Bitcoin’s Price Stagnates Ahead of Independence Day Weekend — Crypto Market Daily
Bitcoin Price Action Bores Against Traditional Markets: Crypto Market Daily
The Dow Jones Industrial Average ended a six-day winning streak after losing about 300 points yesterday. However, the Nasdaq hit a new high, rising above 10,000 in intraday trading. Gold has risen for a second day this week and is currently trading at around $1,720 per ounce.
Bitcoin (BTC), meanwhile, has been seeing lackluster price action over the last 24 hours — ranging between $9,600 and $9,800. The leading cryptocurrency was trading around $9,723 as of 10:00 UTC, per OKEx’s BTC Index Price.
The spread between the BTC perpetual swap and spot price has widened, while the BTC Futures Open Interest increased from 6.2 million contracts to 6.32 million. Since the funding rate has flipped positive and the price did not show much bullish momentum, it is costly to be in a long position.
Looking at large-cap cryptocurrencies, Ethereum (ETH) is still running at yesterday’s level. Bitcoin Cash (BCH) and Bitcoin SV (BSV) are in the green — gaining 0.4 percent and 1.1 percent, respectively. Zcash (ZEC), meanwhile, made a good return of four percent over the last 24 hours.
The total cryptocurrency market capitalization has been up 0.5 percent to $277.7 billion. Bitcoin dominance remains at 64.5 percent, per CoinGecko data.
Top gainers and losers
- MKR/USDT +23.12%
- LRC/USDT +17.82%
- ORBS/USDT +16.52%
- INT/USDT -9.32%
- NDN/USDT -11.70%
- MOF/USDT -13.48%
According to OKEx spot data, MKR is the top gainer over the last 24 hours with a 23.12 percent return. We noted in the Market Watch Weekly on Monday that the Coinbase listing effect could push MKR price higher this week.
The options market is very bullish on the future of Bitcoin
Bitcoin options open interest (OI) has passed $1.5 billion, per Skew data. As can be seen from the below chart, OI for call options increased greatly and many of them are far out of the money (OTM) calls — indicating that market participants are really optimistic in the options market.
The number of Bitcoin call options on the CME exchange shot up, too, while positions in put options remained unchanged, according to Su Zhu, CEO of Three Arrows Capital. This may indicate that institutional money is betting on the further upside of Bitcoin price in the mid-to-long term.
Bitcoin technical analysis
After seeing some immense turbulence the day before yesterday, the Bitcoin price has been consolidating in a tight range between $9,700 and $9,900, per OKEx Quarterly Futures (BTCUSD0626) price. It is likely that the price is approaching a massive movement in the near-term.
The critical support level is $9,450. A clean breakdown below this level would open the door for the price of BTC to test $8,550. On the upper side, intraday resistance is sitting at $9,900 with a mid-term resistance at $10,200.
Ethereum technical analysis
Ethereum is still running in yesterday’s neutral zone around $243. Intraday support is sitting at $238 with short-term resistance at $246. We do not see an independent trend of ETH these days. Instead, it is simply moving in line with Bitcoin.
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