Bitcoin shows signs of a bottom  

Aggressive selling pressure has caused the price of Bitcoin to drop from $72K to $66.1k the 8.3% decline was probably caused by several things, including the unpredictability of pre-CPI data, a significant withdrawal from Bitcoin ETFs, the distribution of whales, and the surrender of Bitcoin miners.  The super crypto asset formed a bearish reversal pattern throughout the decline and broke important support to indicate that the slump might be temporary.

Bitcoin

Bitcoin hasn’t closed below $66,000 since May 17, despite testing the $65k support level. Even though Bitcoin price action shows a lack of momentum to surpass the $72k barrier over these four weeks, a few developments have raised regulatory confidence, showing how little room the US central bank has left to maneuver without inciting inflation. 

According to robust measures for Bitcoin derivatives and favorable market conditions, there is little downside. Bitcoin dropped 8.5% between June 6 and June 14, the price of testing the $65K support level. Its key derivatives metric did not significantly change despite this decline. The differential between the spot price on normal exchanges and the monthly contracts in derivatives markets is reflected in the Bitcoin futures premium. 

Bitcoin presses on its neckline, and the double top pattern on the chart breaks the previous level, waiting for the pattern’s negative effects to reactivate before rallying to continue the decline daily. Negative targets are located at $65.8K and $60.3K respectively. Therefore, unless the price breaks $69.4K and stays above it,  the negative trend is for the foreseeable future. There is increasing pressure on the US Federal Reserve to cut interest rates to avert a recession.  

Current data indicates that the headline Consumer Price Index (CPI), which is 3.4%, continues to stubbornly exceed the Federal Reserve’s 2% objective for inflation. Together with a minor increase in unemployment from 3.9% to 4% in May, this ongoing inflation suggests that the labor market is starting to weaken. 

The Fed’s recent decision to scale back its quantitative tightening program highlights cautious optimism that inflation is stabilizing and shows how cautiously it approaches monetary policy. But if the Fed doesn’t change its policies soon, it might worsen economic downturns as high borrowing costs will still discourage crypto investment and consumer spending. 

Bitcoin sell-offs trigger a meltdown in the meme coin market 

Top meme coins posted heavy weekly losses amid sell-offs in the crypto market. This week, the crypto market saw significant volatility because macroeconomic news soured investor mood. Even though riskier assets are preferred in the newly released PPI and CPI data, Bitcoin barely reached $70000 on Wednesday before rapidly declining.  Bitcoin’s price dropped to $65000 support level, indicating that the current correction trend is still in effect. 

 

Santiment data highlighted that traders are afraid because of Bitcoin’s decline to $65K its lowest level since May 16th. Social media mentions of “selling” and “taking profit” have grown, which points to generalized fear in the evolving digital space  Dogecoin (DOGE) has lost more than 4% of its value today, bringing its weekly losses to around 8%. At the moment, DOGE is selling at about $0.13. Based on on-chain statistics, the $0.115 price level offers support if the market drop continues. The highest accumulation price zone for the meme coin, 46 billion DOGE, was historically acquired by investors at an average price of $0.115. As a result, it might offer the necessary buffer to stop a further drop. 

Meme coins have consistently been among the biggest gainers during extended market rises. As a result, as their recent price performance indicates, these tokens likewise experience steep drops during the market downturn. This dynamic resistance caused the dog-themed meme-coin to drop from its March high of $0.228 to $0.133, a 42% loss, with market valuation now at $19.2 billion 

The overall market suggests that the slump is still ongoing, so the price of Dogecoin may drop another 8% in search of support at $0.122. The coin price recovered twice from this support, pointing to a robust accumulation zone. 

The consolidation trend will continue and try to cross the above trendline if the support holds. Should the buyers turn the resistance above into possible support, the coin may pursue targets of $0.175 and $0.228. 

