Bitcoin’s price is expected to turn $31,000 into support, with many altcoins following suit with double-digit gains. The rush to apply for a spot Bitcoin exchange-traded fund (ETF) has rejuvenated the bulls, but trading firm QCP Capital is not convinced that a spot ETF will be approved in the near term. Gemini co-founder Cameron Winklevoss and MicroStrategy Executive Chairman Michael Saylor have both suggested that the opportunity to accumulate Bitcoin is closing fast.
Key points:
– Bitcoin’s market dominance has been hovering near 50%.
– K33 Research analysis found that over the long term, Bitcoin investment has far outperformed an altcoin portfolio by a huge margin.
– Ether is attempting to resume its up-move, with bulls pushing the price above the overhead resistance of $1,928.
– BNB turned down from the 20-day EMA on June 22, indicating that the sentiment remains negative and traders are selling on rallies.
– XRP’s recovery picked up momentum on June 22, with the flattish 20-day EMA and the RSI near the midpoint suggesting a balance between supply and demand.
– Cardano’s long wick on the June 22 candlestick suggests that the bears are selling the rallies to this level.
– Dogecoin turned down sharply from the overhead resistance of $0.07 on June 22, indicating that the bears are guarding the level with vigor.
– The bulls pushed Solana above the 20-day EMA on June 21 but could not sustain the higher levels.
– The bears tried to make a comeback on June 21 and 22 by defending the 50-day SMA in Litecoin, but the bulls kept up the buying pressure.
– The long wick on Polkadot’s June 21 and 22 candlestick shows that the bears tried to halt the recovery but the bulls were in the mood to relent.
