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After the sudden drop suffered by the cryptocurrency market on May 19, June is ending with a majority of investors left wanting more. With a slight variation of -7% over a month, Bitcoin is trading around €29,000 ($35,000) this June 30. The last few weeks have been dominated by fear and doubt, with China’s repressive measures around mining and the crackdown announced by some regulators on the cryptocurrency ecosystem in general or on decentralized finance (DeFi). Yet Bitcoin has been holding the important €25,000 ($30,000) support for a month and a half. We will see in our detailed technical analysis that as long as this price area holds, the Bitcoin purchases that are being made here could prove to be very interesting in the long run.
Several statistics on market sentiment or activity of the largest portfolios tend to confirm that we would be in a new accumulation phase. In other words, the largest investors would be taking advantage of the current price levels to buy, to the detriment of smaller holders who are selling, discouraged by the deteriorated state of the market since mid-May. Beware, however, that despite a nice price reaction since Sunday, June 27, the long-term uptrend will not be confirmed until the price manages to get back above €33,200 to €34,600 ($40,000 to $42,000).
On the altcoins side, volatility is higher, so taking positions in them is always more risky. Most altcoins have suffered more losses than Bitcoin in recent downtrends. But since last Sunday, rebounds have often been stronger. This is the case with Ethereum, which is up 14% for the week, compared to only 8% for Bitcoin. Beware that this is not only temporary. On the other hand, statistics show that the activity of the largest Ethereum wallets is encouraging for a future rise: large holders are not selling their ethers, and the number of ethers on the platforms remains on a very low level, showing that there is no particular panic selling. Price action, especially on bounces, will be important to watch in early July, to see which of Bitcoin or altcoins will generate the best performance.
We are still seeing a decorrelation between the traditional and cryptoasset markets. The US stock market indices are still on historical highs. But beware, resurgences of the pandemic, with the Delta variant in particular, could weaken the continuation of this rise. Moreover, recent statistics highlight a record of overvaluation of stock market indices compared to the true value of their underlying assets.
The Coinhouse reccomendation :
Buy on support
The Coinhouse reccomendation :
Buy on break
The Coinhouse reccomendation :
Buy
1- Ethereum Classic (ETC) : +61%
2- Internet Computer (ICP): +41%
3- Shiba Inu (SHIB): +38%
1- Theta Fuel (TFUEL) : -11%
2- AMP : -3%
3- Leo Token (LEO): -2%
All information in this article is provided for informational purposes only, although it has been compiled from reputable and reliable sources. It does not constitute an offer to buy or sell digital assets, nor does it constitute an offer to provide services in respect of digital assets, nor does it constitute advice, inducement or recommendation to deal in such digital assets. It constitutes simple information that is under the user’s absolute control. We inform you that if you choose to invest in digital assets, you must be aware of our general terms and conditions of sale (https://bit.ly/2FGW2ek) and accept the various risks listed and defined on our legal warning page (https://bit.ly/3c4sQKc)
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Investing in crypto-assets carries risks of liquidity, volatility, and partial or total capital loss. Crypto-assets held are not covered by deposit and securities guarantee mechanisms.
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