Market Outlook for the week; BTC, ETH and Altcoins

Bitcoin showed signs of strength yesterday, 13th June, 2021 as it bounced from the $35k support to trading above $39,000 levels. Prior to this as reported by CryptoTVplus, BTC dropped 5% from $37k to the $35k support. Speculation was that a number of negative news from Netherlands, India among others caused the dip.

Bitcoin’s bounce in price was owed to the positive statements from the Chief executive of Tesla, Elon Musk. The crypto asset crossed the resistance at 38,500 following the announcement of when Tesla will start accepting Bitcoin Payments.

This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.

When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.

— Elon Musk (@elonmusk) June 13, 2021

This happened amidst Netherland’s official advocating for a ban on cryptocurrencies. 

Bitcoin’s Price

The world’s largest and first cryptocurrency by market capitalization is currently trading above 39,000 levels above the last resistance. Bulls seem to be aiming to push the price higher to cross 40k. However, Microstrategy is said to sell bonds to fund its next huge Bitcoin purchase according to a report. That’s bullish for BTC.

If the bulls fail to push the price higher, BTC might stabilize around the 37-39k levels. The next support below the 40k levels is at 38,500 and 37,500 respectively. Further upward push might see 41-42k levels.

ETH Price

Ethereum (ETH) is currently trading above 2,400 at the time of this publication. Performance of ETH and other alts is majorly based on the stability of Bitcoin’s price and Bitcoin Dominance (BTCD). A rally to new ATHs is expected when the market becomes stable.

As it stands, ETH is up with over 8% price from its opening price of $2,333 yesterday, 13th June. It is currently trading above 2,400. Price might be pushed higher if BTC stabilizes. The next resistance is at 2,600. 

For alts, Bitcoin Dominance and Price movements of BTC needs to be paid attention to as movements in the price affects price of alts likewise.

What do you think? Share your comments below