Cryptocurrency market June 21: Green continues to return

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2022-06-23 05:20:46

The cryptocurrency market continued to have a second session in a row covered in green, showing that the recovery momentum seems to be returning. However, investor sentiment in the market is still very unstable. The risk of a downward price correction is still possible when the world economy is still unable to stabilize.

Bitcoin and Altcoins

Bitcoin price chart June 21, 2022

As of now, the price of Bitcoin is at $21,100, the highest level since bottoming out at $19,000 in the past three days. Now, with US stocks cooling off at the start of the week, Bitcoin is slowly regaining its former position.

KOL of Credible Crypto, commented on Bitcoin’s price action over the past few days: “The consequences of the June 18-19 price correction were wiped out in just 2 hours. However, there is still no confirmation that this is a trend reversal. Focus on the higher timeframes (HTFs) and don’t get too caught up in the short-term 5p candles.”

The idea of ​​focusing on the HTF or higher timeframe price structure has been shared by many commentators as the new week begins.

Analyst Rekt Capital commented: “BTC is in a macro bottoming phase for this cycle. In the coming years, investors will be able to make big profits buying here. However, many people are still waiting for BTC to drop lower to buy.”

Rekt Capital also describes Bitcoin as a “gift” to buyers at $20,000: “BTC data shows that whenever below $35,000, the market has consistently delivered outstanding ROI for investors. Long-term Bitcoin”.

Meanwhile, on-chain analytics platform, Whalemap, has been particularly attentive to large investor buying activity below $20,000.

Bitcoin’s relative strength index (or RSI) was at an all-time low over the weekend. RSI is a fundamental indicator that BTC/USD is trading much lower than its underlying security, based on past performance data.

With Bitcoin remaining above $20,000, altcoins also continue to show strong signs of recovery. Among the top 100 tokens, the most prominent is Synthetix (SNX) with an increase of 59.48% in the last 24 hours, bringing its total growth momentum to more than 79% in 7 days. Some other Altcoins that also saw double digit growth include Storj (STORJ) – 25.7%, Arweave (AR) – 24%, 1inch Network (1INCH) – 22.7%, Aave (AAVE) – 18, 6%.

Ethereum (ETH) also bounced slightly over the past 24 hours, recording a 4.25% rally and currently trading around $1,125.

The fear and greed index continues to be in the area of ​​”extreme fear”, however, it has shown a slight recovery signal, as it is hovering around the threshold of 9, 1 point higher than last week. .

The FGI (Fear and Greed) Index on Cryptocurrency Markets remains at an alarming level

Macro factor

Many strategists have a pessimistic view of global stocks, saying that the market will continue to deteriorate before a rally can begin. According to Breakout Point data, billionaire Ray Dalio’s hedge fund management company Bridgewater Associates is holding at least $6.7 billion short in European stocks, showing that the billionaire still being put into the decline of the global stock market still has a bumpy road ahead.

Europe’s Stoxx 600 index is down more than 16% year-to-date, but that’s still modest compared to the 23% drop in the S&P 500 US stock market index over the same period. Period.

Asia-Pacific markets were mostly active in early trading on Tuesday, while Bitcoin continued to rally after its recent rally. Japan’s Nikkei 225 is up more than 1.19% in early trading while Topix is ​​up 1.2%. Kospi in South Korea is also in positive territory, gaining more than 0.16%. The S&P/ASX 200 gained 0.69%. The MSCI index of Asia-Pacific shares outside Japan also gained 0.12%.

Meanwhile, in the US stock market, equity futures rose in overnight trade on Monday after a week of sharp declines, as investors assessed the US Federal Reserve (Fed) ) becomes more “aggressive” and the possibility of recession increases.

Futures on the Dow Jones Industrial Average rose 300 points, or 1%. S&P 500 futures rose 1.1% and Nasdaq 100 also gained 1.1%.

The market just experienced its 10th weekly loss in 11 on fears that the central bank will raise interest rates aggressively to curb inflation that threatens to trigger a recession. However, the president of the US Federal Reserve Bank of Cleveland, Loretta Mester, does not think a recession will hit the United States but believes it will take two years to bring inflation back to 2%.

US President Joe Biden and Treasury Secretary Janet Yellen say a US recession is “not inevitable”, dismissing the concerns of many economists who have predicted an impending recession. arrive. In addition, Biden affirmed that the US will “get through this inflation” while Yellen acknowledged that “inflation is at an unacceptably high level”.

The S&P 500 index fell 5.8% last week, its biggest weekly drop since March 2020, sinking deeper into the negative territory. The equity benchmark is now down more than 23% from its record high from early January. The blue-chip Dow fell 4.8% last week, falling below 30,000 for the first time since January 2021. The Nasdaq Composite Technology Index also fell 4.8%, bringing the total drop to 33. % from its all-time high.

The dollar index hovers near a two-decade high, the greenback’s valuation making bullion less attractive to overseas buyers.

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