Academy Trading Ideas Article

Bitcoin Buyers Defend After Quick Sell-Off: Crypto Market Daily

2020.06.18 Robbie Liu

Bitcoin (BTC) saw a bit of volatility at 1 PM UTC yesterday. The price of the first and foremost cryptocurrency tested the $9,550 resistance level but quickly suffered a sell-off — hitting as low as $9,232, per OKEx’s BTC Index Price, before a recovery. Bitcoin is still consolidating around $9,400 at the moment, having printed a 0.92% decrease over the last 24 hours.

Since the price of Bitcoin hit a monthly high of $10,398 on June 1, its following peak prices have been gradually decreasing — indicating a short-term downside risk. 

Large-cap cryptocurrencies are still moving in the same direction as Bitcoin. Ethereum (ETH) realized a small loss of 0.55%. Others generally posted losses of around 1%. Mid-cap coins performed slightly better than Bitcoin today with Cardano (ADA) and Algorand (ALGO) jumped about 5% over the last 24 hours. 

The total cryptocurrency market capitalization is down a slight 0.2% and is still running around $270 billion. 

Bitcoin dominance, meanwhile, remains around 64.5% today, per data from CoinGecko.  

crypto market prices
OKEx Token Index Board (as of 10:00 UTC). Source: OKEx

Top gainers and losers

  • CHAT/USDT +15.86%
  • BEC/USDT +12.90%
  • SC/USDT +7.04%
  • DGB/USDT -10.80%
  • BNT/USDT -10.88%
  • APM/USDT -16.30%

ChatCoin (CHAT) continued its bullish momentum with a 15.86% increase. This is the second day in a row the altcoin has been a top gainer. Beauty Chain (BEC) and Siacoin (SC) increased by 12.9% and 7.04%, respectively. 

One noteworthy event to consider is the launch of Filecoin’s main network by the end of July. It is possible that other cloud storage projects could continue to gain momentum — such as Siacoin and Storj.

ApM Coin is the biggest loser over the last 24 hours, having dropped -16.30%.

Bitcoin technical analysis

While there has been a dip in the price of Bitcoin over the past 24 hours, not much movement has taken place, overall. BTC has been trading around $9,500 for approximately one week and trading volume has not improved. The Quarterly-Future contango remains above $100 and the funding rate of the Perpetual Swap is back at a positive premium on OKEx — signaling that buyers are trying hard to defend the $9,300 support level. 

On the upper side, the $9,700 resistance can be seen as a short-term threshold. A breakout of this level may lead to another test of $10,200. 

btc usd price chart
OKEx BTC Quarterly Futures (BTCUSD0925) 1H chart. Source: OKEx

Ethereum technical analysis

Ethereum’s weak pattern has been intact since June 2. Without a break above $242, the room for another leg up is limited. 

Intraday support is still sitting around $231 after we saw a fake breakdown of this support yesterday. 

eth usd price chart
OKEx ETH Quarterly Futures (ETHUSD0925) 15 Min chart. Source: OKEx

Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary

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