Technical analysis

Bitcoin unable to break the $10,000 mark, can we remain bullish?

Julien Moretto – 3 Jun 2020

Mixed feelings on the crypto market this week. Bitcoin shows a 5.5% increase over the last seven days to around €8,500 ($9,500) on June 3rd. Ethereum performs even better with +15%. But the continuous rise that started last week, propelling Bitcoin above €9,100 ($10,000), came to a sudden halt in the afternoon of June 2, with most assets losing around 7% within 15 minutes.

A price action that is causing turmoil in the market as prices seemed to be starting a new uptrend. The underlying trend is not called into question and remains bullish. But such an event may raise fears that many sellers are positioned at price levels close to the current price. Analysis.

  • According to CoinGecko, Market capitalization is clearly on the rise, with $270 billion, up from $256 billion seven days ago.
  • Bitcoin Dominance Continues to Decline to 64.7% from 65.6% Last Week.
  • The altcoin Cardano (ADA) offers the best performance of the top 50 with +48% over the week.
  • Investment funds continue to buy cryptocurrencies on a massive scale. Grayscale has got his hands on more than 18,000 Bitcoins since the halving.

We invite you to discover our full analysis in video (recorded on june 2nd, in french)

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