A Comforting Prospect as Bitcoin Returns to Green

The price undercurrents of cryptocurrency are typically analysed using linear regression and Granger causality analysis. Price undercurrents are generally represented by the following four types: news-based, chart-technical, momentum, and volume.

Although both the news-based and chart-technical approaches are powerful for analysing cryptocurrency price movements, the key difference between these two approaches is that chart-technical analysis aims to predict a cryptocurrency’s future price movements as determined by its past price trends, whereas news-based analysis aims to predict a cryptocurrency’s future price based on its streaming data feed on external sources such as localised news sources or social media postings.

Bitcoin Price

Bitcoin topped out at $32,206.26 on the last day of May, after it gained more than $1000. The next event was a fall of $29,479.74 on June 3rd. June 6th ushered in another surge. The Crypto Fear and the Greed Index are still bogged down in tremendous fear of the unknown.

An analogous sequence also preceded a brief price hike in January this year. Bitcoin’s growth past rigidness ($31,000) suggests a potential bull run. It is indicated by the options market that there is a 63% probability that Bitcoin will trade more than $28,000 in July.

Currently, Bitcoin is trading at $21,461.82 (£18,000) with a 24-hour increase of +4.6% and a 7-day variation of +6.8%.

Ethereum Price

Just like Bitcoin, Ethereum peaked on the last day of May (May 31st) at $1,996.80. However, on June 3rd, it faced a slip back to $1,751.16. Largely, it fared worse than Bitcoin, as it gained less than 3%. The upsurge on June 6th was also significantly weaker.

The spike from $1,737 on June 3rd showed the buyers’ attempts to try and defend crucial support at $1,700. It will be tough for Ethereum to rally more than $2,000; suppose the bull takes over. Currently, Ethereum is trading at $1,161.42 (£950.29). it has a +2.0% 24-hour growth, and a +2.6% 7-day increase.

XRP Price

XRP rallied to $0.427461 on the last day of May. XRP took the same pattern as Bitcoin; however, it experienced a more powerful upswing. On June 3rd, however, it crashed to $0.386369. XRP’s 7-day results reflect Ethereum’s.

The bearish burden is still substantial. Its elimination might allow XRP to attain its psychological height of $0.50. however, the equivalent opposite could see its price fall to $0.28. it is essential to know that, as of now, XRP’s support level is at $0,34. Currently, it is trading at $0.399799. it has a 2.6% 7-day rise and a 24-hour variation of 0.1%.

Bitcoin’s First Signs of Comforting Prospects in Ten Weeks

Bitcoin investors were given something to smile about when the coin showed signs of comforting prospects last week. Daily and weekly performance of Bitcoin are showing that it is finally on the green side. It has surpassed the crucial and tenacious resistance level. In addition, the trading volume of the cryptocurrency has increased by more than 50%. With that in mind, there is a little bearish momentum. For the bull run to start, they must be conquered.

The following are two confirmations to note.

  • To overcome the next resistance level at $33,000. This might thrust its price to surpass its 9 EMA (9-week exponential moving average); for now, the EMA is below 20 EMA, indicating the presence of selling pressure.
  • Lastly is the Relative Strength Index, also the RSI. A minor bull run is expected if the price continues to be above 9 EMA. in addition, investors should expect a series of upsurges if 9 EMA crosses 20 EMA.

The decision by Fed to increase the interest rate by 0.5% saw May deliver one of the worst market crashes ever. Before, the crypto world showed a minute correlation with global events. The association can be attributed to three core facets;

  • Fears of inflation.
  • Growth of the market cap since 2020.
  • The ongoing conflict between Russia and Ukraine.

However, June has brought a new prospect that ignited Bitcoin’s flame.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.