CoinLoan Weekly: Less anxiety, whale demand, 1 BTC dream
After jumping over $21,500 on Tuesday, June 21, BTC found itself in the green. Its rebound from $19,864.17 on Thursday, June 23, was followed by a 3-day climb. The weekend brought teetering between $21,000 and $21,637.93 (a 7-day high on Sunday, June 26).
Bitcoin is holding ground above $20,000, and the Fear & Greed Index is slightly easing — it stayed at 14 throughout the weekend. Experts stress that a sustained rally requires wide economic improvements as higher interest rates account for conservative trading behavior.
Currently, BTC is trading at $20,919.96, with a 24-hour drop of -1.8% and a 7-day gain of +2.1%.
Ether showed a similar pattern, with a 7-day low on Thursday, June 23 ($1,049.65), and a 7-day high on Sunday, June 26 ($1,265.94). The bulls were rallying all weekend as the token rose by 35% since the selloff on June 18. ETH gained over three times as much as BTC.
Ethereum investors are anticipating ETH 2.0 Merge, an upgrade expected to make the network more sustainable and efficient. On July 1, the ETH supply and market cap will be revised to account for Proof-of-Stake issuance and fees burned following the Merge.
As of now, ETH is trading at $1,202.89, with a 24-hour loss of -2.0% and a 7-day rise of +6.9%
After a low of $0.320140 on Monday, June 20, XRP remained largely flat until Friday, June 24. Following a steep surge to $0.381511, it stayed above $0.35, which corresponded to its 20-day EMA. The cryptocurrency closed the week in the green, gaining more than BTC and ETH.
If the bears draw XRP back below $0.35, it could slide to $0.32 and even $0.28. So far, the bulls have held onto the level, which suggests buying the dip. If the price rebounds, rising beyond $0.38 (50-day SMA) might be possible.
As of now, XRP is trading at $0.355189, with a 24-hour slide of -3.0% and a 7-day uptick of 9.1%.
Spike in whale demand pushes BTC to 10-day highs
Bitcoin whales seem willing to buy the dip. On Sunday, June 26, BTC/USD reached its highest high in over seven days, making the most of weekend volatility. Yet analysts remain cautious on the short-term outlook.
Some experts warned that Bitcoin could retest the lows over the weekend. Then, a whale cohort engaged in massive buying right before the surge to $21,868 on Bitstamp. Game of Trades reported a spike in demand from entities with a balance of 1k-10k BTC. Other experts also noticed new support clusters formed by the whales’ behavior.
That said, not everyone is eager to abandon a conservative stance. Analyst Michaël van de Poppe saw $21,600 as a necessary breakout level. Citing fake-outs, he referred to last week’s close of CME Groups Bitcoin futures ($21,100) as a likely short-term target.
Nevertheless, June could still become the worst month for Bitcoin since November 2018 (-36,57%). So far, the monthly losses are in the vicinity of 34%, comparable to the crash in May 2021 (-35,31%).
Bearish market lets investors fulfill the 1 BTC dream
Bitcoin’s descent to $20,000 gave small-scale investors an opportunity last seen in 2020 – a chance to buy a whole BTC. According to Cointelegraph, between June 13 and June 20, the number of Bitcoin wallet addresses containing at least 1 BTC grew by 13,091.
The total number of such addresses has declined, but the Reddit community is still welcoming hodlers turned wholecoiners. These users are sharing the joy of achieving their dream, which they used to pursue by buying Satoshis.
One Redditor spent around $35,000 to accumulate 1 BTC over several months via crypto exchanges and Strike. Another user gained 1 BTC via a dollar-cost averaging (DCA) strategy, which included buying small amounts over a lengthy period.
Investors around the globe have been trying to shovel in as many BTC as possible ever since the cryptocurrency took off. Many interpret the falling prices as an investment opportunity, despite the anxiety in the wake of selloffs, which is indicated by Google search trends.