Business News Here's what we can expect from the crypto market...

Here’s what we can expect from the crypto market this week

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The crypto market is preparing positively to receive the week. Can we see interesting earnings? Find out here.

Despite how difficult the month of May was for the crypto market, now it finally looks like we will see some good gains during the week. 

We still don’t see the bulls confirming that they have regained control, however, a quick review by CryptoQuant shows us data saying that the panic sell may have ended. 

This review includes the analysis of the return to normality of the sales of BTC miners, after a drastic increase, as well as the new historical minimum of the stable coin ratio indicator, a signal that tells us of a greater amount of capital in the market. 

Still Bitcoin sentiment remains in the extreme fear zone, due to recent nervous selling from weak hands. However, this can be taken as positive, because when this sentiment takes over the market, the big players take advantage of the discount prices to continue accumulating with an eye to the long term.

Having already made a fundamental review of the current situation, let’s proceed to carry out a technical analysis of the 3 largest in the ecosystem.

Bitcoin closes in a symmetrical triangle, keeping bullish expectations within the crypto market for the coming week

After a swift crash to 30K, BTC managed to stop the bleeding and is now consolidating in a triangle-shaped range.

This consolidation occurs on a relevant support, which could be defending a higher trend so that it will soon be resumed.

Knowing that there is a dominant bullish force, the fall that occurred throughout May continues to signify a necessary correction, which already seems to have come to an end.

Even the bulls cannot confirm that this is true. For this, the price should begin to make higher and higher lows and highs on the daily chart.

A good confirmation that the trend is being resumed is the break of resistance at $40,500.

As long as this does not happen, we may still see some bearish lashes, which may put that large support zone around $32,000 to the test again.

If the $32,000 is lost, an unlikely scenario, the space would be free up to $23,800.

The bull cycle is still developing

When we zoom in, and view the price action from a larger chart such as the monthly chart, we notice that the bearish month of May looks like a simple correction in the middle of a much larger bull cycle.

Although past behavior does not guarantee what may happen in the future, the reality is that the cycles are very similar.

BTC is a cryptocurrency that corrected for 3 continuous years, losing up to 84% of its value. But after a mining capitulation, extremely attractive prices for investors, and a halving that reduced supply, a bull season was inevitable.

Now in the midst of great gains, the global economic situation, (especially the American one), greatly favors a bullish continuation for a longer time.

I don’t particularly see 64K as the top of this loop, and the behavior still doesn’t confirm that the bull run is over. There is no reason to go against such an overwhelming force.

Ben Pence
Ben Pence is a The Advertiser Mirror correspondent who covers politics, business, money, lifestyle, technologies and worldwide news. Ben is a talented guy of 22 years old who loves to write and record Podcasts as a part of his ideal to inform people about news and opinions.

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