Bitcoin Bulls Buy the Dips as It Remains Range-bound Above $30K – June 9, 2022
Since May 12, BTC/USD has continued to fluctuate between $28,600 and $32,407 as it remains range-bound above $30K. On May 30, Bitcoin bulls broke above the 21-day line SMA but failed to break above the 50-day line SMA. The implication is that the BTC price will be range-bound between the moving average lines for a few days.
Bitcoin Price Statistics Data:
•Bitcoin price now – $30,294.13
•Bitcoin market cap – $577,482,659,817
•Bitcoin circulating supply – 19,062,525.00 BTC
•Bitcoin total supply – $636,174,768,394
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $40,000, $35,000, $30,000
For the past week, Bitcoin (BTC) has been trading above the 21-day line SMA but below the 50-day line SMA. On June 7, the bears broke below the 21-day line SMA as Bitcoin dropped to the low of $29,174. Nonetheless, the bulls bought the dips as Bitcoin recovered above the 21-day line moving average. This has been the price action since May 12. The market could have declined to the low of $28,600 and $26,591 if the bears were successful. Today, the BTC price has recovered as it rises above the $30,000 psychological price level. The bulls will attempt to retest or break the $32,407 high. The bottom line is that the range-bound move will terminate when the $28,600 and $32,407 price levels are breached. For instance, the BTC price will rally above the 50-day line SMA when the resistance at $32,407. The upside momentum will resume when the bullish momentum is sustained above the 50-day line SMA.
Institutional Investors Strengthen Bitcoin, by Coinshares
Despite the bear market, Bitcoin investment products have continued to have positive cumulative inflows. According to the latest fund flows report from CoinShares, Bitcoin investment products have a cumulative inflow totaling $126 million. Nevertheless, investors are allocating funds to Bitcoin at the expense of Ether (ETH) and other altcoins. Ether funds have outflows from ETH investment products totaling $357.4 million this year. Also, investments in multi-asset crypto funds rose by $4.3 million last week, bringing the year-to-date total to $201.3 million.
Meanwhile, Bitcoin has survived the bearish onslaught on June 7 as it remains range-bound above $30K. Buyers are in control as they push Bitcoin to the $32,407 overhead resistance. Buyers have consistently defended the current support since May 12, price slump. A price rebound above the current support will break the $32,407 high.
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