The price of PEPE has dropped 9% for the week, hinting at a possible breakthrough from a crucial support level at $0.0000114, which is also the 50-day EMA and the 38.2% Fibonacci retracement level. Should this fall continue, selling pressure could build and the price of the PEPE coin could drop to $0.000009.  

The 50% and 61.8% Fibonacci retracement levels, or $0.000009 and $0.000007, respectively, suggest important areas of interest where buyers might emerge to reverse the trend, according to the Fibonacci tool. 

Bitcoin is struggling below the $68K resistance line 

Bitcoin faces difficulty breaking above $68K resistance as market activity moderates considerably. The significant losses from earlier in the week have experienced a sideways trend in the cryptocurrency market during the last several days.

Bitcoin

Major cryptocurrencies seem to be trading around significant levels, suggesting that traders are now searching for a direction. Even though the underlying asset of Bitcoin perpetual contracts is depreciating, open interest in them is still high. 

Investors are concerned about Bitcoin’s range-bound volatility over the last three months, despite record net inflows across spot Bitcoin ETFs. Prices, however, haven’t matched such projections. Key insights are revealed by recent studies and on-chain data, which may explain why the most valuable digital asset has continued to trade comparatively sideways.
Research by Glassnode indicates that traders may be implementing a cash-and-carry arbitrage technique due to the rise in BTC CME Open Interest and the size of net short positions held by institutions classified as hedge funds.
A market-neutral tactic known as “cash-and-carry arbitrage” is purchasing an asset at the spot market and initiating a short position in the commodity’s futures contract, trading at a premium.
Organizations classified as hedge funds are amassing a growing net short position in Bitcoin. This suggests that the cash-and-carry trading structure, in which the ETFs serve as the vehicle for acquiring the long spot exposure, might represent a significant source of demand for ETF inflows,” the paper says.

However, the asset is above the 200- and 50-day simple moving averages (SMA), suggesting the market feels optimistic. Currently, the price action is at the 50-day simple moving average (SMA), which is in line with a significant support level of $66K. Tested five times in the last two months,  a powerful resistance that has transformed into support.  

When combined with a funding rate that is still positive, it is implied that buying interest is still predominant. This shows a price difference between the underlying asset and BTCUSDT contracts, probably because of renewed bullish pressure. If bulls can hold onto this last line of defense, the price of bitcoin might rise and reach $72,500. Bitcoin’s price could find support between $60,000 and $57,000 (the 200-day SMA) if the bulls can’t prevail. 

The weekly Bitcoin price chart displays a very bullish market structure on a macro level. If it resolves upward, it forms a bull flag with a potential upside of 66%. The Fibonacci retracement tool indicates that when the price of Bitcoin plummeted to $56,500 in April, price movement approached the 0.5 retracement level. 

Meanwhile, according to data from on-chain intelligence company Santiment, the quantity of Bitcoin available on exchanges dropped to less than 940,000, the lowest level since 2021. This suggests that investors have a bullish view of the asset and are not planning to sell now. 

Bottom Line As of right now, Price action highlights the crypto asset will need some booster to stay above the $70,000 price barrier. 

Ethereum finds support in $3,500 levels, ProShares filed an S-1 registration 

Ether has struggled to surpass the $3,900 resistance in the past few weeks; however, price recovery is set in motion. Bulls got some respite as ProShares filed an S-1 registration statement for its spot Ethereum ETF on June 11, confirming and expanding on the roles of various fund participants.  

 

Ethereum

 

Coinbase Credit is set to function as the trade credit lender for the company, permitting it to obtain cash and Ethereum (ETH) for certain transactions surpassing its trading balance. Bank of New York Mellon will handle purchase and redemption requests.

The paper also outlines positions that have already been made public, including those of Delaware Trust Company as trustee, ProShare Capital Management as sponsor, Coinbase Custody as Ethereum custodian, Coinbase Inc. as primary execution agency, and BNY Mellon as cash and administrator.   Changes to each job are permitted in the file; for example, BNY Mellon’s administrator role has an initial two-year term with yearly renewals.  

