BlocksInform
Bitcoin (BTC) held steady at the June 7 Wall Street open after a night of losses cost bulls heavily.
Bitcoin (BTC) kept stable at June 7 Wall Street open after a night of costly bull losses heavily.
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it ranged near $30,000, still down 6% versus its prior highs.
After underperforming US equities on June 6, the pair nevertheless managed to avoid falling even more in line with equities. At the time of drafting, the s.
To analyse the data of the order book, the indicators of analytical resources in chain noted that a wall of offers of a whale "spoofing" the market in recent days had finally disappeared. Earlier, that entity had posted a support line at $29,000.
“Looks like the whale we've been watching spoof for over a week finally unloaded some BTC,” it revealed, alongside a chart of the BINANCE order book.
“The $60M in bids we saw pop up just above $29K was broken into smaller blocks, moved into the active trading range and appears to have been filled.”
Source: Physical indicators / Twitter.
While potentially an internal transaction, an institutional client could now be in possession of around $30,000 BTC, according to data from the on-chain analytics platform Coinglass.
Though potentially an internal transaction, an institutional client could now be in possession of approximately $30,000 BTC, according to data from the Coinglass chain analysis platform.
Bitcoin dominance hits 8-month highs
Amid a relative lack of volatility, attention focused on Bitcoin dominance over struggling altcoins.
Related: Bitfinex Bitcoin longs hit a record-high, but does that mean BTC has bottomed?
#BTC Dominance is breaking out from a macro Wedge
Best case scenario for Altcoins (blue path):
• Does that mean BTC's bottom?
Worst case scenario for Altcoins (orange path):
• Strong valuation decline -> small relief -> more downside$BTC #Bitcoin pic.twitter.com/dK5MjfqSSk
— Rekt Capital (@rektcapital) June 7, 2022
Altcoins Worst Case Scenario (Orange Road):•
“Once we break out of the range high, that is when we will see capitulation begin on Altcoins and i will be looking to deploy capital on signs of a bottoming formation and accumulation,” trading account Crypto Tony told Twitter followers.
