Bitcoin started to break strongly to $40,900 this week, but today the bulls are trying to keep the price of Bitcoin above $40,000.
As the price broke through the USD 31,000 range from USD 31,000 to USD 39,000 on June 14, traders speculated that setting an intraday high and closing above USD 41,000 would cause BTC to rise to USD 47,000. However, there is a lack of continuous buying volume and much trouble. The possibility of discussing the death cross between the 50-day and 200-day moving averages is a factor that may keep traders cautious.
According to eToro analyst Simon Peters:
“Bitcoin is at its highest level since May. This is a significant recovery, but crypto assets have yet to convincingly break through-most importantly, closing above the $41,000 mark.
Although sentiment has improved and futures premiums have rebounded after almost entering a discount last week, analysts cannot confirm that the bull market trend has resumed.
“Earlier this year, when prices were trading near historical highs, we have seen prices face resistance at this level, and I really need to see stronger increases to be optimistic about the price recovery and possibly pushing the price up $50,000 And above.”
Sentiment has improved, but the market is flat
Regarding the lack of follow-up actions on Bitcoin’s June 14 surge, Cointelegraph analyst Marcel Pechman shared the above picture and said that although the 25% delta skew is No longer shows that there is extreme fear in the market.
“Due to the high premium for neutral to put options, arbitrage counters and market markers are currently uncomfortable with the price of Bitcoin. However, the current 7% positive skew is a far cry from the 20% exaggerated fear that appeared at the end of May. “
Although day traders are on the sidelines of the trend state, many on-chain indicators, including changes in Hodler’s net position, indicate that investors still see the recent drop to $30,000 and the current price of Bitcoin at $40,250 as an excellent purchase opportunity.
The change in HODLer’s net position turned green for the first time since October. pic.twitter.com/0hhjXrSdmF
-William Clemente III (@WClementeIII) June 15, 2021