SEC has acknowledged the proposed rule amendment submitted by NYSE Arca on behalf of ProShares. If approved, the move will allow the exchange to list and trade fund shares.  

The SEC has not yet approved the proposed regulatory modification relevant to ProShares’ fund. Based on market projections, the decision is expected to take a few weeks or months.  

A closer examination of the daily chart reveals that Ethereum experienced strong selling activity that led to a big rejection following a brief period of consolidation near the critical $4K resistance. This highlights aggressive short positions close to the previous major swing high of $4K and suggests substantial selling interest around that level.  A head and shoulders pattern has formed in the 4-hour chart due to recent congestion near the $4K mark, suggesting a lack of bullish momentum and an increase in supply. This well-known pattern points to a possible bearish short-term reversal. However, a bearish scenario is more likely now that the price has broken below the neckline of this structure.  

Further highlighting selling domination is a negative divergence between the price and the RSI indicator, which raises doubts about Ethereum’s future course. Ether’s value hovers around $3.5K, a crucial support level. The most likely consequence is that the bearish trend will continue if sellers can cross this crucial level.   The EMA50’s negative pressure supports the price actions that indicate a bearish trend for the upcoming period. It is observed that a close over $3641.82$ will put an end to the projected decline and take the price back on its main upward track. 

 

Bitcoin crashes bulls’ party, drops below $68K 

Bitcoin value dropped to a weekly low ahead of Tuesday’s Fed meeting and U.S. inflation statistics, and US spot Bitcoin exchange-traded funds (ETFs) saw their first net outflow in more than 19 trading days. 

Bitcoin attempted to breach the coveted $70,000 mark, but it was forcefully rebuffed and fell back by more than 2K within an hour. The value of the entire cryptocurrency market dropped by almost $100 billion because of the altcoins’ reddening. Daily, the total value of liquidated positions has increased to over $170 million. 

 

The weekend saw mild movements in the price of Bitcoin, but Monday started more positively. Bitcoin tried to push through the psychological barrier at $70K but the bears prevented a clear triumph by quickly stopping the move even though they momentarily crossed that line.  

The most valuable cryptocurrency, bitcoin, dropped more than 2% to $67.7K, continuing its decline from recent highs of almost $72K. The second-largest coin, ether dipped below $3,550 at one point.

Price action highlighted Bitcoin’s Bollinger Bands are currently contracting, an indicator of a slowdown in the market. The ultimate volatility explosion increases with the length of the Bollinger band squeeze. Bollinger bands, or volatility bands positioned two standard deviations above and below the price’s 20-day moving average, are displayed together with Bitcoin’s price on the chart.

Farside Investors data showed losses came into play after a collective withdrawal of $64.9 million from the spot bitcoin exchange-traded funds (ETFs) listed in the United States. This was the first loss from the ETFs since at least May 23. The market speculates that the recent big inflows are not the result of outright optimistic wagers, but rather from institutions’ increased interest in the non-directional basis trade. 

The dollar index, which measures the value of the US dollar relative to a basket of other fiat currencies, steadied its two-day advances as yields declined and prices of the presumed haven, US Treasuries, moved higher. As per TradingView, a charting site, the yield on the benchmark 10-year note decreased by three basis points, reaching 4.45%. With $39.5 million in net outflows, the Grayscale Bitcoin Trust (GBTC) took the lead, followed by the Invesco Galaxy Bitcoin ETF (BTCO) with $20.5 million and the Fidelity Wise Origin Bitcoin Fund (FBTC) with a meager $3 million outflow. 

This coincided with meek inflows from Bitwise’s and BlackRock’s ETFs of $7.6 million and $6.3 million, respectively. 

According to Morningstar, analysts predict that inflation will increase by 0.1% following a 0.5% increase in April, bringing the annual rate to 3.4%. Core inflation is projected to rise by 0.3% in May, continuing the trend from April. The Federal Open Market Committee (FOMC) will convene on Wednesday to decide on the Fed’s monetary policy. 

