SEC, CPI and a ‘strong rebound’ — 5 things to know in Bitcoin this week

CointelegraphPubblicato 2023-06-13Pubblicato ultima volta 2023-06-13

Introduzione

Bitcoin faces a week full of potential price triggers — both up and down — as BTC price action drops below a major trend line.

Bitcoin starts a “massive” week in a precarious position as key support stays out of reach for bulls.

After fresh losses across crypto markets over the weekend, BTC/USD closed the week below $26,000 for the first time in three months.

Both Bitcoin and altcoins continue to struggle thanks to legal battles raging in the United States and their impact on market sentiment.

Fragile markets will now encounter a slew of volatility triggers, however, as U.S. macro data releases accompany the next steps in the crypto legal debacle.

In what promises to be five days full of surprises, traders will likely experience none of the lackluster sideways price action characteristic of crypto markets before the recent upheaval.

How will the coming week shape up? Cointelegraph looks at the major things to consider when it comes to Bitcoin and wider crypto market price action.

Bitcoin loses key trend line, but some remain bullish

Bitcoin’s price closed the weekly candle in a disappointing position thanks to last-minute downside wiping value from crypto as a whole.

The removal of various altcoins by certain trading platforms concerned about U.S. legal ramifications sent prices tumbling, leading BTC/USD to its lowest weekly close since mid-March, data from Cointelegraph Markets Pro and TradingView shows.

BTC/USD 1-day candle chart on Bitstamp. Source: TradingView

In doing so, the pair also locked out the 200-week moving average (MA) as support.

“A BTC Weekly Candle Close below the 200-week MA could confirm it as a lost support,” trader and analyst Rekt Capital warned beforehand.

“In that case, $BTC could relief rally into the MA next week, potentially to flip it into new resistance. This sort of turn of technical events could precede additional downside.”

BTC/USD annotated chart. Source: Rekt Capital/Twitter

Michaël van de Poppe, founder and CEO of trading firm Eight, held similar concerns about the fate of the total crypto market cap.

Letture associate

MIM Stablecoin Slips From Peg As Abracadabra Liquidity Stress Returns

Magic Internet Money (MIM) has again fallen below its $1 peg, renewing liquidity stress for its issuer, the Abracadabra ecosystem. This depeg puts focus on the balance within its key Curve pool, where significant imbalances can hinder arbitrage and erode confidence. The incident revives concerns about risks inherent in DeFi-native stablecoins, including collateral quality, governance, and liquidity, especially during broader market pressure. For traders, monitoring the MIM price, Curve pool dynamics, and Abracadabra's communications is crucial. While a swift return to peg would ease concerns, a persistent discount risks triggering forced position unwinds. The episode underscores that stablecoin risk extends beyond centralized issuers and serves as a data point in a market already contending with thin liquidity, regulatory scrutiny, and institutional product evolution.

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MIM Stablecoin Slips From Peg As Abracadabra Liquidity Stress Returns

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Bitcoin falls below $60K as ETF outflows and $1.48B liquidations fuel crypto selloff

Bitcoin dropped below the key $60,000 level, hitting near $59,400 and briefly touching $58,000, amid a broad crypto market selloff. The decline was fueled by significant outflows from U.S. spot Bitcoin ETFs, which saw $469.08 million in net withdrawals on June 24, reducing total ETF assets to $73.87 billion. Concurrently, over $1.48 billion worth of leveraged crypto positions were liquidated in 24 hours, with long positions accounting for $1.21 billion of the losses. The selloff pushed Bitcoin's daily RSI to around 30, near oversold territory, indicating strong selling pressure and technical weakness, though such levels can sometimes precede a short-term rebound.

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Bitcoin falls below $60K as ETF outflows and $1.48B liquidations fuel crypto selloff

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Aave Rallies Against Bitcoin As Institutional DeFi Narrative Strengthens

AAVE's token price showed notable strength against a weaker Bitcoin, highlighting a market focus on institutional DeFi and real-world asset (RWA) narratives. This outperformance is linked to renewed attention from Standard Chartered, whose research frames protocols like Aave—a major decentralized lending market—in terms of revenue and institutional infrastructure rather than mere speculation. The move suggests traders may be starting to differentiate established DeFi projects with solid use cases from the broader altcoin market. AAVE's sustained strength could indicate a rotation toward protocols with real revenue and depth, even amid broader crypto volatility and Bitcoin pressure. The development underscores ongoing themes of institutional adoption, specific regulation, and infrastructure development within the current market structure.

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Aave Rallies Against Bitcoin As Institutional DeFi Narrative Strengthens

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Bitcoin buyers need to only ‘survive this phase’ for more gains – Analyst

Bitcoin's price recently dipped below $60,000 for the first time since October 2024, attributed to increased selling pressure from large holders. Wallets holding 10-10,000 BTC sold over 45,000 BTC in eight days, increasing market supply. Analyst Kaelo warns a break below the critical $60,000 support could trigger panic selling, but suggests a potential market bottom may form within 3-4 months, offering solid entry opportunities for those who endure. Historical patterns indicate the major bottom could occur 70-110 days after a capitulation event, potentially extending pressure until October or November. Glassnode's analysis notes preliminary signs of bottom formation, but the market remains fragile, with investors facing significant daily losses and traders hedging against further downside.

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Jensen Huang: Prompts are Becoming Obsolete, Loops are the New Paradigm

Jensen Huang, alongside AI leaders like Peter Norvig, Boris Cherny, and Andrew Ng, is advocating for a shift from "prompt engineering" to "loop engineering" as the new paradigm for AI development. Instead of manually crafting individual prompts, the focus is now on designing autonomous loops—systems where AI agents execute tasks, self-validate results, and iterate until completion without constant human oversight. A loop is a management framework that enables agents to operate independently. Key implementations are seen in Claude Code (with features like /loop, /goal, and /schedule) and OpenAI Codex, which employ multiple agents working in parallel within isolated environments. A core principle is the separation of roles: one agent (or model) performs the task, while an independent agent (or a smaller, separate model) validates the output to ensure objectivity. The article outlines a practical roadmap for implementing loops, starting with a "four-condition test" to assess suitability, building a minimal viable loop, and emphasizing critical pitfalls to avoid, such as lacking hard stop conditions or allowing loops to handle tasks requiring human judgment. This evolution is framed as the fourth major shift in AI interaction: from Prompt Engineering (crafting instructions) to Context Engineering (providing background information), then to Harness Engineering (building tool-enabled environments), and finally to Loop Engineering (creating self-sustaining systems). This progression reflects a consistent trend of increasing abstraction, moving human involvement from direct instruction to system design and rule-setting. The concept has academic roots in frameworks like ReAct, which formalized the "reason-act-observe" cycle. While loop engineering promises greater automation, experts caution about managing token costs and warn against outsourcing understanding—AI can assist, but deep problem comprehension remains essential.

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Jensen Huang: Prompts are Becoming Obsolete, Loops are the New Paradigm

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