Technical analysis

Is Bitcoin finally going to get out of the $9000/10000 range?

Julien Moretto – 24 Jun 2020

The coming week could be decisive for the crypto market and set the tone for the coming months. Many Bitcoin derivative contracts are coming to maturity, including semi-annual futures contracts on the CME (Chicago Mercantile Exchange) and even options on the Deribit platform. As of June 24, Bitcoin had a weekly variation of only -1.3%, trading at €8,300 ($9,400) and has been trapped for the last 2 months in a range between $9,000 and $10,000. It is likely that high volatility will return in the short term, indicating the direction of the market for this summer 2020.

Regarding altcoins, Ethereum obtained better results with a 1.2% increase over one week. Also noteworthy is the fine performance of Chainlink, which gained 17% over the week and reached its historical highs. All this in a context that remains very uncertain on the stock markets, torn between encouraging recovery figures and fears of a second wave of coronavirus.

  • According to CoinGecko, Market capitalization increases slightly to $273 billion from $270 billion seven days ago.
  • Bitcoin’s dominance remains stable at 64% this week.
  • the best performance of the top 50 is signed by the Compound token (COMP) with +193% over the week but in low volumes.
  • Paypal is going to launch into crypto via its subsidiary Venmo.

We invite you to discover our full analysis in video (in french and recorded on June 23):

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