Germany & US continue to sell its Bitcoin 🔻

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📅 Today

🔍️ Market Outlook

• Overall Bias - Neutral 📈 

• BTC has broken all it's AVWAPs, and also broke down of it’s crucial $60,800 support zone.

• The most important support zone to focus at on the higher time frames is at $ $56,700 to $57,700, which is a macro horizontal support and the 200 Day MA.

• So far, the price has respected this support level. Usually, buying in spot with a very long term perspective on the 200 Day MA has never been a bad idea.

• $64,500 & $66,200 are crucial levels that need to be broken on the upside to protect the support zone mentioned above.

• BTC dominance is approaching a resistance level at 55.17%. A rejection from this level could see some short term or intra-day relief for alts. A breakout of this zone with a breakout of BTC’s price would signal a probable healthy uptrend for BTC in the short term.

Germany & US Governments continue to sell BTC ⚠️ 

The German and U.S. governments appear to have moved additional bitcoin and ether today, further signaling their potential intention to sell the assets.

The German government moved a total of 1,500 bitcoin ($94 million) to centralized exchanges, while wallets belonging to the U.S. government also moved 3,375 ether, or about $11.75 million.

Earlier over the past week, the German government had already sold ~$400 mil in Bitcoin.

Currently, the US government wallet holds 213,534 bitcoin, worth $13.42 billion, and about 50,524 ether, worth $175.9 million, among other crypto assets.

The German government currently holds 44,692 bitcoin, worth about $2.81 billion

SEC sues Silvergate Bank 🔻 

The U.S. SEC has sued Silvergate Bank, accusing it of failing to meet Bank Secrecy Act and anti-money laundering regulations despite claiming compliance to the public and shareholders.

Former CEO Alan Lane, former COO Kathleen Fraher, and former COO Antonio Martino are also being sued for inadequate monitoring of suspicious activities.

The SEC claims Silvergate missed nearly $9 billion in suspicious transfers by FTX before its bankruptcy in November 2022.

📕 Educational

June Monthly Recap 🔍

👉 BTC Price: -6.96%. This is the second negative month this year, following a 14.76% drop in April.

👉 BTC Dominance: +1.06%. As BTC fell, altcoins performed even worse. The second quarter ended with BTC down 11.92%, marking its first red quarter after three positive ones.

👉 ETF Flows: Net inflows of $666.5 million. The largest inflow was $886.6 million on June 4th. There were 7 consecutive days of outflows from June 13th to 24th, totaling $1.134 billion.

👉 Fear & Greed Index: Ended at 53 (Neutral), swinging from a high of 72 (Greed) to a low of 30 (Fear).

👉 Funding Rates: Ranged from 19.2% to -0.36% APR for perpetual swaps, indicating a consolidating and cooled down market.

👉 Key On-Chain Metric: Bitcoin’s mining hash-rate fell by 7.6%, reaching levels similar to those seen during the FTX collapse in December 2022.

👉 Looking Ahead: BTC has been between $56k and $74k for over 112 days. Post-halving consolidation phases usually last around 3 months. We are 72 days into this phase, and miner capitulation, which often leads to a bullish market, seems underway

📊 Stats

📈 Chart of the day

• Rationale & Confluences :

• Macro Daily Horizontal support

• Bullish divergence on Daily & 4H RSI

• Daily Discount Zone

• Weekly Horizontal Support.

• Multiple bullish divergences on 4H.

• Source : Cointraction 

• Note : None of the content mentioned in the newsletter is financial advise. This is for educational purposes only.

🤣 Meme of the day

Accurate 🤣 

That concludes our update for today!

We appreciate you joining us for the latest news. Our aim is to provide insights and highlights that keep you well-informed and ready. Remember to follow us on social media for additional updates and giveaways. Happy trading, and see you next time!

Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research before investing.