Bitcoin: "High volatility but little direction" as it remains at $30,000
By Noemi Jansana / Alejandra Zamora
Date: Thursday 09 Jun 2022
(Sharecast News) - Thursday marks another day of range movement for Bitcoin, with an impossible ceiling at $30,000, forcing the digital asset to stay below this price, while the broader token market presents a carbon copy of Wednesday's trading day. Ethereum exhibits similar behavior, with clear support at $1,700. Total capitalization does not exceed $1.24 trillion.
"We continue to see a lot of volatility in Bitcoin but very little real direction," noted Craig Erlam, analyst at Oanda. "The daily ranges are wider but the bottom line is the same," he stated. "It could be that (Bitcoin) is waiting for inflation data before deciding where to head. The setup is still bearish at the moment, but as always, it doesn't take much to tip it the other way and a significant break of $32,000 could lead to further upside," he asserted.
"To confirm the start of a rebound we should wait for a close above $32,825. If it finally manages to surpass this price level, it is very likely that we could end up seeing a rebound to the $37,300 level," commented César Nuez, analyst at Bolsamanía.
"If it manages to confirm the overcoming of the short-term resistance, we must keep in mind that it is only a rebound without forgetting, under any circumstances, that its main trend is clearly bearish," warned the expert. "For a change in trend, we should wait for a breakout above $48,200, prices 50% above the current level. It must remain very attentive to the support of $26,430 because, if it loses it, it could quietly rush to the level of $20,000," he indicated.
As for Ethereum, the outlook is similar. The second cryptocurrency on the market has not quite shaken off its bearish outlook after flirting with its long-term lows at $1,700, while experts pointed out that, if it loses this price level, it could trigger a major wave of selling.
The Ethereum network is also in the news on Thursday as the Ropsten testnet-the oldest Ethereum testnet-implemented the long-awaited "merge" with the Beacon blockchain on Wednesday. The upgrade brings Ethereum one step closer to its long-awaited shift to a proof-of-stake consensus mechanism.
Ropsten allows for development and testing before the changes are implemented on Ethereum's main Ethereum network. 'The merge' will be the most significant upgrade ever made by Ethereum. The test network is identical to the main Ethereum network, but does not put any real funds at risk, experts explained.
The proof of stake is expected to make Ethereum a more energy-efficient blockchain, while substantially reducing transaction fees. Currently, high transaction fees have contributed to more than one million Ethereum transactions failing each month.
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