Binance Coin on bullish run despite melting after June 6 all time high  

Binance coin is still close to tia all time amid recent market correction. The overall asset market worth has increased to about $95 billion, solidifying its supremacy even after a difficult year in which Binance had to pay a record-breaking $4.3 billion fine to resolve a legal dispute with US authorities.  

BNB started a correction from $722 on June 6, immediately after Bitcoin broke below the $72K price level, indicating profit-booking by short-term traders. The crucial support to observe on the downside is the 20-day EMA ($639). 

Such price action indicates that traders are buying on dips and that sentiment is still bullish if the price bounces back off the 20-day EMA. That will make it more likely that the upward trend will resume. After that, the BNB/USDT pair might rise to $775, the pattern target. 

If the price breaks below the $635 breakthrough barrier shortly, such an optimistic assessment will be irrelevant. That could snare the belligerent bulls and pull the pair toward the upward trend line. 

The price was dragged below the 20-EMA by the bears, but they were unable to bring the price down to the 50-SMA. This implies that at lower levels, sales stop. The token will likely be pushed back above the 20-EMA by the bulls. Should they take such action, the pair may rise to $695 and then $722. 

On the other hand, a price decline from the 20-EMA will indicate that bears are attempting to turn the level into resistance. After that, the pair might fall to the 50-SMA. The next stop might be $635 if this support breaks. Although the price of bitcoin has dropped from its intra-week high of almost $72,000, bulls are still attempting to keep it above $69,000.  Bitcoin is expected to maintain the $68K level this week. Traders are stuck with Bitcoin even if it hasn’t been able to break through the overhead resistance. 

In addition to being used to settle fees on BNB Smart Chain, the asset is well-liked by many crypto apps like games and exchanges, BNB holders also receive discounts on trading fees on Binance. 

Farside Investors data revealed that exchange-traded funds that track spot Bitcoin inflows of almost $1.7 billion this week. As of June 6, the total investments in spot Bitcoin ETFs amounted to $15.5 billion. The robust purchasing indicates that traders believe the upward trend will continue. 

Bitcoin’s price has fluctuated between $66,500 and $72,000 for a couple of weeks. A pullback is underway because of the price’s inability to break above the overhead resistance, with support being sought at around $69,000. The price needs to be pushed and held above the 20-EMA by buyers to increase the likelihood of a rise to $72,000. 

A closure below $68,420 on the downside will shift the short-term advantage in the bears’ favor. The pair might then crash to $66,500, which is a solid support level. 

Although Zhao, the founder of Binance, never revealed the precise amount of BNB he holds, the founding team received 80 million tokens, or around $56 billion, according to a 2017 whitepaper from BNB’s initial coin offering, or ICO. The Binance exchange was started with funds raised through the initial coin offering. 

Binance hosts 200 million users worldwide

The largest cryptocurrency exchange in the world based on daily volume, Binance, revealed that it has 200 million users worldwide. It is important to note that these numbers are self-reported.
The business’s legal problems are likewise mostly in the past. It seems like Binance has come off largely unscathed, with founder and former CEO Changpeng “CZ” Zhao serving a fourth-month sentence on fraud charges.

 

Binance celebrated the milestone by presenting the 200 million user mark as a turning point in the company’s journey to onboard a billion users on all of its social media channels, or one in every eight persons on the planet.
We are celebrating 200 million today, and YOU are the reason behind it all! Our quest to reach one billion users depends on your support. Cheers to you, the stars of our tale! the exchange added.
As of 2022, there were only about 130 million users on Binance. The exchange reached 170 users in 2023 after adding 40 million new users. In the meanwhile, at least 30 million more had been added as of six months into 2024. If the company’s and the industry’s current trends continue, Binance is expected to achieve 300 million users by 2026.

