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Bitcoin analysts are gearing up for a break toward the $30,000 mark, but what will BTC price action offer in the coming days? 3568 Total views 22 Total shares Listen to article 0:00 Markets News Join us on social networksBitcoin (BTC) starts the second week of June in familiar territory, but a breakout is coming, investors say.

After a calm weekly close, BTC/USD is firmly in its established trading range, while under the hood, market participants are preparing for some dramatic shifts.

It has been a long time coming, and for seasoned traders, the signs are increasingly pointing to volatility making a comeback.

There is little by way of macroeconomic triggers due this week, making the focus shift elsewhere for cues as to what BTC price action might do in the short term.

The on-chain analysis provides other interesting insights, reinforcing the idea that for Bitcoin currently, the only boring part is the spot price.

Cointelegraph looks at the key factors at play as BTC/USD hovers around $27,000 for another week.Weekly close preserves key trend line

BTC/USD may not have inspired with its latest weekly close, but some popular traders are seeing new grounds for optimism.

Despite remaining firmly in its narrow trading range, as confirmed by Cointelegraph Markets Pro and TradingView,the chances of a breakout toward $30,000 are increasing.BTC/USD 1-day candle chart on Bitstamp. Source: TradingView

Feels like its a matter of time until Bitcoin finally breaks that 30k level once and for all, trader Jelle wrote in part of his latest analysis.

Jelle, like others, noted that the 200-week moving average (MA) a key support line remained intact.BTC/USD annotated chart. Source: Jelle/ Twitter

Also intact were various support structures on trader and analyst Rekt Capitals radar covering daily timeframes.

So far, so good, he summarized, about an exit higher, potentially invalidating a bearish head-and-shoulders structure from the previous weeks.

#BTC successfully retesting not just the top of the red downtrending channel but also the bottom of the red box

So far, so good$BTC #Crypto #bitcoin https://t.co/a0VCL61Qvm pic.twitter.com/V7SnIMlpJZ— Rekt Capital (@rektcapital) June 4, 2023

An additional tweet mentioned a successful retest of support in the offing.

BTC broke down from a head and shoulders pattern in May. But theres classic whipsaw action around the neckline, trading account Game of Trades nonetheless acknowledged. The pattern remains valid unless the price moves above the right shoulder.

An accompanying chart gave a potential downside target of just $24,000 for BTC/USD due to the head-and-shoulders pattern.

Others looked for less movement, such as trader Crypto Tony, who eyed $25,300 as a possible destination, subject to $28,350 staying unflipped as resistance.

$BTC / $USD – June / July plan

So right now we are consolidating following the drop from the 14th April high. I am looking for

– $25,300 target to look for longs
– Must remain below $28,350 for the downside target
– Combo corrective pattern

I will update daily as always pic.twitter.com/Q93mr4hjGH— Crypto Tony (@CryptoTony__) June 4, 2023 Macro lull comes as traders eye dollar rebound

In an unusual week of calm for traders, June 59 will see little by way of macroeconomic data coming out of the United States.

With the debt ceiling debacle left behind, the next potential volatility catalysts will come in the form of macro reports for May, such as the Consumer Price Index (CPI) print; however, these are not due for another week.

With that, attention is focusing on oil production cuts from Opec+ members as prices continue to fall despite existing reductions in output.U.S. Dollar Index 1-day candle chart. Source: TradingView

Meanwhile, a more direct potential headwind for Bitcoin and crypto comes in the form of the U.S. dollar.

The strength of the greenback has been forming a rebound since the start of May, and since then, the U.S. Dollar Index (DXY) traditionally inversely correlated with risk assets has gained around 3.5%.

Popular analyst Matthew Hyland noted increasing relative strength index (RSI) scores for DXY on weekly timeframes.

DXY Weekly opens: pic.twitter.com/nRIGyKm4tl— Matthew Hyland (@MatthewHyland_) June 4, 2023

Fellow trader Skew flagged 104.7%, the current June high, as a critical level to close above to form a bullish DXY trend.

Strong close & moving higher in early EU trading session, he commented on the day. If USD closes above $104.7, I would consider that as USD strength. So far this looks risk off but we see later on.

$DXY 1D
Strong close & moving higher in early EU trading session.

if USD closes above $104.7, I would consider that as USD strength.

So far this looks risk off but we see later on. https://t.co/F28baIv2JV pic.twitter.com/3SLDs5wtos— Skew ? (@52kskew) June 5, 2023

Over the weekend, meanwhile, TraderSZ described DXY as bullish until proven otherwise.Stocks buoy bullish crypto case

The debt ceiling resolution had an immediate cathartic effect on equities, but crypto markets have broadly failed to copy their enthusiasm.

This may still change, market participants argue, as the S&P 500 hits 10-month highs.

The US House has passed a key debt ceiling deal, launching the #SP500 to its highest price since August. Altcoins like $LTC, $LEO, and $FGC have jumped today, research firm Santiment wrote on June 2.With crypto lagging behind equities, there could be some $BTC catch-up time coming soon.Crypto vs. macro comparison. Source: Santiment/ Twitter

An accompanying chart also tracked a rebound for gold, this nonetheless short-lived, with a retracement setting in to mark the new week.

