The crypto market has been enjoying an influx of buyers since Saturday, with a visible acceleration on Monday. Over the past 24 hours, capitalisation has risen 3.6% to $2.33 trillion.
The crypto market has shown signs of recovery over the past 24 hours, with a 3.6% increase in capitalisation to reach $2.33 trillion. This uptrend began on Saturday and accelerated on Monday, continuing despite last week’s drop in the crypto sentiment index to 30 (indicating fear), which twice caused a price reversal. However, the ‘buy the dip’ pattern remained dominant throughout.
Bitcoin is currently trading close to $63.3K, showing a 5% gain since Saturday morning and highlighting the significance of the 61.8% retracement of the Jan-March rally. Alternatively, Bitcoin is also gaining and bouncing off the lower boundary of the downward channel, suggesting a movement towards the upper boundary at $67K.
On the other hand, more cautious buyers might prefer to wait for confirmation with the price rising above $72-73K, which represents the pivot area of the last four months and would confirm the beginning of a new impulsive wave of growth.
After concluding June down 8.5% at $61.9K, Bitcoin now faces the prospect of a typically strong month in July. Seasonally, BTC has closed green eight times (22.3% on average) out of the last 13 and declined on five occasions (-7.8% on average).
Fresh news
The launch of Ethereum-ETFs has been postponed as the SEC returned Forms S-1 to potential issuers of spot ETH-ETFs for corrections. The regulator now expects the corrected filings to be back by 8th July.
CryptoQuant observed an easing of Bitcoin miner sales pressure, suggesting that the end of these sales could pave the way for a resumption of the rally, possibly occurring in Q3.
According to Santiment, the level of bullish sentiment on social media has dropped significantly, indicating a loss of trader confidence in the markets. This phenomenon may have contributed to Bitcoin potentially finding a bottom.
The SEC filed a lawsuit against ConsenSys, the company behind the MetaMask wallet, alleging that the firm violated the law by selling unregistered securities through the MetaMask Staking service.
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