Bitcoin (BTC) Falls Beneath $7500, A Brutal May For Cryptos - Forex News by FX Leaders
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Bitcoin (BTC) Falls Beneath $7500, A Brutal May For Cryptos

Posted Friday, June 1, 2018 by
Shain Vernier • 1 min read

The last week of trade has been stable by cryptocurrency standards. Yet, another psychological level for the industry standard Bitcoin (BTC) has been broken. With no real strength from BTC seen since early May, what are crypto traders to expect for June?

Big Four Performance Metrics

May was an ugly month for crypto bulls. Even long-term enthusiasts must be anxious for a June recovery. Here are the monthly metrics for the big four cryptos (values approximate):

Coin                                         Percentage Loss        Price

Bitcoin (BTC)                                    18.7%                       $7415

Bitcoin Cash (BCH)                        32.2%                        $985

Ethereum (ETH)                             15.5%                        $573

Litecoin (LTC)                                 20.5%                       $118

Perhaps more important than the percentage declines are the round numbers that have fallen. $7500 for BTC and $1000 for BCH serve as formidable psychological barriers and have the potential to set up as intermediate or long-term resistance. Only time will tell, but it is difficult to disregard these levels.

Bitcoin (BTC) Technicals

The technical outlook for June BTC futures is not positive. A downtrend on the daily time frame is evident and $7500 is the key number driving two-way participation.

BTC
June BTC Futures (BTC), Daily Chart

Overview: Until price trades above the $7644 level with conviction, this market will remain in a confirmed downtrend. As of now, the technical outlook really is that simple for June BTC futures.

Of course, the bigger picture is a bit more complex. News items have a way of running price in cryptocurrencies, as do block buy or sell orders. In the event that we have a high-profile tax prosecution from the U.S. IRS (which I think is coming our way), this market is likely to see additional bearish pressure.

June is going to be an important month for Bitcoin as well as the entire asset class. In the event that $7500 serves as the monthly top, it is going to be a long summer for cryptocurrency bulls.

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About the author

Shain Vernier // US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
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