Although Bitcoin trends in recent weeks have been broadly stagnant, an overall crypto fundamental analysis only leads to a robust scenario, with a likely rally on the way.
Bitcoin has stuck to its current trading range for weeks. This fixed range has led to varied opinions from traders and investors, but the broader positive picture remains. If one views a detailed crypto fundamental analysis, positive Bitcoin trends emerge. The first effective indicator is Bitcoin’s firm support level. The other is the improving sentiments among long-term investors.
Stable institutional and whale holdings have steered the crypto market in recent months. Meanwhile, cash-and-carry trades, short CME futures, and long positions in the spot ETFs have led to BTC’s static range. Cumulative flows into the spot ETFs have increased to over billions.
Moreover, the crypto market is full of mixed sentiments from various quarters. Although whales and long-term investors are bullish, a section of traders and hedge funds could have contrary opinions. Once the ether ETFs launch this month, the weight could tilt towards the bullish stakeholders.
Experts and analysts are also speculating an interest rate cut in September 2024 from the US Fed. This hope for a liquidity boost in the later part of the year comes as a breather for crypto. Until then, even altcoins’ movements could follow BTC’s direction, which has repeatedly happened in 2024. Tokens like MATIC, DOT, and ETH are presently stable.
BTC/USD 1D price chart
Bitcoin is currently trading at around $66,600 on June 14, 2024, with BTC/USD trading lower by a margin of 1.11% in the last 24 hours. Bitcoin’s market cap was trading at around $1.32 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (68,780.30), as BTC’s 24-hour volume was at around $26.4 billion. The global crypto market cap decreased by around 1.24%, trading above $2.43 trillion. BTC’s year-to-date returns are at 61.62%
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