Prominent Crypto exchange Binance releases its June Trading Report which draws a comprehensive analysis of Bitcoin and other cryptocurrencies. The exchange is unpredictable about Bitcoin but bullish about altcoins.
The decreased volatility tells us that investors are holding BTC capital as they are waiting for a big move.
The report reads:
“The narrow price range has also driven Bitcoin’s 30-day volatility down to its lowest level since October 2019, indicating the lack of directional bias.”
The immediate future of Bitcoin is uncertain because the low volatility situation will either push the price upward or downward.
“From earlier observation, historical patterns suggest that volatility contraction often precedes expansion, which eventually leads to a breakout or breakdown. Furthermore, the reduced volatility could be associated with increased HODLing as traders do not feel incentivized to sell their Bitcoins. We also observed open interest growth in June, which may suggest that traders are positioned for a big move.”
Bullish Sentiments for Altcoins
However, Binance passes bullish comments for altcoins and named altcoins which have performed extraordinarily. The cryptocurrencies having small or medium market cap played better than those who are having a large market cap.
Binance’s report added:
“Overall, cryptocurrencies delivered a mixed performance. Most large-cap cryptocurrencies delivered negative returns, while mid and small-cap cryptocurrencies such as LINK, ADA, BAT, VET, and IOST. In particular, VET had a phenomenal month, delivering more than 40% return in June.”
Another altcoin Dogecoin (DOGE) surged abruptly after some influencers started a campaign over social media platform TikTok. Similarly, Cardano (ADA) did a wonderful job as it became successful in getting 7th rank at CoinMarketCap after overcoming Litecoin (LTC). Now, ADA is one step closer to overcome Bitcoin SV (BSV).
For Binance, the $9,300 level is the most crucial level for the top leading asset to attain $10,000 position.
“If Bitcoin holds above the key level of $9,300, it would be in a strong position for another retest at $10,000. However, there is likely to be an intense selling pressure en route to $10,000 given the failed breakouts in previous attempts.”