Bitcoin price is consolidating above the $64,000 level, with the potential to follow Ethereum (one of the top 10 altcoins) and recover if it clears the $65,650 resistance zone. A minor recovery wave was started above the $65,000 level, and the price is trading below $65,500 and the 100 hourly Simple moving average. A short-term contracting triangle with resistance at $65,400 is forming on the hourly chart of the BTC/USD pair. The pair could start a recovery wave if it clears the $65,400 and $65,650 resistance levels. Bitcoin has extended its losses and traded below the $65,000 level, even testing the $64,000 zone. A low was formed at $64,050, and the price is now correcting losses. A minor recovery above the $64,500 level climbed above the 23.6% Fib retracement level of the recent drop from the $67,255 swing high to the $64,050 low. However, bears are still active near the $65,500 zone. If Bitcoin fails to climb above the $65,650 resistance zone, it could start another decline. Immediate support on the downside is near the $64,850 level, and any more losses might send the price toward the $63,200 support zone in the near term. Source: NEWSBTC

Ethereum’s price in the market surged above $3,500 after the SEC concluded its investigation, alleviating investor concerns. The SEC had been investigating whether Ethereum (one of the top 10 altcoins) should be classified as a security, which could have negatively impacted its demand. Consensys, a major entity in the Ethereum ecosystem, challenged the SEC’s regulatory stance, arguing that Ethereum is a commodity.  This legal challenge, supported by public and political advocacy, led to the SEC dropping its probe. Following this news, Ethereum’s value rose to $3,563. Despite this positive outcome, Consensys continues to advocate for clear, innovation-friendly crypto regulations. Source: BEINCRYPTO

Notcoin’s price in the crypto market is currently experiencing a bearish momentum, with its price at $0.017, a 12% drop in the last 24 hours. Despite this, the project’s development team plans to buy unclaimed tokens, potentially boosting the price.  The broader market decline has invalidated previous price predictions, and the Relative Strength Index (RSI) indicates decreasing buying momentum, suggesting a possible drop to $0.015.  However, a positive Weighted Sentiment and a favorable Funding Rate indicate trader confidence, which could lead to a price increase if buying pressure rises.  The unclaimed tokens will be burned, which might also contribute to a bullish outlook. Source: AMB CRYPTO

Solana is currently trading around the $155 support level, after a pullback from a demand zone. he stochastic RSI suggest SOL is near oversold levels, hinting at a potential bullish reversal if enough bullish momentum builds up. Analysis of Solana’s trading volume and development activity shows a decline in volume since 2021/2022 highs, but an increase in development activity, indicating long-term factors supporting a price rebound. Whale activity data shows an accumulation phase, with whales with over $5 million holding more stablecoins, correlating with spikes in social volume – suggesting Solana is at a critical support level and a reversal could be imminent. In conclusion, Solana is in a bullish pennant pattern, with the $155 support level being a key zone to watch. A breakdown below this level could lead to further price drops, while a buildup of bullish momentum could trigger a reversal and surge in SOL’s price. Source: AMB CRYPTO

Bitcoin futures are experiencing a surge in net short interest among leveraged funds, reaching over $7.5 billion in net-short positions. This is significantly higher than the peak of $2 billion in 2021. The increase in short interest is primarily driven by the growing popularity of a market-neutral trading strategy called the “basis trade.” This strategy aims to profit from discrepancies between spot and futures prices. The introduction of spot Bitcoin ETFs in January 2024 has made it easier for traders to execute the basis trade, as they can buy the ETFs and sell the futures at higher prices to capture the price differential. While short interest in futures has risen, demand for spot Bitcoin ETFs has also rebounded, with the ETFs collectively holding over $61 billion in assets. However, analysts caution that the popularity of the basis trade should not be seen as the primary driver of flows into the ETFs, as organic directional demand is the key source behind the strong ETF inflows. The record short interest in Bitcoin futures highlights the growing sophistication of trading strategies within the cryptocurrency ecosystem, as investors look to capitalize on market inefficiencies. Source: BITCOINST

Bitcoin‘s (BTC) price dropped sharply below $68,000 within minutes, resulting in the liquidation of over 75,000 trader positions. The price drop came after BTC had briefly breached the $70,000 psychological resistance level, but was quickly pushed back down by the bears. The plunge in BTC’s price led to an $80 billion loss in the total crypto market capitalization. Other major cryptocurrencies like Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and Binance Coin (BNB) also saw substantial declines, with BNB dropping over 7%. The total value of liquidated positions in the past 12 hours reached $120 million, and $170 million over the past 24 hours. The single largest liquidated position was an Ethereum trade worth over $6.5 million on the Binance exchange. The news highlights the volatility in the crypto markets, with significant price swings causing mass liquidations of trader positions. Source: Cryptopotato

The XRP price in the cryptocurrency market is facing challenges in its recovery after a significant drop from the $0.5250 resistance zone. It fell to a low of $0.4533 and is now trying to recover above $0.4880.  Currently, XRP is trading below $0.5050 and the 100-hourly Simple Moving Average. A bullish trend line with support at $0.4950 is forming, but the price could dip again if it fails to surpass the $0.5050 resistance zone.   Key points: • XRP price declined sharply and tested the $0.4540 support. • It is attempting a recovery but struggling to rise above $0.5050 and the 100-hourly SMA. • Immediate resistance is at $0.500 and $0.5050, with further resistance at $0.5120 and $0.5250. • Failure to break the $0.5050 resistance may lead to another drop, with support at $0.4950 and $0.4900. • Technical indicators show the MACD is losing pace in the bearish zone, while the RSI is above 50. Source: NEWSBTC

Bitcoin‘s volatility over the 15 days leading up to June 7 was within the “bottom 6% of occurrences” historically, indicating very low price movements during that time. Bitcoin’s price in the market traded within a narrow 7% range between $66,936 and $71,656 during this low-volatility period. However, on June 7, Bitcoin’s price saw a sharp 3.33% decline to $69,264, following stronger-than-expected U.S. jobs data that raised concerns the Federal Reserve may not cut interest rates as expected. While low volatility is not necessarily predictive of future price movements, in previous similar periods of low Bitcoin volatility, the average 30-day return was over 20%, and the average 1-year return was over 800%. The author acknowledges these past trends don’t guarantee future performance, but believes there is value in learning from Bitcoin’s historical price behavior during low-volatility periods. Source: Cointelegraph

Bitcoin has recently broken above $71,000, gaining 3% in the last 24 hours. However, it is facing resistance at the $71,400 level and a lack of trading volume could lead to another range-bound period While Bitcoin’s short-term price action lacks a clear bullish spark, its higher timeframe charts remain bullish. The Thermo Cap ratio, which represents the total investment cost into the Bitcoin network, suggests the current prices may not be the top of the bull run. It remains well below previous cycle highs. However, the Net Unrealized Profit/Loss metric is above 0.5, indicating many investors are in profit and could be incentivized to take profits. Historically, this has preceded sharp corrections of 20% or more in Bitcoin’s price. The Network Value to Transactions (NVT) ratio, which compares market cap to transacted volume, has been rising, potentially signaling Bitcoin is overvalued relative to its on-chain activity. But this could also reflect Bitcoin’s growing perception as an inflation hedge. Overall, there are signs of potential overvaluation in Bitcoin, but its strong network fundamentals suggest the current bull run may not be over yet. Investors must weigh the risks and potential rewards in deciding whether to cash out or hold. Source: AMB CRYPTO