The price of Bitcoin is not following the rise of gold
The price of Bitcoin is not following the rise of gold
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The price of Bitcoin is not following the rise of gold

By Federico Izzi - 24 Jun 2020

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In recent hours the price of gold has been recording new peaks at $1,791 which are the highest since September 2012, but these new records at the moment do not drive the price of Bitcoin which continues to move laterally, even if close to the records of early June, $10,400. 

GOLD 20200624

BTC fluctuates around $9,600-9,700, while the price of gold is setting new records. 

Despite the volatility of Bitcoin that continues to decrease and is back below 2.9%, the lowest levels since before the collapse in mid-March, the market continues to remain strong, benefiting from the increases achieved since last Monday. 

$9,600 is the highest level in the last two weeks. Ethereum is doing better and showing more strength, with prices that are back to testing the $250, a step away from the highs of the last three months in early June, when ETH reached $254. 

It was Ethereum that recorded one of the biggest rises in the top 20, up 2.5%. The price of Bitcoin is above 0.6%. 

coin360 20200624
Source: COIN360.com

Today’s rises see over 60% of cryptocurrencies in positive territory. 

Among the big ones, Cardano (ADA) is performing best, scoring a 5% and recovering the 10th position, overtaking Crypto.com (CRO) despite its rise of more than 1% today.

Behind them, Tezos (XTZ) also gained 6%. 

LINK 20200624

Further down the ranking Chainlink (LINK) marks a leap of 10% and is back to test the highs just over $5, the absolute historical highs recorded last March. Chainlink wins again the confidence of investors after the agreements of the last few hours announcing a collaboration with BSN (Blockchain Service Network), the Chinese national blockchain with which it has agreed on the provision of oracles to this blockchain system in China.

Among the best of the day, there is the rise of Bancor (BNT) which climbs by 20%. In the DeFi universe, Ren (REN) stands out with a +12%, just behind Synthetix (SNX) that even today marks a double-digit increase of over 10%. 

ZCash (ZEC) also stands out, rising 13% and regaining the $61, a level that ZCash had last recorded in early February.

Cosmos (ATOM), Algorand (ALGO) and Basic Attention Token (BAT) have also risen by more than 7%. 

On the opposite side, there is Compound (COMP) which today loses 20%. After the bullish excursions that have characterized the last 7 days, during which COMP has multiplied its value by 6 times, from 60 to 380 dollars, the profit-taking has started, which in the last 24 hours have seen the token drop to 230 dollars, losing 40% from the maximum at the beginning of the week. DigiByte (DGB) follows, losing 7% today.

Despite today’s rises, the market cap remains at yesterday’s levels just under $277 billion

Volumes are contracting again, just over $50 billion in the last 24 hours in the overall context, a drop that corresponds to -20% compared to the previous day.

Bitcoin’s dominance remains unchanged from yesterday’s levels, just under 65%. Ethereum regains 10% of market share, a level abandoned at the end of February. XRP today is up 1% and this allows it to regain some fraction of dominance and return above 3% after falling below this threshold yesterday.

BTC 20200624
Bitcoin chart by Tradingview

Bitcoin (BTC) price

Bitcoin continues to stay above the former short-term resistance, now support at $9,500, which was broken with the upward thrust on Monday morning. However, there is a lack of volume to accompany this rise. 

Yesterday’s trading volumes dropped below $2 billion in value, falling below the average of the last 15 days. For BTC it is necessary to recover with purchasing volumes above 9,800 dollars, which would open spaces to be able to attack the psychological threshold of 10,000 dollars.

Otherwise, a stumble below $9,500 would open up the possibility to go and test the weekend lows in the $9,200 area.

Bitcoin would be endangered only with drops below $8,900, the minimum recorded exactly 10 days ago, Sunday, June 14th, and which corresponds to the start of the new monthly sub-cycle.

ETH 20200624
Ethereum chart by Tradingview

Ethereum (ETH)

The push of the last few hours brings the prices of Ethereum close to $250, a step from the quarterly highs set at the beginning of June at $254. The recovery of the bullish uptrend channel that has continued to characterize the Ethereum movement since mid-March is a strong sign of confidence that must also be accompanied by volumes. 

At the moment, the rise of the last few hours does not see a particular explosion of purchasing volumes, so we will have to be very careful in these hours. 

In the absence of a push over 250 dollars, there could be short-term profit-taking. 

It is necessary for ETH to observe the resistance of the 235 dollars and in the next days the resistance of the 225 dollars, these are the levels to monitor in case of a trend change.

 

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".

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