BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.
Bitcoin update
On June 7, BTC broke down from a symmetrical triangle pattern, and proceeded to reach its lowest daily close since January.
However, it created a long lower wick and bounced. The wick was similar to those created on May 19 and 23 (green icons).
Furthermore, there are some bullish signs in place, such as a potential bullish divergence in the RSI.
However, the Stochastic oscillator is close to making a bearish cross once again.
The main support area is found at $27,000, This is the 0.618 Fib retracement support level when measuring the entire upward movement.
Altcoin movers
The total cryptocurrency market cap is up slightly from yesterday at $1.52 trillion. Bitcoin is trading up nearly 3% off the news that El Salvador has adopted BTC as legal tender this morning. BTC is back to trading just above $34,000 after closing an almost six-month low of $31,700 yesterday.
Bitcoin Diamond (BCD) is the biggest altcoin mover of the day by far. It’s up 51% in the past 24 hours and has pushed the altcoin into the top-100 by market cap.
Internet Computer (ICP) is today’s biggest loser. It’s down just under 12% in the past 24 hours and down by over 25% in the past week. Although ICP managed to hold itself in the top-10 for some time, it has now slipped back to the #15 position and is trading for $79.86.
In other crypto news
- The motion to adopt bitcoin as legal tender was passed by a majority congressional vote today in El Salvador. In addition to officially recognizing bitcoin as a currency, Bukele also plans to institute more laws to make the country attractive for crypto enthusiasts.
- The Commodity Futures Trading Commission chief has declared unlicensed decentralized finance (DeFi) platforms illegal after searching for the term on Google.
- Cryptocurrencies have become such an issue with police in the United Kingdom that they are asking for more power to freeze digital assets in criminal investigations.
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