New BTC records on weak volumesJun 18, 2019
The latest week ended with a new wave of BTC growth resulting in the growth of the majority of altcoins. The largest cryptocurrency broke through important technical and psychological level of $9000, indicating the clear advantage for buyers. Researcher Alex Krüger in his twitter noted the closest technical resistance levels for BTC: $9600, $10000, $11500-$11750, $13000, $15000, $17400, $20000.
Other top 10 coins also finished the week with the growth, which is natural for cryptocurrency market. The best dynamics is demonstrated by EOS, followed by Ethereum, Bitcoin Cash and Ripple.
It is noteworthy that the next update of the highs occured at unexpectedly weak volumes. According to the analytical resource CoinMarketCap, the BTC trading volumes only slightly exceeded $22 billion at the time of the breakthrough of the technical resistance level, and the peak was close to $24 billion. At the time of breakthrough of the previous psychological resistance level of $8000, trading volumes reached $35 billion.
Thus, we observe a divergence between the BTC price and the trading volumes. As cost increases, trading volumes decrease, which may indicate a weakness of buyers.
But despite this, many analysts, traders and crypto enthusiasts predict a further increase in BTC in the nearest future. The head of Circle company Jeremy Allair suggested that the price of Bitcoin is being pushed up by the Libra project from Facebook which is being prepared for launch. Therefore, by June 21, BTC will overcome the $ 10,000 level.
BLOCKTV cryptanalyst and reporter Joe Saz expressed the opinion that Bitcoin growth will continue after the elimination of short positions of $ 100 million on the popular BitMEX exchange.
“I think growth will continue and nothing will stop it. I do not want to go too far, soaring in the clouds, but overnight shorts were eliminated for more than $100 million,” – said Joe Saz.
At the same time, he does not recommend to open positions on BTC now: “neither short nor long”.
Bittrex limits access for US traders
Bittrex cryptocurrency exchange continues to limit the capabilities of American users, which this time will be denied access to 42 digital assets.
These changes take effect on Friday June 28, but they will not apply to traders outside the United States. Previously there appeared information about the closure of access for US investors to 32 assets from June 21. Not only the date has changed, but also the number of assets to which access will be limited. This is a negative fundamental factor for mentioned coins.
Bittrex will send the guidance on what US customers can do with their tokens. The main message of this notification will be a warning about the need to get rid of the listed coins before the appointed time. Of course, the sale of these coins by all American traders and investors will put pressure on their prices.