BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.
On June 8, BTC reached a low of $31,025 and bounced, creating a long lower wick (green icon). The wick was similar to those created on May 19 and 23, validating the $31,000 level as strong support.
The next day, it created a bullish engulfing candlestick and briefly moved above $37,000. This is a very strong bullish sign.
Technical indicators are leaning on bullish but provide some mixed signs. The MACD histogram has been consistently moving upwards since May 19. However, it’s not yet positive. Furthermore, the signal line is below 0.
The RSI has generated bullish divergence (blue line), preceding the upward movement. However, it has now generated a hidden bearish divergence (red, dashed).
Finally, the Stochastic oscillator has made a bullish cross.
Therefore, technical indicators in the daily time frame do not provide sufficient data to confirm the direction of the trend.
The total cryptocurrency market cap is up 5% in the past 24 hours in a move to $1.6 trillion. The majority of altcoins are recovering off the back of yesterday’s bullish news of El Salvador approving bitcoin as legal tender in the country. Bitcoin is trading up nearly 7% on the day and is back to the $36,500 level.
Kusama (KSM) is today’s biggest altcoin gainer, up nearly 13% on the day, and is currently trading for $490. Theta Fuel (TFUEL), on the other hand, has lost more than 15% on the day in a fall back to the $0.57 level. Despite this, TFUEL is the biggest weekly gainer at the moment and is still up nearly 47% in the past seven days.
In other crypto news
- Kraken has announced that it will stop margin trading services for users who do not meet higher levels of identity verification.
- Decentralized finance (DeFi) protocol Curve has been tweaking its mathematically complex algorithm to introduce dynamic automated market making.
- Senator Elizabeth Warren recently tore into cryptocurrencies, saying that they have failed to keep their promise and do more damage than good.