What Changed in Crypto Markets While You Were Sleeping — June 17

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In Brief
The Trust Project is an international consortium of news organizations building standards of transparency.

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

On June 15, BTC reached a high of $41,330. The high was made inside the 0.382 Fib retracement resistance level at $41,250. Bitcoin has been moving downwards since. On June 16, it created a bearish candlestick and fell to a low of $38,116 in the process.

Regardless of the drop, technical indicators are providing a bullish outlook. The MACD’s momentum bar has created three bars in the positive territory. Both the RSI and Stochastic oscillator are increasing; the former is above 50 while the latter has made a bullish cross. 

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These signs point to an eventual breakout above the aforementioned resistance area. If this occurs, the next resistance would likely be found at the 0.5 Fib retracement level at $44,755.

BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap has dipped back below $1.7 trillion this morning in a 2% loss on the day. Since reaching a local low of $1.46 trillion on May 24, the market cap hasn’t been able to move past the $1.81 trillion level.

The majority of cryptocurrencies in the top-100 by market cap have experienced slight losses in the past 24 hours. Bitcoin (BTC) and Ethereum (ETH) are down 2% and 3% respectively. Amp (AMP is once again the biggest daily gainer. AMP is up nearly 24% on the day and has added 93% in the past week.

Shiba Inu (SHIB) was yesterday’s biggest gainer, but a pullback has caused SHIB to fall more than 9% today. Despite this, SHIB has still added 10% to its valuation in the past week,

In other crypto news

  • The United States Securities and Exchange Commission (SEC) has delayed its decision on the VanEck bitcoin ETF again, saying in a filing that it wanted public commentary.
  • The Alchemix decentralized finance (DeFi) protocol discovered a potential exploit and acted quickly enough with a patch before the funds disappeared.

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Kyle migrated from the East Coast USA to South-East Asia after graduating from East Stroudsburg University. He began trading and writing about cryptocurrencies in 2016, and has been an avid investor in stocks and precious metals since his teens.

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