The S&P 500 plunged 5.89% on June 11, its
Although gold managed to close in the green on June 11, Bitcoin (
The Organization for Economic Co-operation and Development said in a report that governments should prepare for a possible
During the current crisis, the U.S. debt has crossed the $26 trillion mark. As the central banks balance sheets continue to balloon, several institutional investors may consider investing in higher risk assets like Bitcoin to hedge their portfolio against future currency crises.
If the second wave of coronavirus is as bad as medical experts predict, the short-term panic selling in cryptocurrencies cannot be ruled out but lower levels are likely to witness strong buying by long-term investors.
Bitcoin (
This suggests that the bears are aggressively defending the overhead resistance zone between $10,000 and $10,500.
The bulls held the 50-day simple moving average ($9,177) on June 11 and managed to keep the BTC/USD pair inside the triangle. However, buyers are struggling to push the price above the 20-day exponential moving average ($9,529).
If the pair turns down from the 20-day EMA and breaks below $9,078.96, a decline to $8,130.58 is possible. If this level cracks then the pair could start a new downtrend.
On the other hand, if the bulls can scale the price above the 20-day EMA, another attempt to climb the $10,000–$10,500 zone is likely. If successful, the pair is likely to pick up momentum and start the next leg of the sustained uptrend.
Ether (
The bulls again purchased the drop to the uptrend line, which makes this an important support to watch closely.
Currently, the bulls are attempting to push the
Conversely, if the ETH/USD pair plunges below the uptrend line it will signal a possible change in trend.
The sharp drop in
A breakout of the downtrend line will be a positive sign and it could offer a buying opportunity to the traders.
Above the triangle, the
However, if the XRP/USD pair fails to sustain the rebound, the bears will try to sink the price below the triangle. If successful, a drop to $0.16 and then to $0.14 is likely.
Bitcoin Cash (
Bitcoin Price Dips Below $9K Amid Heavy Stock Market Futures Losses
Price Analysis 6/12: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, ADA, XTZ
Top 5 Cryptocurrencies to Watch This Week: BTC, XTZ, XLM, ADA, NEO
A Record Number of Investors Are Holding at Least 0.1 BTC
Developer Activity Surrounding Eos, Tron, and Bitcoin Cash Plummets
Website Compiles List of KYC-Free Exchanges, Along With Some Warnings
Whales Make Waves, Super Heroes Rise, and Bank Accounts Freeze: Bad Crypto News of the Week