Lorenzo Stroe
Independent Analyst
- Bitcoin briefly dipped below $9,000 but has managed to recover and it’s trading at $9,450 at the time of writing.
- BTC/USD is fighting to stay above the daily 12-EMA and the 26-EMA.
Bitcoin was able to form a bullish reversal candlestick on June 15. Today, on June 16, Bitcoin has seen some continuation but was rejected from $9,600 and it’s currently trading at $9,453 below the 12-EMA at $9,513. Buyers are looking forward to a climb above both EMAs which are close to a bear cross.
What’s driving Bitcoin’s recent price action?
It seems that most of Bitcoin’s latest price action has been heavily influenced by the global stock market. The S&P 500 had a crash on June 10 and Bitcoin quickly followed the index on June 11 with a similar crash. The price surge we saw yesterday on June 15 also happened after the S&P 500 started to recover. Bitcoin has correlated with the stock market again, but it’s unclear how long the correlation will last this time.
Bitcoin has been more volatile in the past week and when it comes to fundamental metrics, it is doing really well. CME Bitcoin options saw a record of $373 million in open interest on June 10. The institutional interest in Bitcoin is clearly increasing and it’s even better because the price of Bitcoin hasn’t been that great lately.
The FED has also announced another stimulus that intends to buy up to $250 billion in individual corporate bonds. The stock market is climbing thanks to it and it seems that Bitcoin is following suit.
BTC/USD daily chart
-637279182538338710.png)
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Lukas Enzersdorfer-Konrad, Bitpanda deputy CEO: “Crypto needs Gary Gensler gone”
Lukas Enzersdorfer-Konrad is the deputy CEO at Bitpanda, a broker based in Europe with more than five million users. At the European Blockchain Convention held in Barcelona, the executive shared with FXStreet his views on the current state of the crypto industry and its regulation.
Bitcoin still consolidates despite positive spot ETFs demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
Why is ONDO’s price outlook bullish?
DefiLlama data shows that Ondo TVL reached a new ATH of $613.75 million. Ondo’s Supply Distribution metric shows whale accumulation. On-chain data shows that ONDO’s daily trading volume is rising, and the supply of exchanges is decreasing.
Maker price eyes a rally on technicals and on-chain metrics
Maker trades above $1,500 on Thursday, suggesting a potential rally as technical indicators show bullish divergence. This positive outlook is reinforced by MKR’s Exchange Flow Balance, which shows a negative spike, indicating growing investor confidence in the platform.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin is poised for a second consecutive week of gains, supported by the recent 50-basis-point cut in interest rates by the Federal Reserve. Bitcoin broke above several key technical resistances this week, signaling a rally continuation.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.