Bitcoin regained a foothold north of $9,500 on Tuesday, scoring a sizeable ~5% gain in less than 24 hours. This bear-trapping bounce came immediately after yesterday’s subpar performance that saw the alpha-cryptocurrency dip below $9,000.
As BeInCrypto’s technical analyst, Valdrin, pointed out earlier on in the day, Bitcoin has reclaimed the 50-day MA and is following a short-term ascending support line.
If things continue along the current trajectory, odds are relatively high that the BTC price could reach $9,800 before confronting stubborn resistance around $9,900.
More on that and other big stories from the past 24 hours in today’s edition of BeInCrypto’s Cryptocurrency News Roundup:
Bitcoin Hammer Gives Hope to Bulls [Analysis]
On the shorter-term chart, we can see that BTC is currently trading at the 0.618 Fibonacci level of the entire decline beginning on June 10.
In addition, we can outline a more accurate resistance area at $9,780. The main support area seems to be at $9,300, the level which broke down temporarily yesterday.
- The Bitcoin price has created a bullish hammer on the daily time-frame.
- It has reclaimed the 50-day MA and is following a short-term rising support line.
- There are long-term resistance and support areas at $9,900 and $9,300, respectively.
A Quick Look at the Possibility of LTC Reclaiming $50
There are considerable resistance zones above Litecoin’s current price. First, there are the 50 and 200-day moving averages (MA), both of which are above the current price.
Second, there is the $47 horizontal resistance area. Finally, the daily RSI was rejected by the 50-line and is moving downwards. A look at the short-term chart supports the possibility of a breakout.
- The Litecoin price is trading inside a long-term symmetrical triangle.
- The price has created a short-term double-bottom alongside a descending support line.
- There is support at $40 and resistance at $47, $55, and $61.50.
On the Global Financial Crisis: Buy Bitcoin – Crypto Michaël Interview
BeInCrypto recently had a one-on-one conversation with well-known trader and cryptocurrency analyst, Michael Van de Poppe (a.k.a. Crypto Michaël).
During the in-depth discussion that tracked the current state of the global economy and the role of cryptocurrencies in the days to come, Michaël noted that the current crisis has made the future quite unpredictable.
According to him, only two asset classes – cryptocurrencies and commodities – are poised to emerge from the proverbial storm relatively unharmed.
Massive Number of Bitcoin Options Set to Expire in June
More than 100,000 Bitcoin options will expire before the end of June. The mass-expiration reflects the surge in open interest over the past few weeks. However, it’s worth noting here that historically speaking, futures contracts have little or no impact whatsoever on the price moves of Bitcoin.
DeFi Could Have a Bigger Impact on Ethereum than ICOs
In just 18 months, DeFi has grown by almost 300% in terms of dollars locked up as crypto collateral. For Ethereum, which is the backbone of this new financial ecosystem, there is currently 2.5 million ETH locked up, representing 2.25% of the entire supply.
Maker is the dominant force in DeFi with almost half of the entire market share and almost 2 million ETH locked up.