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Bulls target $11.5K, bears desire drop to $9.8K

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Bitcoin (BTC) price appears to be gearing up for another shot at the $11K mark but traders shouldn’t get overly excited as resistance in the $11,000-$11,200 zone and at $11,389 have kept the price from moving higher for the last few weeks. 

Crypto Fear & Greed Index. Source: Alternative.me

Currently the Crypto Fear & Greed Index registers 49 which shows crypto investors feel neutral about the current state of the market. While it’s difficult to gauge the accuracy of the indicator, Bitcoin price and volume have been relatively flat as the price is basically pinned between $9,900-$11,200. 

BTC/USDT daily chart

BTC/USDT daily chart. Source: TradingView

As the daily chart shows, since Sept. 18 Bitcoin price has bounced between the trendlines of the symmetrical triangle and if the compression continues investors will start to look for a decisive move to occur in the coming week.  

In the event that the price drops from the symmetrical triangle the volume profile visible range (VPVR) shows buying interest from $9,950 to $9,200 and looking back to Sept. 3 through Sept. 10 bulls consistently purchased dips below $10,000. 

As mentioned in a previous analysis, for the moment it seems that traders are waiting on Bitcoin price to make a stronger move above $11,500 or below $9,800 before becoming more engaged with the market. 

DeFi tokens fall flat as Bitcoin price consolidates

While Bitcoin price has held a relatively stable range, DeFi tokens appear to have lost their bullish momentum. 

At the time of writing CoinGecko’s Top 100 DeFi Coins index shows that 45 of the 100 listed tokens have registered losses in the past 24-hours and Uniswap data shows volume has declined when compared to the $953 million record reached on Sept. 1. 

Uniswap daily trading volume

Uniswap daily trading volume. Source: Uniswap

Even top DeFi darlings like Yearn.finance (YFI), Aave (LEND), and Chainlink (LINK) have corrected sharply in the last month and traders will note that YFI is currently down 43% from its all-time high at $44,000. 

Some analysts have suggested that the profits and funds invested in DeFi protocols are steadily making their way back into Bitcoin but data is yet to support this narrative. 

Bitcoin price daily performance

Bitcoin price daily performance. Source: Coin360

As Bitcoin and DeFi tokens search for momentum, altcoins managed to accrue marginal gains. At the time of writing, Ether (ETH) is up 0.50%, Binance Coin (BNB) has added 5.19%, and Cosmos (ATOM) rallied 8.39%.  

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $346.5 billion and Bitcoin’s dominance index is currently at 57.6%.

Keep track of top crypto markets in real time here



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Altcoin

Amber Group Announces New Amber App Referral Program

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Place/Date: Hong Kong – June 15th, 2021 at 8:37 pm UTC · 2 min read
Contact: Amber Group,
Source: Amber Group

Amber Group  the leading crypto trading and technology firm, announced new user perks and an enhanced referral program on its popular crypto finance mobile app – Amber App. Starting today, qualified new users are eligible to receive 18 USDS and up to 16% APR on BTC, ETH, and USD stablecoin deposits.

In addition, current Amber App users are now eligible to win an additional 10 USDS for each qualified referral, an 11% bonus from the referral’s Earn interest (excluding Flexible Earn), and Yield Boost subscription, and up to 34% on trading commissions.

Michael Wu, CEO of Amber Group, said:

“Since the inception of Amber Group, our goal has always been to provide our users with an unmatched crypto finance experience. We now serve users of all levels and hope the new user and referral incentives encourage new crypto adopters to explore the suite of crypto offerings we have built. We look forward to adding even more features and supporting new tokens soon.”

According to Amber Group, though BTC and ETH are still the preferred crypto investments, demand for DeFi tokens is booming. Amber Group has added DOT and BNB to its Flexible Earn feature, allowing users to earn up to 5% APR on their investments by simply depositing the tokens in the Amber App wallet. Amber Group plans on adding over a dozen new tokens to these investment features in the coming months.

In the past 5 months, Amber App has seen 4x growth with registered users crossing 100,000. Amber App now supports three new languages, Japanese, Turkish, and Russian in addition to English, Simplified Chinese, Traditional Chinese, Korean, Spanish and Portuguese. Users are also able to login to the app with their Facebook/Google account.

The Amber App is now available on the App Store and Google Play Store in over 140 countries and regions.

About Amber Group

Amber Group is one of the world’s leading crypto finance service providers, operating 24/7 with a presence in Hong Kong, Taipei, Seoul, and Vancouver. In 2019, the company raised $28 million in Series A funding led by Paradigm and Pantera Capital, with participation from Polychain Capital, Dragonfly Capital, Blockchain.com, Fenbushi Capital, and Coinbase Ventures.



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Bitcoin price hits $41K, then rejects after sellers defend the 200-MA

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The overall mood of the cryptocurrency ecosystem is muted on June 15 with most altcoins trading flat while Bitcoin (BTC) bulls look for a daily close above $41,000 as a sign that the market could be shifting in favor of bulls.

Data from Cointelegraph Markets Pro and TradingView shows that within the last few hours Bitcoin price rallied to $41,330 but the breakout was swiftly met by selling at overhead resistance levels.

BTC/USDT 4-hour chart. Source: TradingView

Another gauge of investor sentiment as highlighted by Rekt Capital is the 200 exponential moving average (EMA), which Bitcoin attempted to surpass on Tuesday but was firmly rejected. 

Bitcoin’s rejection at the 200 EMA was followed by a rapid sell-off to $39,500, showing that a possible move lower is not out of the question.

A few altcoins rally on positive news

Daily cryptocurrency market performance. Source: Coin360

While most of the altcoin market saw muted price action on June 15, Shiba Inu (SHIB) rallied 33% following the revelation that trading for the token would be supported on Coinbase Pro on June 17.

Following the announcement, Chiliz (CHZ) and KEEP also rallied 18% and 10% respectively. 

Icon (ICX) also received a boost following the release of a new Ethereum (ETH) Virtual Machine (EVM) compatible blockchain called ICE. ICE is expected to become the application hub for the Icon project and it will have its own native token.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ICX on June 13, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. ICX price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score began to turn green on June 12 and eventually reached a high of 75 on June 13, 10 hours before the price increased 35% over the next two days.

Other notable altcoin performances include a 22% jump from Amp (AMP) and a 20% gain for iExecRLC (RLC) and Ultra (UOS).

The overall cryptocurrency market cap now stands at $1.685 trillion and Bitcoin’s dominance rate is 44.6%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.