Price analysis 7/6: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, LEO

Rakesh Upadhyay 1 hour ago Price analysis 7/6: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, LEO

Bitcoin and select altcoins are making an attempt at flipping key resistance levels, but negative news-flow and selling from BTC miners could continue to weigh on market sentiment.

1245 Total views 20 Total shares Listen to article 0:00 Price Analysis

Bitcoin (BTC) is attempting to rise above the psychological level of $20,000 on July 6, a sign that bulls are trying to stall the brutal bear market. The retail traders are making the most of the current fall and are on a buying spree. Proof of this comes from Glassnode data, showing that wallets holding less than one Bitcoin scooped up 60,460 Bitcoin in June, at “the most aggressive rate in history.”

In a recent report, Glassnode analysts said that the activity on the Bitcoin network shows that “all speculative entities, and market tourists have been completely purged from the asset.” This means that mostly, it is the long-term investors who are left holding Bitcoin.

Daily cryptocurrency market performance. Source: Coin360

However, not everyone is bullish about Bitcoin’s prospects in the short term. According to Arcane Research, the ProShares Short Bitcoin Strategy ETF (BITI), the first exchange-traded fund (ETF) to be «short» Bitcoin, has increased its short exposure “by more than 300% last week.”

Could the rush into the first inverse Bitcoin ETF act as a contrarian signal that indicates a possible bottom formation? Let’s study the charts of the top-10 cryptocurrencies to find out.

cointelegraph.com