Bitcoin slowed late Tuesday afternoon, retreating from local highs near $32.3K to $31.5K. Ethereum has lost 2.5% in the past 24 hours to $1930. Other altcoins in the top 10 are losing between 0.3% (BNB) and a 6.5% increase (Cardano) over the day.

Total cryptocurrency market capitalization, according to CoinMarketCap, declined by 1.3% overnight to $1.30 trillion. Bitcoin’s dominance index rose another 0.3% to 46.3%. The cryptocurrency fear and greed index were up 1 point to 17 by Wednesday but still in “extreme fear”.

Bitcoin updated three-week highs above $32,300 on Tuesday, continuing the previous day’s rising momentum. According to CoinShares, institutional investors invested $87 million in crypto funds last week, reaching $0.52 billion since the start of the year.

Glassnode notes that most HODLers continue to build up their positions in bitcoin. A possible signal of the end of the bear market could be the capitulation of long-term investors, who sold BTC last week at an average loss of 27% compared to the quotes at the time of purchase.

The crypto market is still full of optimists, while a real bull market is more likely to sprout from despair or oblivion. We saw despair in March 2020 and an example of oblivion - more than a year of decline since the December 2017 peaks. It has now been half as long, so we should be prepared to see a rally in a falling market in the coming months, but not a repeat of the October 2020 to April 2021 rise.

Bitcoin ended May down 17.1%, failing to live up to historical trends indicating a relatively successful month. The crypto market was adversely affected by the collapse of the Terra ecosystem. According to Glassnode, Luna Foundation Guard sold 80,081 BTC in May to support the UST stable coin.

In terms of seasonality, June is considered a relative success for BTC. Over the past 11 years, bitcoin has ended the month up seven times and down four. The average rise was 16.7%, and the average drop was 11.3%. In the first case, BTC could end June at around $37,000, recouping almost all of May’s decline, while in the second, it could end June at near $28,200.


Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts' opinions are for informational purposes only and should not be considered as a recommendation or trading advice.

Recommended content


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls

Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls

Bitcoin (BTC) slightly recovered to around $68,800 on Tuesday, following a shift in the United States presidential race that saw former President Donald Trump regain the lead, after US spot Bitcoin ETFs experienced an outflow of over $540 million on Monday.

More Bitcoin News
Crypto markets brace for volatility in tight race between Trump and Harris

Crypto markets brace for volatility in tight race between Trump and Harris

The US presidential election is one of the most significant events in the world. Due to the influence of the country’s political decisions, policies, and economic approaches, it can significantly impact crypto and global markets. 

More Cryptocurrencies News
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

MAGA (TRUMP) trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption

More Cryptocurrencies News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP