Crypto Market Analytics 06/17

On June 16, the number of BTC’s active addresses began to rebound to a high of 980,000 in the short-term, indicating that even under the contracted volume, more investors still participated in the short-term chase. However, the amount of funds is limited, and the breakthrough of BTC is more difficult. For now, the key $9,500 is facing a direction choice, and short-term is still bearish.

The market is always clear after the breakthrough. At present, BTC’s short-term performance is rebounding, and the number of active addresses has increased to 980,000, indicating that even in a slight rebound, investors will still quickly chase the trading day. It can be seen that only when the price performance is strong, more investors can enter the market. The current volume is very small, which also shows that most investors dare not invest real money to buy BTC. More investors will wait until the price direction is confirmed.

In terms of points, BTC is running below $9,500, and the bearish trilogy confirmed from June 1 is also valid. Since the beginning of May, BTC has been in a state of shock adjustment, and the direction selection is not timely enough, making price fluctuations more complicated.

In terms of indicators, the possibility of BTC pulling up to a new high is not very high. Once it moves up quickly, the divergence factor will prompt selling pressure. More indicators performed poorly on the daily line on June 17, such as the volatility indicator ROC running low, and the RSI indicator near the 50 line. While the Bollinger rails and lower rails continue to shrink, which means that the breakthrough may be completed within a month.

Looking at the capital flow upwards, the outflow of BTC funds reached 2.358 billion yuan within 7 days. After the inflow of 200 million yuan yesterday, the outflow of funds today again showed 60.33 million outflows.

It can be seen that the current key fluctuation range is below $9,500. The price close to $9,500 is the weighted average cost price of investors within 30 days. Once the breakthrough fails, there will be a greater retracement.

Most mainstream currencies are linked with BTC, and the choice of short-term direction faces greater uncertainty.

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.