Technical analysis

Bitcoin remains bullish by holding above $8900

Julien Moretto – 17 Jun 2020

Volatility is coming back somewhat this week in the cryptomarket. Bitcoin is down 2% in one week to €8,400 ($9,500) on June 17. At the beginning of the week, a selling movement was initiated but was very quickly bought back, marking at the same time a local low of 7,900€ (8900$).

Altcoins remain correlated with Bitcoin, with Ethereum posting a slight 3% loss over one week. On the other hand, a number of decentralised finance projects continue to dominate the market and have been performing at their best for several weeks now. Projects such as Maker (MKR), Kyber Network (KNC) and Aave (LEND) are all up by more than 50% in one month. All this in a context of hesitation on all stock markets, torn between enthusiasm linked to the support of central banks and fear of new waves of the coronavirus. Analysis.

  • According to CoinGecko, market capitalization contracted slightly to $270 billion from $277 billion seven days ago.
  • Bitcoin’s dominance remains stable at 64.6% this week.
  • the best performance of the top 50 is by Siacoin (SC) with +38% over the week.
  • JP Morgan changes his mind about Bitcoin and announces that the coronavirus crisis has proven its resilience and affirmed its role as an asset that will count in the future.

We invite you to discover our full analysis in video (recorded on June 16, in french):

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