Bitcoin, Ethereum, Dogecoin Remain Rangebound: Analysts Says 'The Reversal Is On The Horizon'
Portfolio Pulse from Aniket Verma
Leading cryptocurrencies like Bitcoin, Ethereum, and Dogecoin remain rangebound amid hawkish signals from the Federal Reserve. Bitcoin and Ethereum faced resistance and saw a drop in Open Interest, signaling a weak market. Analysts predict a potential reversal for Bitcoin. Stocks also retraced from records, with NVIDIA Corp. experiencing a significant drop.
June 21, 2024 | 1:53 am
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NEUTRAL IMPACT
Bitcoin remains rangebound with bearish bets surpassing bullish ones. Analysts predict a potential reversal as whale money flow drops to its lowest level.
Bitcoin's price has been fluctuating within a range, with bearish sentiment prevailing. However, analysts see potential for a reversal due to low whale money flow, which historically precedes upward movements.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Dogecoin saw a slight increase of 1.66%, but remains rangebound like other leading cryptocurrencies.
Dogecoin experienced a minor price increase but continues to be rangebound, similar to Bitcoin and Ethereum. The overall market sentiment remains cautious.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 100
NEUTRAL IMPACT
Ethereum faced resistance at $3,600 and saw a drop in Open Interest, indicating a weak market. The asset remains rangebound.
Ethereum's price movement has been limited by resistance at $3,600, and a drop in Open Interest suggests a lack of strong market sentiment. The asset remains in a rangebound state.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
NVIDIA Corp. shares dropped 3.5%, contributing to the pullback in the broader stock market. The decline was driven by macroeconomic concerns.
NVIDIA's significant drop of 3.5% impacted the broader stock market, reflecting investor concerns over macroeconomic data such as rising jobless claims and contractions in housing starts and building permits.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 100