Crypto Market 360
06/11 18:17
Bitcoin (BTC) has stalled after reaching $110,000,
Bitcoin (BTC) has stalled after reaching $110,000, with bulls unable to push the price higher. BTC crossed $110,000 on Monday but lost momentum and fell to $108,335 on Tuesday, leading to speculations of a decline to $105,000 or lower. However, it recovered to reclaim $110,000 and settle at $110,253 before dropping during the ongoing session. Market experts and investors are waiting for the upcoming Consumer Price Index (CPI) data, which could bring volatility to BTC. BTC soared to within touching distance of its all-time high before ultimately falling short. However, analysts expect the flagship cryptocurrency to surge to a new all-time high if current bullish sentiment persists.
Some analysts believe market expectations of BTC surging to a new all-time high could prevent it from happening in the near term. According to Santiment analyst Brian Quinlivian, there is growing anticipation for BTC to reach a new all-time high on social media. However, he pointed out that since the market moves opposite to the expectation of retail traders, it isn’t quite ready for another bullish surge. Quinlivian stated,
“It wouldn’t be surprising if we do break through very soon after we see a few frustrating ‘close calls’ that cause small traders to turn sour and impatient on BTC, neutralizing this level of optimism.”
Analysts also pointed out that historically, Q3 has been Bitcoin’s weakest, with returns averaging just over 6%. However, Q4 ranks among the strongest, delivering average returns of over 85%. Derive Head of Research Dr Sean Dawson believes BTC will likely underperform during the third quarter, highlighting macroeconomic uncertainty as a significant concern for investors. Dawson stated,
“Despite political pressure for rate cuts, the Fed seems poised to keep interest rates steady, which could dampen Bitcoin’s appeal for outsized returns.”
BTC traded in positive territory the previous weekend, rising 0.69% on Saturday and almost 1% on Sunday to reclaim $105,000 and settle at $105,779. The price fell to an intraday low of $103,768 on Monday before recovering to register a marginal increase and settle at $105,902. BTC lost momentum on Tuesday, falling 0.44% to $105,436. Sellers retained control on Wednesday as the price dropped almost 1%, slipping below $105,000 and settling at 104,752. Bearish sentiment intensified on Thursday as BTC plunged 3%, falling to a low of $100,424 before settling at $101,614.
BTC recovered on Friday, rising nearly 3% to $104,378. Buyers retained control over the weekend as the price rose 1.15% on Saturday and registered a marginal increase on Sunday to reclaim $105,000 and settle at $105,784. Bullish sentiment intensified on Monday as BTC started the week positively, rising over 4% to cross the 20-day SMA and $110,000 to settle at $110,251. The price fell to a low of $108,335 on Tuesday before recovering to reclaim $110,000 and settle at $110,253. The current session sees BTC down almost 1%, trading around $109,406, as sellers look to lower the price. Buyers will look to regain control and push BTC past $110,000.
#Post To Earn Bonus#Share Your Thoughts on Popular Assets in June#Claim1,200 USDT in the Monthly Creation Challenge
1Bagikan
Semua Komentar0TerkiniHangat