Bitcoin’s performance at the start of the week had garnered a lot of attention after climbing above the $35,000 mark. Since then, the price remained at a constant level till the bear shattered the hold. On Wednesday the world’s largest cryptocurrency fell below the haloed limit taking with it a sliver of the market cap.
With a cap of $651.01 billion, Bitcoin was still making profits in the year to end window. As assets in the S&P market pumped along with digital assets on Monday, both have diverged from one another with respect to performance. At press time, Bitcoin was trading for $34,919 with a daily trading volume of $35.1 billion. Bitcoin’s price action received a boost when major nations adopted it as legal tender.
As June comes to an end, it makes sense to see what lies in store for Bitcoin in the coming months. The hourly charts displayed a consistent motion while the daily charts had deeper troughs.
Bitcoin 1-hour:
The Parabolic SAR pledged allegiance to the bear and stayed above the price candles. Increased sell-off pressure on investors may be the main reason for this market shift in sentiment. For a change, the RSI had good news after a k-formation over the last 24-hours.
Bitcoin’s Chaikin Money Flow indicators skirted above the zero line to move in a parallel fashion. This was a sign of the confidence exhibited by Bitcoin HODLers.
Bitcoin 1 day:
The CMF in the long term was even more perilously balanced as compared to the hourly charts. Only Wednesday’s price action allowed Bitcoin to stay above the zero line. RSI on the daily chart fell below the mid-range which meant that more holders were selling their BTC than buying it.
In the long run, the Parabolic SAR conveyed positive market sentiment. The trend line may be heading downwards but the last few candles have sides with the bull.