Bitcoin (BTC) took a big plunge this week, then recovered stronger than expected, but fell to a lower level yesterday: $26,500. Bitcoin struggled to hold on to support at this level yesterday, but is now trying to get a grip on it again.
The BTC price stands at $26,498 on Binance and $24,590 on Bitvavo at the time of writing. This means that the bitcoin price is up 0.2% today. The total market capitalization is $514 billion and the dominance is 46.7%. The Fear & Greed Index comes out at 50 (Neutral).
Bitcoin Fear and Greed Index is 50. Neutral
Current price: $26,574 pic.twitter.com/EB0zg7ln35— Bitcoin Fear and Greed Index (@BitcoinFear) June 8, 2023
Bitcoin cares little about charges
Bitcoin is shrugging off charges against Binance and Coinbase more strongly than many altcoins. That’s probably because the mother of all cryptocurrencies was not labeled as a security by the Securities and Exchange Commission (SEC) in the indictments, while the US regulator has done so for 67 other coins.
Crypto Securities Index dropped🔻14% since the SEC lawsuit, while Crypto Commodities Index remains stable.https://t.co/WX6ae216RA pic.twitter.com/OZshAiWgWm
— CryptoQuant.com (@cryptoquant_com) June 8, 2023
Volatility is on the rise again
It is possible that these lawsuits will not come to an end soon and that the market will therefore remain in uncertainty for a long time to come. The market was already uncertain due to the gloomy macroeconomic situation. For example, Canada raises interest rates again and tech stocks turn red again. Still, the charges brought a brief return of some volatility, as that too has been very low recently.
Small bump in Bitcoin’s volatility courtesy of the SEC. pic.twitter.com/HslwrwaBb1
— ecoinometrics (@ecoinometrics) June 8, 2023
Not only did the volatility increase slightly, the number of unique addresses active on the network also increased. The number of active addresses reached more than million in the past two days, the highest since April 21. However, that may be due to investors shifting their bitcoin following the SEC’s indictments.
📈 With volatility increasing market-wide, #Bitcoin‘s level of utility has picked up quite drastically. The amount of unique addresses interacting on the $BTC network has exceeded 1 million in each of the past two days, the first time since April 21st. https://t.co/QVfRuwUwXQ pic.twitter.com/k1jvEXDi7G
— Santiment (@santimentfeed) June 8, 2023
Bitcoin selling pressure is getting the better of you
Analyst Ali Martinez therefore reports that selling pressure is starting to gain the upper hand again. After a long period of accumulation, selling pressure is currently dominating the market, the analyst says.
#Bitcoin | Notice that after a prolonged accumulation period, we are starting to see that selling pressure dominates $BTC market activities. pic.twitter.com/jfqI52gmzc
— Ali (@ali_charts) June 8, 2023
BTC HODLers hit new record
Despite this, long-term holders are still holding on to their bitcoin. As many as 32 million addresses have been holding over 13 million BTC for over a year. It’s a new one all time high since the launch of the network.
Incredible milestone in #Bitcoin history: 13M+ BTC held in wallets for over a year, an all-time high since 2009! About 32M addresses patiently #HODLing .
A testament to the long-term value and trust in #BTC pic.twitter.com/qfLo7ITbQl— Bokiko (@Bokiko_io) June 8, 2023
Bitcoin analysts very divided
Analysts therefore sound very uncertain and their opinions remain sharply divided. For example, Rekt Capital wonders whether we will have another pullback to see the macro bottom as happened in 2015. That could bring bitcoin back to the lows from the end of last year.
Do you think there is a chance that #BTC will pullback to retest the Macro Downtrend (black), just like in 2015?$BTC #Crypto #Bitcoin pic.twitter.com/iK4kdgVUrl
— Rekt Capital (@rektcapital) June 8, 2023
Analyst Mikybull, on the other hand, reports that he had a reverse head & shoulders see pattern forming. According to the analyst, this could lead to an increase of no less than 60%.
#Bitcoin is flashing a text book inverse head and shoulders on the weekly TF. Price is currently retesting the Neckline after the breakout.
As taught, if the range between the head and neckline is usually the sprint, we are anticipating another 60% rally on #BTC pic.twitter.com/67KU37Tfbq
— Mikybull 🐂Crypto (@MikybullCrypto) June 8, 2023
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