According to a Triple-A study, the global cryptocurrency consumer installation base reached 562 million persons in 2024, an increase of 142 million over 420 million users in 2023. Based on these figures, almost 36% of all cryptocurrency users worldwide are Binance users.

Following yet another industry record for the company in the cryptocurrency space, Binance has reached 200 million users. In March, Cointelegraph reported that Binance has amassed $100 billion in user assets under management. On average, each user has assets in custody valued at approximately $500.

The research division of Binance digital assets exchange claims that since the beginning of the year, the amount of money entering the cryptocurrency industry has increased by double digits.
Decentralized finance, or DeFi, is one of the main benefactors of the “resurgence of markets,” according to a recent analysis by Binance Research.
“Notably, a significant capital inflow into DeFi has coincided with the overall market rally, driving the total value locked to US$94.9 billion this year, up from US$54.2 billion at the beginning of the year, indicating a strong 75.1% year-to-date rebound.”

GameStop stock in worst session since 2021 value as ‘Roaring Kitty’ says little 

GameStop posted its worst session since 2021.  GameStop saw its largest one-day loss since February. 4, 2021, during which time the stock fell by over 39%. It would also be the fourth worst day ever for GameStop. 

Keith Gill, known as “Deep-Value” on Reddit and “Roaring Kitty” on X and YouTube, conducted his first livestream following the three-year-old meme stock craze with less fanfare for meme traders pushing the stock down on a slope. 

Gill stated that he believes in the video game retailer’s rebirth under CEO Ryan Cohen. Additionally, he disclosed that the GameStop holdings he had given in images were his only wagers and had no institutional support. 

 

Sometimes during his stream, GameStop shares were suspended. Following the company’s earlier revelation that revenues had decreased dramatically in the first quarter and that it was selling more stock, investors responded by sending the stock down over 40% on the day. 

Even though GameStop was down 40% at the close of the trading day, at about $28 per share, the company is still inside Gill’s call option exercise price. He has 120,000 call options with a $20 strike price that expires on June 21st against GameStop. 

If exercised, the notional value would be $240 million in stock purchased at $20 per share. Thus, for Gill to obtain custody of the stock upon the exercise of the calls, he will require $240 million. 

Roaring Kitty confirmed that his only investments in the portfolio are the GameStop positions he had displayed in screenshots: five million common shares and one hundred and twenty call options. 

With diminishing sales of hardware, software, and collectibles, the online retailer of video games announced a $32.3 million loss on $882 million in revenue for its first quarter of fiscal 2019. In comparison, last year saw a loss of $5005 million on $12,2 billion in revenue. 

The results, which included a sharp decline in sales year over year and a net loss, were unappealing. in line with the pre-announcement on May 17, with a free cash flow of approximately $155 million. 

The company’s stock fell $18.33, or 39 percent, to close the day at $28.22. By early Friday afternoon, the New York Stock Exchange had halted GameStop trading over fifteen times because of the stock’s atypically volatile trading. 

147,070 traders sent on early retirement as Bitcoin breaks $70K support level  

What was first perceived as a test of all-time highs for Bitcoin turned into a sharp decline, with the largest cryptocurrency in the world just holding onto a weekly gain. Bitcoin’s recent collapse below the $70K support level led several other crypto assets to experience huge losses. The decreases in Ethereum (ETH), BNB, Solana (SOL), and XRP were 2.6%, 3%, 3.9%, and 5%, respectively.

 

Unsurprisingly, the meme coin category saw a downturn following the release of GameStop’s disappointing earnings report and the lack of interest from investors in Keith Gill’s, aka Roaring Kitty, first YouTube livestream in years.  

Bitcoin was trading at $69,300 at the time of publication, a decrease of 3% over the previous day. Double-digit losses have been experienced by Pepe, Dogwifhat (WIF), and Bonk, while Dogecoin (DOGE) and Shiba Inu (SHIB) are down 7% and 6%, respectively. 

