Bitcoin (BTC), although it closed above $ 35,000 on Sunday, saw the levels of $ 33,591 during the day. So, what awaits the biggest cryptocurrency by market cap this week?
S&P 500 record and state of the US dollar
The S&P 500 hit an all-time high this week. In addition, the economic data from the USA and the Fed’s continued interventions have pushed the stock index even higher in recent weeks. With the US dollar stable, the stock narrative appears to be the possible driving force forward – this scenario historically helping Bitcoin price action.
What do the fundamentals of the Bitcoin network show?
As we reported , Bitcoin recorded the biggest difficulty drop ever this weekend. This shows the impact of China’s war against BTC miners. However, the data shows that an even bigger drop may be seen in the next adjustment. In addition, the hash rate seems to have exceeded last week’s levels.
Critical levels in bitcoin price
Bitcoin briefly surpassed $36,000 over the weekend, but quickly declined. For renowned analyst Rekt Capital, the currently notorious two moving averages (MA) could be the bears’ smoothest companions in the coming days. “Once BTC is able to clear $36,000… The next major resistance will be the area around $38,000,” Rekt Capital added a chart on Sunday. On the other hand, Trader Crypto Ed warned that the levels achieved over the weekend will eventually be lost again. “A complete retreat is coming,” he said.
Volume remains low on BTC network
On Monday, on-chain tracking service CryptoQuant noted that volumes are still declining, indicating a lack of interest from large potential buyers. The firm mentioned that with the volume of transactions in the market, both entrances and exits to the market have decreased, and said that whales are making unobtrusive movements.
Bitcoin trust of market participants returns
The Crypto Horror and Greed Index shows “fear” with a score of 29 at the time of writing. It is worth noting that this level is the highest of the last 3 weeks. One of the lowest levels was seen on June 22nd with 10 points and it was observed that the market was in “extreme fear”. On June 15, it had reached 38 points.
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