Market Wrap

Market Wrap: Bitcoin Outperforms Top Cryptocurrencies in June

The outperformance came despite a negative month for the leading cryptocurrency by market cap.

Bitcoin shorts are unwinding positions into the month’s close. Traders watching for signs of capitulation.

Crypto markets rose despite regulatory crackdowns from the U.K. and China. Analysts expect continued resiliency above $30K support.

The technical charts suggest further downside is likely as sellers react to extreme overbought conditions since March.

Bitcoin is recovering from a volatile shakeout. Options expiry has large open interest around $40K.

Bitcoin gave up some gains on Wednesday, suggesting the short-squeeze rally is fading.

Bitcoin’s near 50% decline from all-time highs surprised analysts as China’s crackdown fueled bearish sentiment.

CME's bitcoin futures goes into "backwardation" and BTC inflows to exchanges rise as China "FUD" continues.

By Muyao ShenJun 21, 2021

Bitcoin’s "death cross" could increase selling pressure into the weekend.

Bitcoin is under pressure as Fed taper concerns linger, although some expect crypto to remain resilient.

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