• Bitcoin has reclaimed the $26,000 level but large cap altcoins have yet to follow suit.
• Institutional investors are showing a growing interest in crypto investments, with 90% of those surveyed indicating they would consider investing if backed by a “large traditional financial institution”.
• Technical and on-chain indicators for Bitcoin are looking similar to Q3 of 2020 before BTC soared above its 2017 high of $20,000.
Price Analysis Overview
The price of Bitcoin (BTC) has reclaimed the $26,000 level, however large cap altcoins have yet to follow suit. Institutional investors are showing a growing interest in crypto investments – with 90% of those surveyed indicating they would consider investing if backed by a “large traditional financial institution”. Furthermore technical and on-chain indicators for Bitcoin are looking similar to Q3 of 2020 before BTC soared above its 2017 high of $20,000.
Bitcoin Price Analysis
Bitcoin is seeing a tough battle between buyers and sellers near the $25,000 mark as news that BlackRock had filed an application for a Bitcoin spot exchange-traded fund failed to boost prices higher due to regulatory overhang. The bulls managed to push the price back above $25,250 on June 15th but must overcome the obstacle at the 20-day exponential moving average (EMA) at $26,320 in order for a meaningful bounce to occur – potentially leading it towards the 50-day simple moving average (SMA) of $27,210 and then potentially breaking out from the descending channel resistance line. If this does not occur then there is potential for it to crash down to psychologically critical level of $20,000 if it breaks below the channel support line.
Ether Price Analysis
Ether (ETH) slipped below the crucial support at $1,700 on June 14th after repeatedly failing to cross above this point since May 28th despite multiple attempts by buyers which indicates that selling pressure remains strong and could lead it towards levels near its lows at around $1,500 or even as deep as levels near its 2021 low at around $1120 if no defense is put up against further losses beyond these points. A break out past both these points will be needed for any meaningful recovery rally that could potentially take it up towards resistance levels such as near its all time highs at around$ 2400 or even higher than this depending on market conditions at that time period .
Altcoin Price Analysis
Altcoins such as Binance Coin (BNB), XRP , Cardano (ADA), Dogecoin (DOGE), Solana(SOL), MATIC , Litecoin(LTC) and Polkadot(DOT) have largely followed BTC’s trend so far – falling when BTC falls and rallying when BTC rallies – however their performance has been less extreme than BTC’s overall movements so far which suggests that investors remain cautious likely due also due their lack of understanding about them coupled with regulatory overhang issues surrounding some tokens . For any significant positive movement ,altcoins will need some positive news or developments or strong buying pressure from institutional investors which doesn’t seem apparent currently given current market conditions .
Overall cryptocurrency markets remain volatile with both BTC and altcoins being subject to ups and downs based on news announcements regarding regulations or institutional investor activity . Any sustained recovery will require strong buying pressure from either long term holders returning into markets or new institutional investor funds flowing into markets but given current market conditions this does not appear imminent in the short term but can change relatively quickly depending on news flow .