The BTC tug of war turned decisively in favor of the bulls late Monday as the price blasted past $9,500 to establish a local high of $9,780. The mini-rally occurred over a span of barely four hours, following which things seem to have calmed down a bit.
The alpha-crypto is changing hands for about $9,650 as of this writing. However, the odds of this quasi-stability turning into yet another full-fledged breakout attempt remains strong. If the bulls have their way, as they did on Monday, five-figures could very well soon be on the cards.
Continue reading for a more thorough analysis of Bitcoin’s price movement, along with other big stories from the day, in BeInCrypto’s Crypto News Roundup for June 23.
Bitcoin Analysis for June 23, 2020
The daily chart shows that even though BTC created a bullish engulfing candlestick yesterday, it did not close with considerable volume. It’s useful to compare this with the bullish hammer created on June 15.
This puts into doubt the strength of the current move. Also, there’s stiff resistance at both $9,900, and $10,050.
- The Bitcoin price has broken out from a descending wedge with considerable volume.
- There is support at $9,530 and resistance at $9,900.
- A golden cross has formed on the hourly time-frame.
A Glimpse Into Bitcoin’s Possible Future Movement Using Elliott Waves
In this report, BeInCrypto’s in-house technical analyst Valdrin argues that the Bitcoin price could be in the B-Wave of an A-B-C correction or in the fifth and final wave of an impulsive move.
Another possibility is that the price has just begun its fifth wave, also measured from the March 13 bottom. In this case, what was previously wave A of an A-B-C correction, is instead wave 4 of the impulsive upward move.
Tightening Regulations Chipping Away at Crypto ‘Wild West’
Bitcoin and its brethren are certainly no stranger to hostile governments. Over the past decade, the nascent-but-thriving asset class has been bullied in every which way by the powerful nexus of ruling elites, central banks, regulatory bodies, and even mainstream financial institutions.
So far, crypto has survived all attempts to strangulate it into oblivion. However, in the absence of a global crypto regulation standard, international organizations warn about the dangers of regulatory arbitrage.
In this article, BeInCrypto writer Osato Avan-Nomayo sheds light on the state of crypto regulation (or lack of) in the world’s major economies, including the US, the UK, Japan, India, and South Korea, among others.
Cryptocurrency Price Analysis: Ontology (ONT), Stellar (XLM), Atom (ATOM)
- The ONT price has been increasing since May 7, when it reached a low of 473 satoshis. Recently, the price moved above the 50-day moving average (MA) and is currently in the process of moving above the 625 satoshi resistance area.
- Meanwhile, for ATOM, if the current support area around 28,000 satoshi holds, a long-term bullish trend could be on the cards.
- The XLM price is sitting at a confluence of support levels: the 725 satoshi support area and the 100-day MA, which has been a relatively good predictor of the trend since January.
Binance U-Turn: Exchange Finally Adds DigiByte for Zero Listing Fee
In a surprise move, Binance announced Monday that it’s adding DigiByte (DGB) trading to its platform. At launch, DGB will be available only in three pairs – BNB/DGB, BUSD/DGB, and BTC/DGB. Binance also made sure to clarify that DigiByte didn’t pay any fee for the listing.
Just in case you were out of the loop, the announcement sheds additional light on the personal grudge-match that exists between DGB’s founder, Jared Tate, and Binance CEO Changpeng Zhao.
When Will Ethereum Benefit From the DeFi Boom?
It stands to reason then that the biggest beneficiary from this DeFi boom should be Ethereum. But any real price momentum has yet to materialize for the world’s second-largest crypto asset.
Ethereum has had a slow and steady burn this year, starting out on New Year’s Day at $130 and rising 85% to current levels around the $240 mark. However, winding the clock back to mid-2019, before DeFi really started to take off, shows that ETH prices are still down 32%.