Bitcoin
Bitcoin price remained virtually unchanged from June 23 to June 30. In general, all seven days were in a narrow range between $29 800 and $31 400. Price changes at the end of the day’s trading sessions did not exceed 3%.
Source: tradingview.com
Popular analyst Tom Dunleavy
attributes the lull to the fact that options on the world’s largest cryptocurrency worth about $5 billion will expire on June 30. Overall, the situation looks quite promising, since the ratio of put and call options is 0.56, which indicates the predominance of believers in growth. The question now is how derivatives will be implemented and what it will cost. Depending on what investors prefer (to invest in call or put options), the reaction of bitcoin prices will depend on. In the first case, dealers will have to buy BTC to hedge risks. In the second, it will be exactly the opposite;
With all that bitcoin barely rose during the week, its dominance index showed a new high in the past seven days, since April 2021. At the moment it exceeds 51.5%.. The change over the week was 0.51%.
Source: tradingview.com
In terms of technical analysis, bitcoin’s picture has not changed since last week. The resistance level is around $32 400 and the support level is $24 756.
Source: tradingview.com
The Fear and Greed Index is down nine points in seven days. It is now 56. Despite the decline, the index continues to be in the greedy zone.
Ethereum
Like bitcoin, the price of ethereum is virtually unchanged over the past seven days. It is still around $1,900.. A couple of times we were even able to go above that level, but we could not gain a foothold.
Source: tradingview.com
Similar to Bitcoin, the uncertainty with Etherium has a lot to do with the options expiring on Friday, June 30. How the situation is resolved will determine the further movement of the coin. So far, everything is in favor of the bulls, as the ratio of put options to call options is 0.57.
In addition, ether’s growth is being held back by the actions of the big players. On June 29, Lookonchain
recorded that one of the holders entered 25 000 ETH on the Binance exchange. After which he most likely sold them out.. It is with this that we can connect the drop of 3.29% in the ether on June 28.
<blockquote
“The smart whale who deposited 25 000 ETH ($47.24 million) on Binance yesterday withdrew 16 million USDT nine hours ago again. The drop in air 11 hours ago was most likely due to the sale of this whale. And the whale has about 8,000 ETH ($14.7 million) left unsold.
.
From the point of view of technical analysis, for further growth, ether needs to overcome the range of $1,900-$1 950. The support level is $1 750.
Source: tradingview.com
Cardano
Cardano cryptocurrency lost almost 3% in a week. And this is not a bad result, considering the fact that on Wednesday, June 28, the coin was losing almost 12% and was sinking to $0.26.. Interestingly, there were three negative sessions and four positive ones this week, but it had no effect on the final result, because the amplitude of the decline was greater.
Source: tradingview.com
Cardano continues to be affected by echoes of Securities and Exchange Commission (SEC) lawsuits against the Binance and Coinbase exchanges, where a native ADA platform token was mentioned as a security. On June 28, fintech company Revolut announced that it is ending support for a number of cryptocurrencies, including Cardano. The reason is the above-mentioned lawsuits. Revolut representatives
said that on a specified date (no specifics yet) users will no longer be able to hold or sell this cryptocurrency, and their assets will automatically be sold off. The money from the sales will be deposited into customers’ accounts.
Analyst Dan Gambardello, on the other hand, is optimistic. In his opinion, people do not understand what is happening with Cardano now. In a YouTube video, Gambardello said the value of the ADA token is not bad, considering the pressure from the U.S. regulator. Analyst urges to pay attention not to the price, but to the DeFi segment of Cardano. From his point of view, cryptocurrency has some very promising projects. They,
according to Gambardello, should allow Cardano to stay afloat despite the prevalence of bears.
It’s worth noting: The analyst’s claims are supported to some extent by statistics. According to DefiLlama, Cardano’s TVL score, which shows the number of blocked assets in smart contracts, is on the rise throughout 2023. Earlier we already mentioned its record highs of over $220 million. True Then, from June 6 to 11, there was a certain amount of drawdown. Cardano’s current TVL is nearly $200 million.
Source: defillama.com
From the point of view of technical analysis, it is too early to say that a bullish trend has arrived.. Since the April 2023 highs, Cardano has lost almost 40%, and so far there is no sign of a return to the former highs. True, they may appear when they overcome the resistance level of $0.305. The support level is $0.252.
Source: tradingview.com
In short, the crypto market is frozen in anticipation of the end of the month. Meanwhile, a number of altcoins continue to experience negative echoes of the SEC’s actions against centralized exchanges Binance and Coinbase.
This material and the information in it does not constitute personal or other investment advice. The views expressed herein are those of the author, research portals and experts and do not necessarily reflect the views of the publisher.