BTC bottomed out with a network-wide blowout totaling $146 million

Overall, the market is deeply influenced by fundamentals at this stage, and the choice of direction is highly susceptible to substantial changes in a short period of time

Important news.

  1. Proposed Russian law will allow citizens to inherit crypto assets.
  2. MicroStrategy announced the issuance of $400 million in senior notes to purchase bitcoin. In addition, MicroStrategy expects an impairment loss of at least $284.5 million on its bitcoin investments.
  3. U.S. National Security Advisor Sullivan said that President Joe Biden will discuss the role of cryptocurrencies in cyber attacks.
  4. Former U.S. President Donald Trump said that Bitcoin is a scam.
  5. The Salvadoran Minister of Trade and Investment said that the U.S. dollar will remain legal tender in El Salvador and that bitcoin operations will be pegged to the U.S. dollar exchange rate.
  6. Coinbase seeks to expand its stablecoin offering to attract large forex transactions.
  7. The Basel Committee will launch a consultation on the exposure to crypto-digital assets.
  8. U.S. Treasury Secretary Janet Yellen said the U.S. framework is not “up to the task” of regulating cryptocurrencies.
  9. Janet established the first overseas after-sales service center in Kazakhstan.

10.The U.S. Department of Justice authorized the government to seize 63.7 bitcoins paid to ransomware hackers by Colonial Pipeline.

  1. Hacking group Anonymous denies involvement in anti-Musk video.
  2. India is considering crypto regulation rather than a ban.

13.Digital asset trading platform OSL completed its first securities-based token transaction in Hong Kong.

14.Elrond Network’s Maiar wallet goes live on Huawei AppGallery.

  1. Bitcoin funds saw a net outflow of $141 million last week.

Market Roundup.
According to Golden Goose, the total amount of bursts across the network in the past 24 hours was $146 million. The largest blowout order was an ETH perpetual long blowout worth $3,464,700, which occurred on the Huobi Global exchange. The contract exchange with the highest blowout amount was OKEx Exchange, with a blowout amount of $75.9859 million.

OKEx Quotes: BTC bottoming out again, intraday concern about the effectiveness of 31000 and 29000 support

OKEx investment research analysis, yesterday BTC in successive impact 37000 resistance barrier failed, bullish sentiment again suffered a heavy setback, the evening once released volume fell to the previous low near 33500, although the subsequent hours of movement briefly stabilized, but this morning the price of the coin again by the short selling pressure, has fallen below 33500 and continue to look for new support signals near 31000. The short-term short pattern has been in place since BTC fell below the lower edge of the convergence triangle and rebounded ineffectively over the weekend. In terms of volume changes, as of now there is no signal to stop the decline, so investors need to focus on the effectiveness of the support near 31000, once the volume falls below the fear of continuing to test the low near 29000. If the hourly level continuous volume test of the above two support levels is likely to be the emergence of a stop signal. From the current market sentiment, the institutions with the ability to pull the plate recently apparently lack of willingness to plunge, and the main funds in the field is trying to wash out of the field of long positions. Therefore, before the rally stabilizes at 33500, the short term bias is still the main idea.

ETH also failed to hit 2900 after a plunge, the current resistance can first focus on 2520 ~ 2550 area. UNI short-term support is located near 21.7, not broken then look up to 24.9. FIL continuous volume fell below 85 and 79 two key support, now can temporarily focus on the effectiveness of the new support 72.4, not broken then the probability of standing back to 80 mark.

According to international third-party statistics agency CoinGecko data, OKEx platform 24-hour contract trading volume of $17.4 billion.

Huobi Exchange.

BTC accelerates after slow decline, focus on 34,500 and 30,000 breakout after lunch

According to the data from the Firecoin Global Station, BTC first fell slowly yesterday evening, with relatively shrinking volume, and began to accelerate down overnight to a low of 32,352.90USDT this morning, with volume increasing to a higher level in the last 3 days.

