The range-bound action in Bitcoin has kept the analysts guessing and a few expect the consolidation to continue for some more time, while others anticipate another leg lower.
A June 6 Glassnode report said that the aggregated realized losses from long-term holders reflected more than 0.006% of the market capitalization on May 29. This is in comparison to the peak of 0.015% of the market capitalization reached during the 2018 to 2019 bear market.
Along with the quantum of losses, investors may also have to be prepared for a longer duration of subdued prices. The duration of the current loss for long-term investors is only one month old, while the previous losses remained roughly for a year.
Could the lackluster trading action in Bitcoin and other major altcoins continue? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin plunged below the 20-day exponential moving average (EMA) ($30,565) on June 7 but a positive sign is that the bulls aggressively purchased the dip to the trendline of the ascending triangle pattern. This resulted in a strong recovery as seen from the long tail on the day’s candlestick. The ascending triangle pattern remains intact favoring the buyers.
However, a minor negative is that the bulls could not build upon the momentum on June 8. This gave…