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Bitcoin again close to $10,000

The week is coming to a successful end, with Bitcoin returning close to $10,000

The green sign prevails again today for the third consecutive day. Scrolling the ranking of the first 100 capitalized, 60% are above parity.

coin360 20200605
Source: COIN360.com

In the top 10 per market cap, there is a balance between red and green signs. Below the parity Ripple (XRP) and Litecoin (LTC) with slight declines of 0.5%. EOS drops a bit more, although still just below parity, while Cardano (ADA) loses 1.5% following yesterday’s strong rises, with modest profit-taking prevailing.

The difficulty adjustment for Bitcoin, down 9.29%, represents the second deepest decline since January 2019. 

Historically, there have been eight downward adjustments in the Bitcoin difficulty metric. The one in May 2019 was 15.95%, so the current one is the second deepest. 

Estimates actually predicted a deeper decline. This indicates that many miners have abandoned mining, particularly those who no longer consider the activity profitable. 

This drop in difficulty coincides with an increase in hashrate to 100 exahash/a and does not affect the bitcoin trend, which remains close to $10,000

With the prices reached in the last few hours, Bitcoin goes to test the $9,850 after the downturn of June 2nd, before which it had recorded the highest highs since last February, with heavy sales that in just over 5 minutes have brought down prices by 5% to test the $9,150.

On a weekly basis, Bitcoin and most of the sector are recording gains that from last Friday’s levels are 3%.

ADA 20200605

Among the big names, Ethereum is doing much better, rising by more than 10%. Cardano‘s excellent performance stands out amidst the top players, and despite today’s setback, ADA has achieved an increase of 35%.

Cardano together with Zilliqa (ZIL) and VeChain (VET) are the best rises of the week with performances above 30%.

The market cap rose slightly, gaining ground to $287 billion. Bitcoin’s dominance remains unchanged at just under 65%. 

The dominance of Ethereum continues to fluctuate just under 10%. That’s a good gain from last week’s levels when it was at 8%. Ripple continues to score new lows, still losing market share and falling just below 3.2%.

BTC 20200605
Grafico Bitcoin by Tradingview

The price of Bitcoin (BTC)

Prices continue to fluctuate within the bullish channel present since last March. The test of the support of the lower neckline in the $9,150 area last Tuesday showed resilience with the return of purchases that in these hours push prices to a step from $9,900

A recovery of $10,000 is needed over the weekend, which from a technical and psychological point of view would be a sign of strength. 

Despite the lack of particular positive news, purchases remain tonic. In the last 24 hours, BTC has traded over $2.5 billion on major exchanges.

ETH 20200605
Ethereum chart by Tradingview

Ethereum (ETH) price

Ethereum holds the $245 and continues to provide a good bullish signal with prices remaining at the top of the channel that accompanied Ethereum in the rise last March. 

For ETH, it is necessary not to go below $225 in the short term. Negative signals would come with slippages at $215. 

A weekend climb above $254, the highest level recorded on June 2nd, would attract purchases with the next target area in the $275 area. 

EDO 20200605

Eidoo (EDO)

Eidoo was among the best rises again yesterday, with the EDO token that after the announcement of the integration with PNT and the burning of the tokens saw an excellent reaction from investors. The surge in purchases has accompanied the rise that in the last few hours sees EDO touch $0.48, levels that had not recorded since August 2019. 

Yesterday, Eidoo saw a daily performance of +50% in some parts of the day. 

From the March lows, the EDO token sees its price multiplied by 15 times.


Federico Izzi
Federico Izzi
Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".