What Changed in Crypto Markets While You Were Sleeping — June 11

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In Brief
  • Bitcoin was rejected at the $38,000 resistance.

  • CHZ is up by almost 40% on the day.

  • The IMF has raised concerns over the decision to make bitcoin legal tender in El Salvador.

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BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.

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Bitcoin update

Bitcoin has been increasing since bouncing from support on June 8, after reaching a local low of $31,000. It created a bullish engulfing candlestick on June 9 and reached a high of $38,491 the next day.

However, technical indicators do not confirm the trend reversal. While they are leaning bullish, there are some mixed signals in place. The MACD is increasing, nearly crossing into positive territory, and the Stochastic oscillator has made a bullish cross.

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There is a strong medium-term bullish divergence in place in the RSI (blue). Despite this, yesterday’s high also confirmed a hidden bearish divergence (red), which is a strong sign of bearish trend continuation.

BTC has to invalidate this hidden divergence with a higher high in order to confirm a bullish pattern.

BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap has fallen back slightly since yesterday. It’s currently sitting at $1.58 trillion after touching $1.63 trillion on June 10. The market cap has been trending sideways in a range between $1.3 trillion and $1.7 trillion since May 23.

While bitcoin and a handful of altcoins are experiencing some gains, the majority of cryptocurrencies are in the red. Chiliz (CHZ) is the biggest altcoin gainer of the day by far, however. CHZ is up just under 40% on the day and 24 % in the past week. Despite this surge, CHZ is still far off its March 23 high of $0.93.

Theta Fuel (TFUEL) is today’s biggest loser. It’s down by over 17% on the day but has managed to climb by 26% in the past week. TFUEL is currently trading for $0.48 after hitting an all-time high of $0.58 on June 9.

In other crypto news

A spokesperson for the IMF has said that El Salvador’s decision to make bitcoin legal tender raises several issues that will require careful analysis.

The Bank of France and the Swiss National Bank will trial central bank digital currencies (CBDC) for the wholesale lending market, growing the throng of central banks considering a CBDC.

Indian officials are reportedly changing their tune and moving toward not banning Bitcoin with a new crypto regulatory bill during an upcoming Parliament session. 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Migrated from the East Coast USA to South-East Asia after graduating from East Stroudsburg University. Began trading and writing about cryptocurrencies in 2016, and have been an avid investor in stocks and precious metals since my teens.

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