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Bitcoin tries to push again into area $10,000
Bitcoin tries to push again into area $10,000
Trading

Bitcoin tries to push again into area $10,000

By Federico Izzi - 11 Jun 2020

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Bitcoin tries to go beyond the $10,000 psychological area for the umpteenth time but without success, and this continues to demonstrate how this threshold is a very important level for the market. 

At the same time, the bullish movement has accompanied the rises of the entire sector, with Ethereum once again reviewing the $250, one step away from the highs at the beginning of June, when it rose to $254, the highest level since the end of February.

The general situation remains robust. In the last part of yesterday, there were strong upward movements that were immediately reabsorbed in the following hours. 

coin360 20200611
Source: COIN360.com

The day that marks the transition to the second part of the current week continues to show a prevalence of positive signals. Today more than 70% of cryptocurrencies are above parity. 

In the top 20, the movements are contained. Amidst the red and green signs, the fluctuations remain within one percentage point both in positive and negative. 

Among the positive ones, there is Cardano (ADA) that goes back up again, scoring the best rise of the big ones, +1.6%, followed by Monero (XMR) +1.4%. 

Cardano consolidates its 10th position despite the fact that Tezos (XTZ) is once again showing its willingness to regain the same position. There is a difference of just over $30 million between the two right now, but Tezos now oscillates around parity. 

On the opposite side, the deepest drop is that of Crypto.com Coin, which loses just over 1%.

The movements of the tokens of the DeFi universe stand out, namely Ren (REN) Kyber Network (KNC), Zilliqa (ZIL) and Bancor (BNT). Ren and Kyber go up by more than 15%, Zilliqa and Bancor score +13%.

KNC 20200611

Kyber, with the recent movement, sees its token doubling since the beginning of the month, with a performance that is close to 100% and increasingly consolidates the increase that from the lows of March sees a gain of 360%. The token returns to $1.31, levels of June 2018.

Among the best, there is also VeChain (VET), which achieves an increase of 17%. 

With last night’s movements, volumes are back up. Total volumes today are just above the $80 billion threshold in 24 hours. Bitcoin’s trading volumes hit $2 billion, the highest since last week.

In these last few hours, the stablecoin sector is also moving a lot: for the first time, their market cap exceeds 11 billion of capitalization, with Tether (USDT) exceeding 9.5 billion with 86% of the entire market.

The market cap for the entire crypto sector, including stablecoins, remains just over $280 billion. Bitcoin’s dominance moves at the levels of the last few days below 66%.

Ethereum is clinging just below the 10% threshold. Ripple is suffering as a result of what is happening with stablecoins, that are gaining an increasing percentage of market share: for the first time in the last 2 years, Ripple drops below 3.2%, while Tether consolidates its third position among the most capitalized.

BTC 20200611
Bitcoin chart by Tradingview

Bitcoin (BTC) in the $10000 area

In the last 12 hours, Bitcoin has again tried to push above $10,000, but the lack of purchases didn’t allow it to consolidate above this level and push to review the highs of early June.

At a general level, the uptrend hasn’t been affected since mid-March and prices continue to fluctuate within the bullish channel, moving away from the first level of alarm that coincides with the bullish dynamic trendline of the higher lows of the last three months, a level that at the moment indicates the first area of risk just below $9,650. 

For BTC downwards, it is necessary to observe this level, in case of a break the first support area is at $8,800, the minimum level at the end of May.

ETH 20200611
Ethereum chart by Tradingview

Ethereum (ETH)

Ethereum’s movement is good, holding $245. In the last 24 hours, prices are trying to hit $250. A decisive break and accompanied by the volumes of the 250 dollars would most likely update the highs of the 254 dollars touched on June 2nd. 

This would lead ETH to test the relative highs at the end of February with an upcoming bullish target in the $275 area. On the contrary, a descent below $220, the lower neckline of the bullish channel accompanying the movement since mid-March would lead prices to test the $215, former resistance area between April and May, and now a medium-term support area.

 

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".

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