HomeTradingBitcoin: fluctuations for the price of BTC

Bitcoin: fluctuations for the price of BTC

After last Thursday’s sinking, which saw a strong movement that in a few hours brought Bitcoin prices below $9,000, there have been price fluctuations, with ups-and-downs devoid of any particular tension. 

On a daily basis, Bitcoin continues to move around the $9,500 threshold, which characterized the past week. 

A movement that is reflected in the whole sector that stays on hold, as if waiting for a piece of news that can give a direction and get out of the current phase of laterality. This boredom has been characterizing the past week. 

The whole sector is waiting for indications that may be news or a movement led by Bitcoin, which remains stable, moving around $9,500 for 7 days. 

Yesterday was a positive day, while today there is a movement below the threshold of 9,500 dollars with a contraction of about -1%. 

coin360 20200618
Source: COIN360.com

This has repercussions on the major altcoins. Scrolling through the ranking, the movements worthy of note today are that of Cardano (ADA), which has a rise of almost 5%. Cardano now contends the 10th position with Crypto.com that today continues to rise just under 1%.

Among the altcoins, another rise above the daily average is that of Chainlink (LINK) which gains over 3%.

ADA 20200618

With today’s rises, Cardano returns to characterize itself as one of the few cryptocurrencies with a positive weekly balance. Scrolling the list of the top 30 in fact Cardano records a rise just above parity, preceded by Crypto.com (CRO) that from last Thursday’s levels gains about 2%.

On a daily basis, in order to find more evident rises, it is necessary to go down below the 50th position, precisely in 59th where there is Aave (LEND) that, after yesterday’s sinking, today is close to a 10% gain.

Increases to be highlighted are those of Hedera Hashgraph (HBAR), +7%, and Algorand (ALGO) which is close to 6 points.

The deepest drop is that of Flexacoin (FXC) in the 80th position, which drops by 35%. In the DeFi universe, Zilliqa (ZIL) and Verge (XVG) also fall by about 5%. Kyber (KNC), Maker (MKR) and Ren (REN) lose 3%. 

The same fate also for Eidoo (EDO) that after having recorded vertical rises in recent days, today marks a -5%, that becomes -20% when taking as reference the highs of Tuesday morning when it exceeded 65 cents, highest levels that the Eidoo token had not recorded since July 2019. In the next few hours, the token will begin the transition from EDO to PNT.

Volumes drop and remain low, with trading in the last 24 hours just over $60 billion

In spite of this uncertainty, total capitalization remains just under $270 billion, recovering Monday’s low at $255 billion.

Trading volumes are also contracting for Bitcoin, which nonetheless remain above $1.5 billion. Bitcoin’s dominance falls again and is back below 65%. Ethereum gains a few percentage points, reaching 9.7%. 

Slight recovery also for Ripple that brings back the dominance to 3.18%, remaining at the lowest levels since December 2017.

BTC 20200618
Bitcoin chart by Tradingview

Bitcoin (BTC) fluctuations

Bitcoin continues to fluctuate around $9,500, a movement that has been going on for a week and that does not change the technical scenario exposed in the last few days. It is necessary to give a signal of rise with a break of $9,650-9,700 to expect a return of volumes accompanied by an increase.

A break at $9,200 would project prices to $8,900, the lows recorded during the night between Sunday and Monday, where for a few hours BTC has recorded a sinking to 8,900, lowest levels since the last week of May, only to recover in the same day until reaching 9,500, the threshold that is characterizing this week. 

The 9,200 dollar holding becomes decisive for Bitcoin. In case of breakage, Sunday-Monday night lows at $8,900 will be decisive.

ETH 20200618
Ethereum chart by Tradingview

Ethereum (ETH) price

Ethereum’s prices have been moving in line with the bullish trendline that has been accompanying the price movement since last mid-March. A trendline that as a dynamic support passes at $230

A break downward of this dynamic support would most likely project prices to review the $215, levels tested in the transition between Sunday and Monday. A first bullish clue that could bring new purchases is the decisive break of the $240.


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".