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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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Stephen Graham on how the rise of incel culture influenced new Netflix show Adolescence

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Stephen Graham on how the rise of incel culture influenced new Netflix show Adolescence

Stephen Graham says the rise of “misogynistic tendencies” is concerning and we’re “all accountable to an extent” to finding a solution.

His new limited series Adolescence looks at the impact of social media on children and the accessibility to radicalised views online.

Speaking to Sky News, Graham says there was a certain moment for him that inspired him to create the show.

Stephen Graham as Eddie Miller in Adolescence. Pic: Netflix
Image:
Stephen Graham as Eddie Miller in Adolescence. Pic: Netflix

“I read an article about a young girl who was stabbed to death by a young boy, and then a few months later, on the news there was a young girl who, again, had been brutally stabbed to death by a young boy in a completely different part of the country.

“If I’m really honest with you, that hurt my heart and I just thought, why? Why does this kind of thing happen? What is this society? Why have we reached this point where this kind of thing is happening? What was the reason?”

The four-part drama, he says, doesn’t have the answer but instead holds a mirror up to society asking how can the growing presence of incel culture be quashed?

“You look at it and you see that we’re kind of all accountable to an extent. There’s failings within the school system, there’s situations where the education system can look at this, look at what’s happened with that kind of rise in these misogynistic tendencies.

More on Stephen Graham

“The society as a whole can look at this, parents obviously can look at this, and the government in many ways.”

What is the term incel?

Derived from the phrase “involuntarily celibate”, an incel culture in its simplest is someone who deems themselves unable to find a romantic partner despite desiring one.

A more radicalised sub-culture of incels has surfaced online in recent years which includes individuals who dislike feminism and believe that women have become too sexually selective.

They believe men are the superior sex and men have the right to objectify and criticise women as a result.

Influencers like Andrew Tate have been connected to the growing corner of the internet in which young boys are being radicalised from the certain viewpoint.

Ashely Walters as Detective Inspector Bascombe in Adolescence. Pic: Netflix
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Ashley Walters as Detective Inspector Bascombe in Adolescence. Pic: Netflix

Actor Ashley Walters, who stars alongside Graham in the series, says reading into the existence of the misogynistic group came as a bit of a shock and it worries him about the world children are growing up in.

“I’d seen bits of the Andrew Tate stuff kind of popping up online or whatever, but I never really delved into it. And for me, this was the first real experience.

He adds: “I do sometimes feel sorry for [kids]. When I was growing up, I was in a bubble. I didn’t have a clue what was going on in the States and other parts of the world.

“It was just kind of in my little area that I grew up in with my family… I wasn’t seeing Bentleys and designer clothes and all of this stuff. It’s like I was happy with what I had. And now you’re exposed to everything. It’s no wonder that kids mentally grow up quicker.”

Read more from Sky News:
Who is the real Belle Gibson?
Meet the Eurovision hopefuls who sing their trollers’ insults

The Top Boy actor believes it can be hard for young boys to talk about their emotions.

“It’s really important that we have these conversations and we make it normal to have discussions just like women and young girls do about feelings and whatever they’re going through.

“That was one of the big reasons why I wanted to be a part of this conversation that we’re creating, because I’m a strong advocate for, as a man, being vulnerable, crying in front of my friends, and just saying how I feel.

“It’s even difficult for me at times, so I can’t imagine how young men are at the moment… everything that’s going on around social media in their lives, how difficult it is for them to start this conversation.”

‘This government needs to do something’

Co-creator and writer Jack Thorne agrees and says the government should step in and guide children and their parents to the correct use of social media.

“I think this government needs to do something. And there’s a private members’ bill going through the Commons on Friday that has been watered down quite extensively by this government because they’re frightened of big tech.

“And we need to be having conversations like Australia’s having conversations, whether they’re actually putting in legislation about restricting social media access.

“We need to be having those conversations in this country and we’re not. And if we don’t have these conversations, it is going to get worse.”

Fatima Bojang as Jade. Pic: Netflix
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Fatima Bojang as Jade in Adolescence. Pic: Netflix

He adds: “Doing this show I spent a lot of time in a lot of dark places. I saw where the web went and where the web goes. And it’s not about Andrew Tate. Andrew Tate is the shorthand for adults.

“There’s much worse stuff out there. And it teaches kids a logic… that makes sense of the world for them in a really distorted and ugly way. And unless we look at that and talk about that, things are only going to get worse.”

