Bitcoin started the week with a strong breakout at $ 40,900, but today bulls are trying to keep Bitcoin price above the $ 40,000 level.
When the price broke from the $ 31,000 range to $ 39,000 on June 14, traders speculated that setting a higher daily high and closing price above $ 41,000 would prepare BTC for a surge to $ 47,000, however a lack of sustained buying volume and the much debated possibility of a death cross between the 50- and 200-day moving averages are factors that could make traders wary.
According to Simon Peters, an analyst at eToro:
“Bitcoin is at its highest level since May, a remarkable rebound, but the crypto asset has yet to break through convincingly – and above all close above the $ 41,000 mark.
While sentiment has improved and futures premiums rebounded from nearly backwardation last week, analysts cannot confirm that the uptrend has resumed.
“We saw the price encounter resistance at this level earlier in the year when it was trading around the then all time high and I would really have to see a bigger rise to be optimistic that the price will recover, and possibly pushes. “to $ 50,000 and beyond.”
The mood has improved, but the market is flat
Regarding the June 14 lack of follow-through from Bitcoins Pump, Cointelegraph analyst Marcel Pechman shared the graph above, saying that while the 25% delta skew no longer signals that there is extreme fear in the market.
“Arbitrage desks and market markers are currently uncomfortable with the price of Bitcoin, as the premium for neutral to bearish put options is higher. The current positive bias of 7%, however, is far from the exaggerated fear of 20% observed in late May. “
While day traders are undecided about the status of the trend, a number of on-chain metrics, including the Hodler Net Position Change, show that investors are getting the most recent drop to $ 30,000 and Bitcoin’s current price at $ 40,250 still see it as an excellent buying opportunity.
HODLer Net Position Change has gone green for the first time since October. pic.twitter.com/0hhjXrSdmF
– William Clemente III (@WClementeIII) June 15, 2021