Academy Trading Ideas Article

Bitcoin Traders Anxiously Watching Traditional Markets: Crypto Market Daily

2020.06.15 Robbie Liu

After trading in a narrow range between $9,300 to $9,500 over the weekend, the Bitcoin (BTC) price started to oscillate lower in the early hours of today — hitting a low of $8,900 before slowly rebounding. It is currently trading around $9,100 at 9 a.m. UTC, as per OKEx’s BTC Index Price.

There was a sell-off in risky assets worldwide last Thursday and Bitcoin was no exception. Although U.S. stocks temporarily stopped falling and rebounded on Friday, the United States’ stock futures market is still opening low today. The Bitcoin price has fallen below the 30-day moving average over the weekend — which is not a good sign for the short-term price action. 

Traders need to watch the U.S. stock market after today’s opening, as it could set the tone for risky assets this week. Moreover, the gold price also should be on their watchlist. If gold starts trading lower alongside equities — which happened prior to Black Thursday in March — it could be a signal that investors are scrambling for safe-havens again. 

bitcoin vs nasdaq
Bitcoin Price vs. Nasdaq Futures Price (5-minute chart). Source: TradingView

Looking at large-cap cryptocurrencies, most of them underperformed Bitcoin. Ethereum (ETH) and Bitcoin Cash (BCH) tumbled 5.21 percent and 4.48 percent, respectively, over the last 24 hours.

The total cryptocurrency market capitalization is down another 3.2 percent to $260 billion. However, Bitcoin dominance is up 0.2 percent to 64.5 percent, per data from CoinGecko.  

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

Top gainers and losers

  • CTC/USDT +16.22%
  • FAIR/USDT +15.04%
  • CHAT/USDT +7.88%
  • SC/USDT -10.65%
  • MKR/USDT -11.31%
  • BNT/USDT -12.17%

According to OKEx spot data, CTC is the top gainer over the last 24 hours with a 16.22 percent return. The other two on the top gainers’ list are FAIR and CHAT

BNT is the biggest loser over the last 24 hours. Meanwhile, MKR decreased another 11 percent — after dropping from last week’s high of $720 to $470. 

Bitcoin technical analysis

At present, the short-term trend for Bitcoin’s price is still in a weak pattern but there are signs of a temporary cessation of selling pressure in the $8,900 to $9,000 area — such as the bullish pin bar pattern on the hourly chart.

The trading volume shows a bullish divergence — Bitcoin’s price hit a new low but the volume is not as high as it was on June 11. We can also observe a bullish divergence on the hourly RSI and MACD indicators. These indicate that the active selling pressure has weakened, so it is less likely to move sharply downward in the short term. 

The critical support level now is near $8,550 — a threshold for the mid-term price trend. A rebound may approach the potential intraday resistance area around $9,300.

OKEx BTC Quarterly Futures (BTCUSD0925) 2H chart. Source: OKEx

New listings on OKEx

THETAUSD and THETAUSDT Perpetual Swap trading is officially live on the OKEx website and API from 07:00 June 15, 2020 (UTC). Theta is one of the most discussed coins on the market after rising as much as 15 times from a low of $0.035 on March 12 to $0.5475 by the end of May. It is trading around 0.22 today with support at $0.20. 

Moreover, OKEx will launch four new assets for its spot margin trading and Savings services at 07:00-08:00, June 16, 2020 (UTC) — including THETA, NAS, SNT and XEM. Both USDT and BTC trading pairs will be available.

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

OKEx Insights presents market analyses, in-depth features and curated news from crypto professionals. Follow OKEx Insights on Twitter and Telegram.