A government spokesperson said: “We are committed to keeping young people safe online.

“Starting next week, Ofcom can begin enforcing the Online Safety Act’s illegal content duties, targeting the most harmful material.

“By summer, children will be protected from harmful content, and platforms must take steps to ensure age-appropriate experiences online.

“These protections will act as the foundation and our priority is implementing them quickly and effectively.

“We also know there will be more to do and have already acted, including commissioning a study to assess current research on the impact of social media and smartphones, strengthening the evidence base on their impact on children’s wellbeing.

“This will enable us to swiftly consider all options to inform our next steps in the safety of children online.”

Adolescence is out on Netflix on 13 April.

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Reform UK’s Andrea Jenkyns says Nigel Farage’s row with Rupert Lowe was ‘clearly a big falling out’ – but insists it will ‘blow over’

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Reform UK's Andrea Jenkyns says Nigel Farage's row with Rupert Lowe was 'clearly a big falling out' - but insists it will 'blow over'

Reform UK’s most senior woman has told Sky News the Rupert Lowe row “doesn’t look great” and she doesn’t “want to see it in the news any more days”. 

Dame Andrea Jenkyns, who defected to Reform last year, accepted it was “clearly a big falling out” but suggested these spats do not always cut through to the public.

She insisted she was concentrating on winning as she looks to become the party’s first ever mayor in May.

In an interview with Sky News, Dame Andrea also spoke for the first time about her experience of domestic abuse, denying Reform has a “woman problem” but accepted “we need to start talking more about issues, what women are interested in”.

Having lost her seat as a Conservative in the 2024 election, Dame Andrea briefly quit politics only to return earlier this year as Reform’s newest recruit.

She is now standing as the party’s candidate to become the first Greater Lincolnshire mayor, in a race that psephologists think could be Reform’s best hope of turning itself from a party of protest into one that is governing.

That’s because Reform is on the march in Lincolnshire, which is a key battleground between the Conservatives and Reform in the local and mayoral elections in May.

More on Lincolnshire

Richard Tice, Reform’s deputy leader, took the Conservative seat of Boston and Skegness in the last election as Reform came second in a further two of the county’s eight constituencies.

Andrea Jenkyns spoke to Sky News' Beth Rigby
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Dame Andrea spoke to Sky News’ Beth Rigby

This farming country has long been part of the patchwork of Conservative England and it is in these heartlands that Reform hopes it can land a significant blow to its political rivals in the coming weeks.

“It’s a worry,” admits one Labour insider who doesn’t much relish the prospect of having to deal with a newly minted Reform party mayor should Dame Andrea win in May against Labour candidate Jason Stockwood, the Conservative Rob Waltham and independent Marianne Overton.

There is also the Lincolnshire council race, which Reform is targeting. All 70 seats are up for grabs and the Conservatives, which have a 38-seat majority, are defending 53 seats. The only way is up for Reform here, while the Conservatives, who have held this council for 10 of the past 13 elections, are bracing for a drubbing.

Tories say Jenkyns is from Yorkshire

The Conservatives make the point that they have a “strong local candidate who is born and bred in Lincolnshire, whereas Dame Andrea is from Yorkshire” when I ask them about the race.

“We are fighting hard, we have a proven track record of delivery in charge of local services whereas Reform aren’t tried and tested,” the Conservatives said.

“And if they’re anything like Reform nationally, who don’t turn up on important votes, then they won’t show up for people locally.”

Dame Andrea is still based in Yorkshire where she used to be an MP, as this is where her son attends school. But she rents a place in Lincolnshire and has vowed to move to the county should she win the mayoralty.

She also points out that she grew up in Lincolnshire and was a local councillor before moving to Yorkshire after her shock victory over Ed Balls in the 2015 general election.

Read more:
Rupert Lowe consulting lawyers over libel action
Police launch investigation into Rupert Lowe over ‘verbal threats’

Andrea Jenkyns with farmers
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Dame Andrea is hoping to become Reform’s first mayor

‘Fed up’ farmers eyeing Reform

When we meet her on the road in Lincolnshire, she takes us to meet some farmers whose livelihoods are under intense pressure – be it over local flooding and flood defences or changes to inheritance tax and farming subsidies that are affecting their farms.

There is little love for Labour in the gathering of farmers, who in the main seem to be lapsed Conservative voters that are now eyeing Reform, as a number of them tell me how they are fed up with how the Environment Agency and local politicians are running their area.

