Crypto Market Analysis – June 29th

BTC’s short-term technical rebound to more than 9100 US dollars, continued to rise subject to contraction in volume. In the near term, it has not been possible to confirm that the price has reversed and recovered. On the daily line, BTC maintained 6 consecutive shrinkage adjustments, and the pressure of the $9,000 change remained.

In terms of BTC flow on the exchange, the inflow of BTC reached a very high 160,000 BTC on June 29. If this is a signal of increased selling pressure, it is clearly worth paying attention to the trading intentions of the main funds.

Compared with the 98,000 BTC outflow on June 28, the flow of BTC is reversed today, prompting a more obvious change signal. Generally, the number of BTC inflows to exchanges increases, which means that the selling pressure will increase. Therefore, a large retracement of the shrinkage adjustment phase may occur.

In terms of points, BTC basically maintained above 9,000 US dollars in June, but after the volume continued to shrink near the end of the month, there was no sign that such a high price operation could continue. Various transaction data show that BTC will fall below 9,000 USD.

Regarding the price performance of ETC, it entered the short-term rebound of ETC. This is the second rebound after the completion of the hammer line pattern on June 27. Data on the number of active addresses during the same period shows that the number of ETC active addresses is still running at a high level until June 28.

Looking at BTC’s expected short-term trend is not good, ETC’s short-term technical rebound, or it also prompted the market’s changing signal. The overall mainstream currency is expected to exist downwards, especially in the short-term, it is possible to pay attention to the possibility of BTC breaking down.

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Disclaimer: Please do not take this as investment advice; please reply to your own judgment. The above analysis does not reflect any preferences of Bexplus exchange platform.