Major coins remained rangebound around psychologically important levels Monday evening as the global cryptocurrency market cap retreated 0.85% to $934.25 billion at press time.
See Also: How To Get Free NFTs
Cryptocurrencies continue to shadow Wall Street where stocks “can’t win right now,” according to Edward Moya, senior market analyst with OANDA.
“Either the economic data softens and the economy is much weaker than we thought or robust readings pave the way for the Fed to be more aggressive with their inflation fight,” wrote Moya in a note, seen by Benzinga.
“The mood for risky assets is to fade all rallies, which means Bitcoin should remain trapped in its tight trading range a little while longer.”
Cryptocurrency trader Justin Bennett said Bitcoin lagged the S&P500 in the latest run-up. “We've seen this before. The moment stocks start to roll over, [crypto] is likely to dump,” tweeted the analyst.
Data from Glassnode indicates that the Bitcoin spot price is trading below various models developed from both technical and on-chain foundations to gauge bear market lows.
Glassnode pointed out that Bitcoin at $21,300 traded below the Realized Price ($22,500), the 0.6 Mayer Multiple band ($23,380), and the 200 Week MA ($22,390), and recently broke below the Balanced Price ($17,980).
Bitcoin:Bear Market Models — Courtesy Glassnode
“Only 13 out of 4,360 trading days (0.2%) have ever seen similar circumstances, occurring in just two prior events, Jan 2015 and March 2020,” wrote the on-chain analysis company in a blog post.
As the weekend rally faded, a trend of traders shorting altcoins and flocking to Bitcoin emerged, according to a tweet from Santiment.
As prices gradually fell on Sunday, traders have shown that though they may proclaim to be #buyingthedip, they are #shorting more on these mini drops. Interestingly, this only applies to #altcoins right now, indicating that #Bitcoin is being flocked to as the safe haven. pic.twitter.com/4bikBRij5j— Santiment (@santimentfeed) June 27, 2022
Chartist Ali Martinez said Bitcoin must close above $21,820 for a chance of further advance, as there aren’t any “significant supply barriers ahead.”
Martinez said in a tweet that BTC “also needs to keep $20,800 as support for the bullish outlook to be validated. If not, then expect a downswing to $19,000.”
#Bitcoin | Data shows $BTC must close above $21,820 to have a chance of advancing further. Notice there aren't any significant supply barriers ahead.#BTC also needs to keep $20,800 as support for the bullish outlook to be validated. If not, then expect a downswing to $19,000. pic.twitter.com/yYNdWoN02x— Ali Martinez (@ali_charts) June 27, 2022
On the Ethereum side, the important area is between $1,140 and $1,170, according to cryptocurrency trader Michaël van de Poppe. If the second-largest coin cannot hold those levels it could slip to $1,060.
Editor's Note: This story was updated to remove a table carrying inaccurate market data of multiple leading cryptocurrencies. We regret the error. [June 28, 10:29 p.m. ET]
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.