From the LBank blog.
The digital currency market experienced a comprehensive rise in the early hours of today, with Bitcoin (BTC) peaking at $29,000 and Ethereum (ETH) comfortably rising above $1,800. On the news front, asset management giants WisdomTree and Invesco have resubmitted applications for spot Bitcoin ETFs, further driving market optimism. Simultaneously, a major move by the United States is triggering change in the cryptocurrency market.
The U.S. is launching its own cryptocurrency exchanges. This follows prior notable actions by the Securities and Exchange Commission (SEC) against centralized exchanges, likely driven by other motives beyond financial regulation, with traditional finance heavyweights such as Citadel, Fidelity, and Schwab missing out on previous crypto gains.
Now, they are seizing the opportunity to clean the field in the aftermath of the FTX fallout. The market responded positively to these developments, breaking a long-standing trend of volatile downturns.
Looking at Bitcoin’s daily chart, we saw a minor increase yesterday that pushed Bitcoin up to the upper edge of the downtrend channel. In the early hours of today, the price surged upward to approximately $28,700.
Today, we expect a slight correction before a potential further climb. Given the trend breakout, the recommended strategy would be to buy on the dips, especially if the price can maintain above $28,000, and prepare for a potential new peak.
The ETH chart presents a somewhat weaker structure. However, the price has reached above $1,800, and the K-line has recovered to the previous platform.
Should BTC avoid a significant pullback, ETH will likely continue its upward volatility. Current recommendations would suggest buying after a dip, given that most of the funds are flowing into BTC, leading to lower return expectations.
The Conflux (CFX) daily chart shows a coin pair that experienced a downturn for three months due to its association with the Hong Kong concept.
Influenced by the news, the price is currently in an oversold rebound, although this is not a reversal pattern like Bitcoin. Despite a single-day rebound of 20%, it is recommended to short on rallies. There isn’t much optimism for a sustained increase.
The SUI daily chart presents a bullish picture. Following a predicted oversold rebound, the coin was bought back after confirmation. The coin is currently showing strength, indicating that the major holders may continue to pull up.
Given the large number of retail investors buying into this coin, it’s recommended to follow the market trend and sell on daily pullbacks to take timely profits.
In conclusion, today’s market paints an optimistic picture with a focus on U.S. traditional finance’s move into the crypto scene. The short-term focus remains on potential buying opportunities after minor price pullbacks in both Bitcoin and Ethereum.
LBank perpetual contracts are settled in USDT and are not inverse contracts. There is no expiration or settlement of perpetual Contracts. We now offer BTC, ETH, DOT, SOL, and over 100 other popular cryptocurrencies as perpetual contracts.
Leverage is available between 1–125x. One of the key benefits of USDT-settled contracts is that you can easily calculate your returns in fiat. When the market suffers a wild fluctuation, this tool can help you lower your risk.
Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.
This article came directly from the LBank blog, found on https://lbank-exchange.medium.com/june-21st-market-analysis-from-lbank-derivatives-b2406e47cf89?source=rss-87c24ae35186——2