). The RSI indicator is below 50. On the positive side: the cryptocurrency has not consolidated below the support level in the area of $110-$125, which was tested twice at the end of April 2024. The nearest resistance level is $151.65.
Source: tradingview.com
Conclusion
Cryptocurrencies continued their slow decline this week. Solana's growth is explained by the hype surrounding VanEck's application for a spot ETF in the United States. The overall trend remains bearish.
This material and the information in it do not constitute an individual or other investment recommendation. The editorial board's opinion may not coincide with the opinions of the author, analytical portals and experts.