Bitcoin will arrive at the terminal of safe assets by roller coaster at the weekend

 Bitcoin will arrive at the terminal of safe assets by roller coaster at the weekend

Considering that the market has been slowing down gradually in the past month, even the smallest events can stimulate the market to respond. A large number of orders around the current price will make it more vulnerable to fluctuations in any trading direction.

The relevance with the stock market raises questions about safe assets

According to the CEO of precious metals investment company Dan Tapiero, J.P. Morgan expects the next rally in the stock market to lead excess capital to gold and bitcoin, and if more people believe it, then Xiangfang will be contacted, which will drive the price of (gold and bitcoin) up strongly.

(source: coinmetrics)

BTC / USD technical analysis

According to the weekly K-line chart, since the beginning of May, bitcoins 50 day SMA average has been hovering around $8750. After breaking this resistance level, several attempts to climb to more than $10000 have failed. The RSI index in the figure is basically flat, reflecting the waiting state in the next few days.

At present, the breakthrough direction of BTC / USD is not clear. Although the short position is slightly dominant, as the price tends to stay at the lower limit of the channel, once it falls below, the selling may expand to $8420 (the middle line of the brin belt every week) and $8000 psychological price. The region will slow down the downward trend and become the starting point of a new wave of bullish.

(source: fxstreet)

The daily K-line chart confirms that the trading range is a bearish one, as the price remains below the 50 day SMA average, at $9400. The daily floor of the brin belt is $9150, and the next focus will be $9000, followed by $8750 of the 50 week SMA average.

In the upward direction, bitcoin continues to break through the resistance level of US $9550 in the near future, improves in the technical aspect in the short term, and is expected to further rebound to the psychological level of US $10000, but the daily ceiling of the brin belt increases this barrier. This is dangerous because many retail traders may choose to lock in profits directly at this stage, so the price will return to this range again.

More than 74% of bitcoin investors are now profitable, according to intotheblock data, even if prices only fluctuate within a narrow range from $9500 to $9600, which means there may be more long-term involvement in the future.

(source: fxstreet)

In a June 18 report, chainalysis, an encryption analytics company, said 60% of bitcoin investors are long-term holders and sell less than 25% as digital gold.. Another 20% of bitcoin has never been traded in five years or more, known as lost bitcoin, and the remaining 3.5 million. They often move between exchanges.

Source: fx168 editor in charge: Yang Bin_ NF4368