147,070 traders were liquidated in the last 24 hours, for a total liquidation value of $409.51 million. The greatest single liquidation order, worth $5.2 million, was placed on OKX – ETH-USD-SWAP.  

Forcibly terminating a trader’s position in the crypto market is known as “liquidation.” It happens when there is not enough margin to cover maintenance expenses or when a trader experiences large losses to the point that their margin accounts were unable to sustain their open positions. 

After breaking beyond $72K earlier on Friday, Bitcoin began to decline momentarily after the release of the government’s much stronger-than-expected May employment data, which showed an increase of 272,000 jobs. That appeared to crush expectations of an impending Federal Reserve interest rate drop, driving up interest rates and the dollar’s value

Despite the robustness of the labor market, Federal Reserve Chairman Jerome Powell stated earlier this month that inflation has significantly decreased from a multi-decade high in 2022. In the past, officials thought some easing could be required to drop inflation to their objective of 2%, with a decline in job demand relieving upward pressure on wages.  

Higher interest rates negatively impact the value of so-called risk assets, such as stocks and cryptocurrency, because storing cash or US Treasuries offers comparatively higher returns.

The worldwide cryptocurrency industry saw significant changes after the Securities and Exchange Commission (SEC) approved Bitcoin ETFs in January 2024 and Ethereum ETFs months later. Despite recent meltdowns in the crypto market, sentiments are still mostly positive for the long term.
Crypto firms that have filed or submitted draft registration statements for initial public offerings (IPOs), which might happen this year, include stablecoin issuer Circle and blockchain provider Chia Network. Moreover, eToro, a trading platform, is deliberating going public, and Animoca Brands has some IPO prospects lined up for 2025 or 2026.

Nvidia’s bulls stall after $3 trillion market valuation  

Nvidia Corp. is now the most valuable semiconductor company in the world. It has now achieved the rare feat of being the first computer chip business to reach $3 trillion in market valuation. 

The company’s shares in Santa Clara, California have increased by around 147% this year, adding roughly $1.8 trillion due to the explosive demand for its chips, which are used to power artificial intelligence jobs. With a 5.2% gain, the market capitalization reached a record $1,224.40 on Wednesday, surpassing Apple.  

NVDA stock has an average recommendation of “Strong Buy.” The stock price estimate for the next 12 months is $1,127.9, down -7.88% from the current price. 

Even though Nvidia has been on a solid upward trend, the most recent rise was accompanied by a diminishing trading volume, suggesting that momentum may be waning ahead of the much-awaited 10-for-1 split of the stock, which happens after Friday’s closing bell. 

Furthermore, the relative strength indicator (RSI) has reached a lower high despite the stock reaching highs. This indicates a bearish divergence, a technical event that signals a possible reversal. 

Nvidia shares have been trending substantially higher since October 2022, when they bottomed out just below the 200-week moving average (MA). Retracements from February 2023 have needed more selling pressure to approach the 50-week MA. 

The stock experienced a four-week correction of about 20% through the first half of April following an amazing run of eleven consecutive weekly green candlestick bars between January and March. However, the stock resumed its uptrend as buyers took advantage of the dip in the run-up to the company’s quarterly results last month.  

This week, Nvidia’s star continued to rise because of its commanding market dominance of the premium accelerators used in AI training. Rivals ranging from Advanced Micro Devices Inc. to Intel are vying with Nvidia for control over an ecosystem of software, hardware, and solutions. “It’s almost like Nvidia versus the world.

Unknown to many, however, is the truth that Nvidia’s success is dependent on the hundreds of Taiwan-based businesses working together to enable artificial intelligence. 

Those who see past Nvidia’s wake can see patterns that could eventually dictate the global course of AI evolution. This year, Microsoft Corp. software was widely used in presentations and exhibition booths, “AI PCs” proliferated over expansive show floors, previously unknown Taiwanese brands rose to fame, and many IT titans studiously avoided discussing politics, China, or sanctions.