As Cointelegraph reported, others were also eyeing a positive correlation between Bitcoin and a resurgent S&P 500.Bitcoin hodlers comfortably in profit

Its easy to feel that the Bitcoin rally is over, but the facts say its not, popular technical analyst CryptoCon wrote in findings last month.

At the time, BTC/USD was almost $1,000 higher than current levels, but enthusiasm was just as lacking.

CryptoCon was analyzing the state of Bitcoin holder profitability, using the net unrealized profit/loss (NUPL) metric created in 2019 by entrepreneur and analyst Tuur Demeester and others.

For the past several months, NUPL has stayed practically stationary around a value of 0.25, indicating that overall, the BTC supply is modestly in the black.

NUPL measures the difference between unrealized profit and unrealized loss. It is calculated by gathering unspent transaction outputs (UTXOs) and comparing how much coins are worth now with when they last moved on-chain.

Any value above zero indicates that the network is in a state of net profit, while values below zero indicate a state of net loss. In general, the further NUPL deviates from zero, the closer the market trends towards tops and bottoms, analytics firm Glassnode explainedin an introduction.

While calm in recent months, NUPL has delivered an uptrend retest, which is cause for confidence, CryptoCon now says.

31k was not the end, hope youre ready! he concluded in an update this weekend.

An accompanying chart of NUPL showed its behavior versus investor sentiment at various stages over the past 10 years.

#Bitcoin has seen a lot of sideways price action recently, but during that time two very important things have happened on the NUPL:

– Retest of trend
– Support made on Hope / Fear sector

The next step, a leap to the belief/denial range

31k was not the end, hope you're ready! pic.twitter.com/yi1GMO1hri— CryptoCon (@CryptoCon_) June 4, 2023 Largest Bitcoin whales at center of dichotomy

On the topic of investor sentiment, the current view of the market varies heavily between classes of hodlers.

Related:Bitcoin big move due in July after March $30K push Latest analysis

As noted by Glassnode, most remain risk-off on Bitcoin; since May, selling has dominated despite the lack of capitulatory events.

The one excepion, it appears, is the largest class of Bitcoin whales.

Uploading a chart of accumulation versus distribution adjusted by cohort, Glassnode showed that wallets holding at least 10,000 BTC are adding to their positions while everyone else is reducing exposure.

An interesting dichotomy across the Bitcoin Accumulation Trend Score persists, as the largest of Whales (>10K BTC) continue to aggressively accumulate, whilst all other major cohorts experience heavy distribution, researchers commented.

The last accumulation phase from these mega whales was in late 2022, with BTC/USD beginning its 2023 rebound weeks later.

The whales then paused in mid-January, entering a distribution phase of their own before flipping back to accumulation in May.Bitcoin trend accumulation score by cohort chart. Source: Glassnode/ Twitter

Magazine:Home loans using crypto as collateral: Do the risks outweigh the reward?

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. # Bitcoin # Dollar # Bitcoin Price # Markets # Inflation

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Red Sox call up Fulmer in Tommy John return

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Red Sox call up Fulmer in Tommy John return

CHICAGO — Former American League Rookie of the Year Michael Fulmer, returning from Tommy John surgery, was brought up from the minor leagues Sunday when the Boston Red Sox placed right-hander Richard Fitts on the 15-day injured list with a right pectoral strain.

A 32-year-old right-hander, Fulmer has not pitched in the big leagues since 2023 with the Chicago Cubs. He had Tommy John revision surgery on Oct. 18, 2023, signed a minor league contract with Boston the following Feb. 2 and did not pitch last year.

Fulmer had a 0.79 ERA in five spring training appearances for the Red Sox, striking out 12 and walking three in 11⅓ innings. He had a 3.09 ERA in two starts and one relief appearance for Triple-A Worcester, striking out 18 and walking six in 11⅔ innings. His four-seam fastball averaged 92.4 mph.

He won the 2016 AL Rookie of the Year with the Detroit Tigers, had Tommy John surgery on March 27, 2019, and returned to the major leagues on July 27, 2020, just after the start of the pandemic-shortened season.

Fulmer is 37-50 with a 3.94 ERA in 90 starts and 172 relief appearances for the Tigers (2016-22), Twins (2022) and Cubs (2023).

Fulmer’s contract was selected from Worcester. Red Sox manager Alex Cora said he expects to use Fulmer out of the bullpen.

Fitts will undergo an MRI on Monday to determine the extent of his injury, Cora said. The 25-year-old left Saturday’s game against the White Sox with shoulder discomfort as he was facing Miguel Vargas, Chicago’s first hitter in the sixth inning.

Making his seventh big league start, Fitts had a 2-0 lead and allowed two hits. He was in position for his first major league win when he was replaced by Zack Kelly with a 2-2 count on Vargas. Vargas walked, and two batters later Luis Robert Jr. hit a two-run homer,

Chicago went on to win 3-2 on pinch-hitter Brooks Baldwin‘s RBI single in the ninth.

