The value of Bitcoin (BTC) after a week above i $70,000 in the last few hours, it has veered back below this threshold and currently seems to be heading towards the closure of another one interlocutory week and transition. This scenario is characterizing many of the main cryptocurrencies with the exception of some Altcoins, where it is however highlighting Toncoin, which continues its climb into the Top 20 of the Coin Market Cap.
Bitcoin corrects below $70,000
Currently, BTC is trading at 69,420 USD (Bitstamp data) and in these first days of June it recorded a growth of 3.20% which follows the positive closing of May in which it closed at 11.29%. This series of increases on an annual basis stands at +64%.
Two weeks ago, we had highlighted how Bitcoin had been surpassed in terms of monthly and annual growth by Ethereum, thanks to the boost from the approval of the Spot ETH ETFs. For a few days, the situation has changed with ETH which has slowed down and on an annual basis stands at +61.30%, again moving behind BTC. In the attached graph we have shown a comparison on monthly chart.
BTC outperforms ETH again on a yearly basis
Observing the progress monthly Bitcoinyou can see, like the price is close to the area of historical highs reached in March, equal to 73,794 dollars. At current value, it is about 5% away from ATH ((All-Time High). On this overview, you can see a key element that occurred in early May: the test of first relevant support long-term at $56,000, from where it then rebounded to almost $72,000.
ETFs and macro economic data
As we had already highlighted in the analysis of June 1stthe data on collection of Spot BTC ETFs, is once again attracting the market’s daily attention. The positive trend resumed on May 13th recorded even important growth peaks, such as that of June 4th which highlights an inflow of 886 million dollars, as can be seen from the attached image of the site Forside Investorwhere we have the Bitcoin ETF Flow of the last fifteen days.
For those who want to delve deeper into the collection data, we recommend the recent article by our editor-in-chief Gianluca Grossi, Wall Street BUYS HALF A BILLION in Bitcoin. Big INVESTORS beat enthusiasts. And now?.
The Bitcoin chart scenario on the weekly
Analyzing the Bitcoin scenario on weekly chart, you can see how he “pushed” towards his previous ATH. The price is up 25% from the low of $56.711 recorded in early May with the corrective swinguntil the first relevant support in the area of 56,000 dollars.
The two main long-term supports
In this graphical overview we have a view on the two main long-term supports. The first level of support it is found at $51,600while further down passes the main support in the area of $44,500. Both are determined via i Fibonacci retracements applied to the carrier ranging from the November 2022 low of $15,558 to the recent ATH.
The setup of the weekly indicators remains positive
In our latest weekly analyzes we brought attention to the setup system of weekly indicators highlighting a warning. Looking at the bottom of the chart, you can see two indicators and, on May 6th there was a risk that a bearish signal would be triggered.
However, the signal did not go off and our weekly setup, continues in the long position open in January 2023. However, it is noted that at the moment the indicators are still moving in the opposite way, leaving a window of attention open. Therefore, the warning signal, which is downgrading to what we can call “high attention”.
NB: I remember that this setup is a location-based operation methodologyit is therefore a slow strategy and not suitable for short-term trading or scalping.
Bitcoin and cyclical analysis
The Bitcoin cyclical scenario, can be observed in the attached graph. A brief introduction, cyclical analysis is a methodology for predicting market movements, based on all the periodic recurrences of a historical series, to identify the breathe (breath) of a crypto, like other financial assets.
Cyclical analysis is a particularly individual exercise for traders or analysts and primarily requires a series history of at least fifteen years. With Bitcoin we find ourselves at the limit of this type of analysis. I have almost never published this type of scenario, which even for BTC is elaborated up to the 15-minute charts, precisely because of the difficulty of interpretation.
When is the purchase window
From the graph, you can see that Bitcoin has reached a March high sales hump (V blue) of the main 65-week cycle. In fact, it initiated the correction to the aforementioned support at $56,000. In this scenario, she still has time to try a descent until the end of July, period (To blue), where one will fire purchase window. The ideal would be a descent onto the relevant long-term supports. However, by the time the price has returned in mid-May above the $65,000 resistance interrupted the first bearish swing. On a technical level a decline may start only with a first descent below the level of short support at $64,000
I’m cutting out a personal space for a brief greeting to all the readers and the editorial staff of Criptocurrency.it, for a few weeks I will be absent to do a “service”. We’ll meet again soon… See you soon guy.
