cryptopcewatch

According to Cointelegraph: Bitcoin sentiment is facing significant pressure as BTC price weakness has driven it to six-week lows. As the last week of June begins, Bitcoin is edging closer to retesting its lower price range, approaching the critical $60,000 support level.
1. BTC Price Hits New Six-Week Lows
Current Price Levels:
- Latest Movement: Bitcoin has dropped another 1.25% since the June 24 daily close, reaching around $62,823.
- Lowest Since May 15: BTC/USD hit $62,128 on Bitstamp, marking the lowest level since May 15.
BTC/USD 1-day chart. Source: TradingView
Market Reaction:
- Bullish Nerves Tested: Bulls are now facing the challenge of a 7% loss month-to-date, with key moving averages already given up.
BTC liquidation heatmap (screenshot). Source: CoinGlass
Trader Sentiments:
- Crypto Ed: “BTC looks weaker than I expected and should see some more downside.”
- Daan Crypto Trades: He highlights critical levels within Bitcoin’s multi-month trading range, emphasizing the importance of the "golden pocket" Fibonacci retracement level for a potential bounce.
BTC/USDT perp chart. Source: Daan Crypto Trades
2. PCE Week and Fed Liquidity
Key Economic Data:
- Upcoming Releases: U.S. unemployment data (June 28), revised Q2 GDP figures, and the Personal Consumption Expenditures (PCE) index.
- Impact on BTC: Previous sensitivity to employment data and the PCE’s influence as the Fed’s preferred inflation gauge could significantly impact Bitcoin’s direction.
Fed target rate probabilities for September meeting. Source: CME Group
Market Expectations:
- Kobeissi Letter: Emphasizes the importance of these data releases in deterring stagflation fears.
- Matthew Dixon: Predicts a lower-than-expected PCE read, potentially turning Bitcoin and other risk assets higher.
3. Stocks Outperform Crypto
Stock Market Performance:
- S&P 500 and Nasdaq: U.S. stocks have hit new highs, contrasting with crypto’s recent weakness.
- Inverse Correlation: Highlighted by Kobeissi, who notes strong market risk appetite despite crypto’s decline.
S&P 500 vs. total crypto market cap chart. Source: TradingView
Fed’s Influence:
- Liquidity Levels: Market commentator Tomas points out a $140 billion drop in Fed liquidity last week as a potential reason for Bitcoin's underperformance, although he suggests liquidity may be near local lows, implying a possible rebound.
4. Focus on Bitcoin Whales
Whale Activity:
- Order Book Spoofing: Recent weeks have seen spoofing activities driving prices towards liquidity, creating artificial volatility.
- Accumulation Trends: Data shows mixed whale behaviour, but confidence is growing that current price levels around $62K are attracting whales.
Market Impact:
- MartyParty: Argues that whales have been buying the dip in record numbers, speculating on market manipulation by market makers.
Bitcoin whale orders data. Source: MartyParty
- CryptoQuant Analysis: Indicates an uptick in inflows to accumulation addresses since June 20.
BTC inflows to accumulation addresses. Source: CryptoQuant
5. Decline in Crypto Sentiment
Sentiment Indices:
- Crypto Fear & Greed Index: Dropped to 51/100, nearing 2024 lows, indicating a shift towards fear from extreme greed a week ago.
Crypto Fear & Greed Index (screenshot). Source: Alternative.me
Market Commentary:
- Santiment: Notes a rare level of fearmongering among BTC market participants.
- Jelle: Describes the worsening sentiment as typical prelude to an all-time high run, similar to previous cycles.
- IncomeSharks: Attributes low sentiment to overtrading in tough conditions, leading to losses.
Bitcoin sentiment data. Source: Santiment
Bitcoin faces a critical week ahead as it approaches $60,000, with sentiment and whale activity under the microscope. The impending economic data releases and Fed liquidity levels are expected to play pivotal roles in determining whether BTC can maintain its support and potentially set the stage for a rebound in the near future.

Doubling your investment in cryptocurrency involves taking on significant risk and requires careful planning and strategy. Here are some key steps and considerations:
1. Research and Education:
- Understand the basics of cryptocurrency, blockchain technology, and the market dynamics.
- Keep up with the latest news and trends in the crypto space.
2. Choose the Right Cryptocurrencies:
- Focus on established cryptocurrencies with a track record, like Bitcoin (BTC) and Ethereum (ETH), which have shown consistent growth.
- Consider investing in promising altcoins, but be aware of higher risks.
3. Diversify Your Portfolio:
- Spread your investments across multiple cryptocurrencies to reduce risk.
- Include a mix of high-risk, high-reward coins and more stable ones.
4. Technical and Fundamental Analysis:
- Use technical analysis to identify potential entry and exit points based on historical price patterns.
- Perform fundamental analysis to assess the long-term viability and potential of the cryptocurrency.
5. Timing the Market:
- Buy during dips and sell during peaks, but avoid trying to time the market perfectly.
- Consider dollar-cost averaging, which involves investing a fixed amount at regular intervals regardless of the price.
6. Risk Management:
- Only invest what you can afford to lose.
- Use stop-loss orders to limit potential losses.
- Be aware of the volatility and be prepared for significant price swings.
7. Stay Informed:
- Follow reputable sources and influencers in the crypto space.
- Join crypto communities and forums to exchange insights and stay updated.
8. Use Reputable Exchanges and Wallets:
- Choose well-known and secure cryptocurrency exchanges.
- Use hardware wallets or secure software wallets to store your assets safely.
9. Consider Staking and Yield Farming:
- Participate in staking or yield farming to earn passive income on your crypto holdings.
10. Be Patient and Disciplined:
- Have a clear investment plan and stick to it.
- Avoid making impulsive decisions based on market hype or fear.
While these steps can increase your chances of doubling your investment, it's important to understand that the cryptocurrency market is highly speculative and unpredictable. Always conduct thorough research and consider consulting with a financial advisor before making significant investment decisions.
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💲There is significant interest ($158.5 million) in Ethereum call options at a price of $4000 expiring in September, as reported by Deribit.
📉 Currently the second-largest cryptocurrency by market capitalization is trading at $3300, having lost 8.5% in the past week.
👀 Ethereum is facing challenges amid the broader crypto market downturn and rumors of imminent trading commencement of spot #exchange -traded funds (ETFs) based on the asset in the US.
🤔 #traders are likely interested in call options, anticipating the asset's price to rise in the coming months following the launch of an #ETH-ETF .
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