BTC overview: Did everyone have good trade last week? Fortunately, everything was still according to our plan, pumping lightly, dump for fear, and then the price skyrocketed. The price opened at ~$37,500 then rose slightly to ~$40,500, soon followed by a daily candle dragging the price down to ~$38,100. When everyone is scared about the price there is a candle that strengthens to ~$41,700. And the top price is around ~$42,500. So this week BTC will uptrend like some people are excited or will drop to $29,000 again as some signal places. Let’s go to this week’s analysis.
Onchain Analysis
Bitcoin: Exchange Reserve – All Exchanges
Source: Cryptoquant
This shows that the supply of BTC continues to reduce. This is a great signal that the supply of BTC is getting lower and lower, the lower it is, the more scarce it is, the more scarce it is, the higher the price, looking at history will see it takes time, not instantaneous.
Bitcoin: Exchange Netflow (Total) – All Exchange
Source: Cryptoquant
The amount of BTC that has been put on the exchange in the past few days is extremely small. And suddenly a large amount was withdrawn from the exchange. This shows that when we are hesitating, discharging continuously, how much do you release in the POC(Point of control) area $38,000-$39,000, the sharks take it all out.
All Stablecoins: Exchange Reserve – All Exchange
Source: Cryptoquant
Stablecoin supply on exchanges is decreasing rapidly. This shows that the market is using stablecoins to buy coins continuously. So the question is what are they buying and why are they buying now when people are still uncertain whether the market will go up or down.
Bitcoin: Number of Addresses
Source: Glassnode
We can see the Number of Addresses continuously increasing since the beginning of the year, the number of people who believe in BTC is a good sign for the market.
BTC Technical Analysis
BTC.DOM
BTC Dominance, which means that Bitcoin’s percentage of the total market capitalization is decreasing, shows that money flow is slowly moving away from Bitcoin to other altcoins. This is a good sign for someone holding altcoins.
Total 2
Total 2 shows total market capitalization of the top-125 cryptocurrencies, excluding Bitcoin . This index breaking downtrend since the altcoin season. This is a good sign for altcoins, the time to come is likely to fly quite well.
Weekly Chart – BTC
BTC/USDT Weekly chart | Source: TradingView
The weekly candle was closing with a Bullish Marubuzo shows that the bulls prevailed, although bears jumped in at the end of the session to attempt to beat the bulls without success. In our personal opinion, BTC will have an increase to $50,000 – $52,000. Here we will have to watch very carefully as there is likely to be a strong correction made to shake off the entire cycle bottoming. It is expected that in July this year we will have a new peak and then there will be a down cycle or the fourth down phase.
Daily & 4h chart – BTC
BTC/USDT daily&4h chart | Source: TradingView
CME Gap : $41,400 – $42,000
Day Frame: Still running the sideway in the Wedge pattern, the range is getting narrower and at the end of this pattern, it is expected that when the pattern runs out, there will be a big change in price. To be safe, it is better to wait for break ~45,000- $46,000. However, according to our personal opinion, currently, BTC is being traded with a good volume, so the price plan is quite high.
4h Frame: Considering the 4h frame, we need to pay attention to the support level around $40,000, if the price breaks down, we will see BTC at $38,000, otherwise today the price may increase to $42,000.
Signal: Buy.
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DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.
Alan
Coincu Ventures
