“The fear is gone for now, and the market is optimistic,” Arcane Research wrote in a Tuesday newsletter. But not enough to keep bitcoin's price above $50K.
Bitcoin is declining as regulatory concerns rise; ether is holding support.
Bitcoin and other cryptos rallied as Musk boosted bullish sentiment during The B Word conference.
Ethereum funds saw inflows rise for the third consecutive week.
Ether is attempting to break above the 50-day moving average for the first time since March.
Bitcoin sentiment is improving despite profit taking into July.
Net outflows from cryptocurrency funds totaled $44 million for the week ending June 25, marking the fourth consecutive week of redemptions.
Bitcoin tests $40K following positive comments from Tesla's CEO Elon Musk and hedge fund manager Paul Tudor Jones.
A death cross occurs when the 50-day moving average crosses below the 200-day moving average.
The declining futures premium indicates uncertainty about bitcoin following a 35% correction in May and another 12% drop already this month.
Investors redeemed a net $141 million during the seven days through June 4, the highest weekly total on record, according to CoinShares.
The fewer coins available for sale on exchanges, the better the chance of markets rising.
As the dollar faces a diluted world status, cryptocurrencies like ether and bitcoin are soaring, with a popular sentiment index now registering "greed."
A poll from bitFlyer Europe suggests confidence in crypto is growing, despite the economic impact of the coronavirus pandemic.