From the 4H level K-line chart, BTC fell below the support of 35500 and the price fell to the lowest level in the last half month. Yesterday’s overnight K-line penetrated EMA5, signaling a decline, followed by a market decline in the early hours of this morning. In terms of market trading volume, the decline was significantly higher relative to the recent past, but still at low levels in the long term. In the short to medium term, the K-line crossed the lower boundary of the Bollinger band and market volatility increased significantly. If the K-line fails to return within the Bollinger band in the coming days, a downtrend could be identified. Therefore, the continuation of the down market and the breakout of 34,500 and the support of 30,000 integer mark need to be kept in view after lunch.

According to the data from the Firecoin Global Station, ETH continued its downward movement after a short horizontal oscillation in the evening, with a small amplification of trading volume, and this morning the decline decreased and the trading volume dropped back. From the 4H level K chart, ETH is in a sideways oscillation; last night K line penetrated EMA5, EMA10 and EMA20, short-period EMA continuously formed a dead cross with long-period EMA, short-term price may be under pressure; relative to the long period, the volume remains stable, K line crossed the lower boundary of Bollinger band, short-term market may change. The daytime continues to focus on the continuation of the down market and the breakout above 2620 and the support below 2440.

On the contract side, the big data of the Firecoin contract shows that the BTC contract position rose slightly, the contract volume rose slightly, and the contract market was relatively active. The basis difference of the delivery contract decreased slightly.

ETH contract positions are basically stable, contract volume is slightly increasing, and the contract market is relatively active. The basis difference of the delivery contract decreased slightly.

Gate.io Exchange.

Gate.io perpetual contract trading data: BTC dives again overnight, short-term volatility risk increases

According to Gate.io contract trading data, as of 10:25 on June 08, the BTC/USDT perpetual contract quoted at $33,647.59 and the spot quoted at $33,623.76, with the price of the perpetual contract declining compared to yesterday, by -8.14%. The BTC/USDT perpetual contract funding rate (8-hourly settlement only) was (0.0001) at 08:00 and (0.0001) at 00:00 of the previous session.

The BTC/USDT perpetual contract 30-minute long/short ratio is 32.72%:67.28%, in terms of positions and transactions, the total positions reached 23,454,558USDT, and the volume rose to 431,045,538USDT in the last 24 hours. The MACD indicator double line is now due to the morning trend of a small rebound began to turn upward test, the possibility of a gold fork upward, but the overall point of view, the market at this stage is deeply influenced by the fundamentals, the direction of choice is very easy to In a short period of time, a large change in direction is very easy. If you want to see a large rebound and break above the $35,000 resistance level, you need some good fundamental support.

Gate.io perpetual contract quotes (up or down to 24H system display)

BTC: $33,647.59 (-8.14%); rate (0.0001)

ETH: $2598.50 (-6.71%); rate (0.0001)

EOS: $5.163 (-13.13%); rate (0.0001)

XRP: $0.8621 (-10.82%); rate (0.0001)

DOGE: $0.3383 (-9.53%); rate (0.0001)

Contract market data.

  1. Volume, positions on each exchange.

The market has performed to the downside in the past 24 hours for BTC and fell below $33,000, with volume and positions picking up on all exchanges.

BTC bottomed out with a network-wide blowout totaling 6 million
BTC bottomed out with a network-wide blowout totaling 6 million

Source: Skew

  1. Long/short ratio of positions on major exchanges

OKEx long/short ratio: The long/short ratio rose slightly in 24 hours and then fell back, from 1.35 to 1.45 and then dropped to 1.34.

Binance long/short ratio: the ratio of long/short positions rose and fell in 24 hours, from 1.55 to 2.17 and then fell back to 1.74.

Among the elite accounts of the three exchanges, Binance and OKEx are long in favor, while Huobi is short in favor.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/btc-bottomed-out-with-a-network-wide-blowout-totaling-146-million/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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