The altcoin market cap (TOTAL2) tested the trendline support and bounced from there, as expected. We already suggested accumulating some altcoins during the dip. A bounce in altcoins may occur when BTC stabilizes.
On June 11, exchanges recorded the largest cumulative outflow of BTC for the month, according to Glassnode data. This significant movement suggests growing confidence among investors and a potential shift towards long-term holding strategies.$BTC
The price has broken below a major support area and is currently trading below it. We might see a retest of this area. If the price cannot break above this level, then we could expect a continuation of the downtrend towards the lower support area. It's advisable to wait for some time before considering new entries.
Support Area: $9.80-$10.40 Resistance Area: $13.80-$14.65
SOL moved toward the local resistance area but was rejected from there. The price is now moving towards the support trendline. You can consider opening a small long position at the support area with a tight stop loss.
The price formed a symmetrical pattern on lower time frames and respected the support trendline. The local resistance area is marked on the chart. We may see a move towards the resistance area. A break of this triangle will determine the next move.
Price has reached the major support area. There might be some accumulation around the support area before the next move. You can place buy orders in this zone with a tight stop loss.
Support Area: $0.837-$0.893 Resistance Area: $1.14-$1.23
There is no liquidity left on the downside, and the majority of long positions have been liquidated. A large cluster of short position liquidations is around $68,800, indicating a bounce is expected soon.
The altcoin market cap (TOTAL2) is now approaching the trendline. A bounce may occur after a retest, making it a good time to accumulate your favourite altcoins on the dip.
Bitcoin was unable to break above the $70,000 level and was strongly rejected from there. The price is now dropping, and if BTC is unable to hold the $67,000 support area, we may see a decline towards the $64,500-$65,500 support area. Keep an eye on the market.$BTC
The Bitcoin futures market is seeing a significant change. Margined futures open interest using BTC as collateral has dropped from 70% in early 2021 to less than 20% by mid-2024, according to Glassnode.
This indicates a growing preference for using more stable collateral like USD or stablecoins to mitigate Bitcoin's price volatility risks.
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