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bitcoin (btc) is down 3% since June 24, while ethereum (eth) managed to hold slightly above its initial price on Monday, despite the market sell-off that same day. Hank Wyatt, founder of DiamondSwap, shared with crypto Briefing that this performance disparity can be attributed to the hype around upcoming ethereum exchange-traded funds (ETFs) in the US.
Additionally, Wyatt highlighted that there is fear surrounding the Mt. Gox payment plan that will begin in July, since reported by crypto Briefing.
“The news about the distribution of refunds to creditors caused a slight panic. Both btc and eth are influenced by ETF expectations, with analysts noting significant inflows into bitcoin ETFs. These inflows have been a major driver of recent btc price increases, as ETF issuers purchase much more btc than is produced daily, driving prices up,” he added.
Despite the current outlook for Mt. Gox, Wyatt sees “a lot of potential” for bitcoin in the second half of 2024, especially on the macro level. However, the shorter time frame is still full of bearish trends.
“btc has lost multiple key support levels such as the 100-day moving average (MA100), 20-day moving average (MA20), 50-day moving average (MA50), and 100-day exponential moving average (EMA100). ). The MA50, a crucial bull market indicator, broke lower on Tuesday, June 18. Two days later, btc attempted to rally towards the MA50 level but was rejected at ~$66,500,” the DiamondSwap founder explained.
In particular, as analysts such as Bitfinex's and Rekt Capital believe that a local bottom has been reached, Wyatt underlines the importance of the MA50 level and the breakout of a falling wedge pattern on the daily chart.
“This breakout could be more explosive than previous ones, potentially taking btc above $72,000. However, given the current sideways movement, I do not expect significant price changes before the third quarter,” he concluded.
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