Fitts has a 2.39 ERA in seven starts for the Red Sox over two seasons. He is 0-2 with a 3.18 ERA this year.

Fulmer has a contract paying a $1.5 million salary while in the major leagues and $180,000 while in the minors.

He can earn $2 million in performance bonuses for innings and $500,000 for relief appearances. Fulmer would get $50,000 each for 75, 80, 85, 90 and 95 innings, $100,000 apiece for 100, 110, 120, 130 and 140, and $250,000 each for 150, 160, 170, 180 and 190. He would earn $100,000 each for 40, 45, 50, 55 and 60 relief appearances.

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Politics

Minister says he wouldn’t bring China into ‘sensitive’ steel industry again

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Minister says he wouldn't bring China into 'sensitive' steel industry again

The business secretary has told Sky News he would not bring a Chinese company into the “sensitive” steel sector again – after the government was forced to take control of British Steel.

Urgent legislation rushed through the House of Commons and House of Lords on Saturday gave ministers the power to instruct British Steel – owned by Chinese company Jingye – to keep the plant open.

The Steel Industry (Special Measures) Bill essentially allows the government to take control of British Steel “using force if necessary”, order materials for steelmaking and instruct that workers be paid. It also authorises a jail sentence of up to two years for anyone breaching this law.

Emergency bill becomes law – follow the latest reaction here

A general view shows British Steel's Scunthorpe plant.
Pic Reuters
Image:
British Steel’s Scunthorpe plant. Pic: Reuters

Jonathan Reynolds told Sunday Morning With Trevor Phillips that he would not “personally bring a Chinese company into our steel sector” again, describing steel as a “sensitive area” in the UK.

The business secretary agreed there is now a high trust bar for Chinese companies to be involved in the UK economy.

He said: “I think steel is a very sensitive area. I don’t know… the Boris Johnson government when they did this, what exactly the situation was. But I think it’s a sensitive area.”

More on British Steel

Jingye stepped in with a deal to buy British Steel’s Scunthorpe plant out of insolvency in 2020, when Mr Johnson was prime minister.

But the company recently cancelled orders for supplies of raw materials needed to keep blast furnaces running at the site – the last in the UK capable of producing virgin steel.

This threw the future of the steel industry into question, and ultimately led to MPs and peers being recalled from parliamentary recess to take part in a rare Saturday sitting when negotiations with Jingye appeared to break down.

An emergency bill to save the plant became law later that day.

Public ownership currently ‘likely option’

It stops short of full nationalisation of British Steel, but Reynolds told Sky News that public ownership remains the “likely option” for the future.

He said: “Well that remains an option. And to be frank, as I said to parliament yesterday, it is perhaps at this stage the likely option.”

Read more:
British Steel workers express fears over plant’s future
Why the hot spring weather is sliding away

However, the minister said he believes there is “potential” for a commercial private sector partner.

He said: “That is my preference, but I feel we’ve got to find a bridge to that. The kind of investments required for the transition to new steel technology, whichever technology that is, it’s a lot of money, a lot of capital.”

Andrew Griffith, the shadow business secretary, said the government’s emergency bill amounts to a “botched nationalisation”.

He told Sky News the Conservatives supported the “least worst” option in the Commons on Saturday.

“There’s clearly still more work to do because the taxpayer is now picking up the bills for a business that is still owned by its Chinese owner,” the Tory frontbencher said.

“I hope the government will very quickly come back and clarify that situation.”

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Environment

CASE Impact autonomous, electric wheel loader debuts at bauma

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CASE Impact autonomous, electric wheel loader debuts at bauma

CASE arrived at bauma 2025 with an innovative new electric wheel loader with a striking, sharp-edged design that ditches the traditional operator cab in favor of remote or autonomous operation for improved accessibility and safety.

Yes, the new Impact is currently just a concept, but CASE New Holland (CNH) has a history of turning its concepts – or parts of them, anyway – into reality, so we have to take this latest bauma debut at least a little bit seriously.

CASE says the cabin-less design of the Impact electric wheel loader enhances operational flexibility by enabling operations in extreme environments and adverse weather conditions. It also means that job site, disaster recovery, or even rescue operations can continue 24/7, with operators in different time zones logging in for their shifts.

More important – and more practical – is CASE’s claim that the new Impact concept, “marks a significant advancement in accessibility, as operators with motor impairments and other disabilities can now operate the machine without physical limitations, representing an important step toward inclusivity in the industry.”

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Along with integrated AI, a full suite of sensors, and autonomous operation built in, CASE says the Impact is a glimpse into a smarter, safer, and more sustainable working future.

Electrek’s Take

Driven by an aging workforce and not enough new talent entering the field, virtually every industrial field is struggling with an international equipment operator shortage. The concept of automation addresses some of that, but remote operation open up the field significantly, and I could easily older operators forced out of work due to injury getting back into it or younger operators halfway around the world who would give anything for an opportunity – and paycheck – like this could provide.

Smart move from CASE, and it’s great to hear them call that out specifically.

SOURCE | IMAGES: CASE New Holland (CNH).

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