“We’re fed up with all of them,” said one farmer.

“We just want some action. As farmers we know drainage is so important, we just want to get it sorted.”

They are also alarmed and anxious about the inheritance tax changes introduced by Labour and are pressing for carve-outs for small farms handed down from generation to generation amid fears they will have to sell up to pay the inheritance tax bills.

But the troubles at the top of Reform hadn’t gone unnoticed by this group. Unprompted, one of the farmers raised the row between the suspended Reform MP Rupert Lowe and the party leadership, telling Dame Andrea that while he “really likes Reform” he doesn’t much like what he’s seeing at the moment.

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Reform UK row explained

‘Spat looks worse because Reform is small’

The farmer said: “I don’t follow politics avidly. But I just look and say [Rupert Lowe] is full of common sense and I really like him and I don’t know what’s happened, but it looks from outside [he has been] chucked under the bus.

“And I’m like, am I getting second thoughts about Reform? I don’t know what’s gone on, but it concerns me about what’s going on with Reform.”

Dame Andrea tries to downplay it and says the “spat” looks worse because it’s a smaller party.

“To me it’s about the movement, the right policies, to carry on. What is the alternative? This will blow over and Reform will keep getting strong,” she said.

Can Jenkyns and Farage co-exist?

Dame Andrea would clearly like the infighting to stop, but it raises questions for me about how she will fit into this very male-dominated party, in which all four MPs are male, with Dame Andrea the only senior woman beyond the former Conservative minister Ann Widdicombe.

She is, like Nigel Farage, a disrupter – Dame Andrea was one of the first Tories to call for Theresa May and Rishi Sunak to stand down, and a conviction politician who fervently backed Boris Johnson and Brexit.

If she does win this mayoral race she will be a big personality in Reform alongside Farage, which leaves me wondering if they can co-exist in a party already at war.

Andrea Jenkyns
Image:
Dame Andrea says she doesn’t think the party has a ‘woman problem’

Jenkyns was in an abusive relationship

Reform does struggle with female voters, with fewer women voting for the party against all age cohorts, young to old. Dame Andrea tells me she doesn’t think the party has a “woman problem”, but she does think it needs to talk about more issues that she thinks women are interested in, citing education, special educational needs and mental health.

When I raise the matter of violence against women and how the party has handled revelations that one of its own MPs was jailed in a youth detention centre as a teenager for assaulting his girlfriend, Dame Andrea reveals to me she has been in an abusive relationship.

“I know how it can break you. I know how you sort of start losing your identity. So I’ve been on that side,” she said.

“And I’ve also helped constituents to fight against this, so it matters, we need to do more in society because whether it’s men or women, one is too much in my view.”

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Out on the campaign trail, even in the Labour territory of Lincoln where Hamish Falconer is the local MP, Dame Andrea gets a warm welcome. She tells me she thinks she can win it: “I might be living in blind hope here. But I’ve got that feeling.”

This corner of England has become a test bed for Reform to see if it can turn from a party of protest into one that has a shot at governing in the form of a regional mayor.

If Reform can succeed in that – what might come next? It would be a remarkable comeback for Dame Andrea and a remarkable victory for Reform too.

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Labour MPs and officials briefing against work and pensions secretary should ‘shut up’, Baroness Harman says

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Labour MPs and officials briefing against work and pensions secretary should 'shut up', Baroness Harman says

Labour MPs and officials briefing against work and pensions secretary Liz Kendall should “shut up”, Harriet Harman has said.

The Labour peer told Beth Rigby on Sky News’ Electoral Dysfunction podcast Labour needed to “pull together” rather than descend into infighting.

Ms Kendall said on Thursday she was “determined to fix the broken benefits system” ahead of announcing “radical welfare reforms” next week.

Ministers have been priming Labour MPs and the public for cuts to a ballooning welfare bill since the start of the year.

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Baroness Harriet Harman said people criticising Liz Kendall should ‘shut up’

Asked what she thought of briefings against Ms Kendall as welfare cuts loom, Baroness Harman said: “I hate those sorts of briefings.

“I don’t think anybody should be briefing against Labour ministers who are trying to implement the manifesto.

“You know, she is incredibly competent and leads a really dedicated team. So I think they should just shut up and pull together.”

More on Benefits

Work and Pensions Secretary Liz Kendall. Pic: PA
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Work and Pensions Secretary Liz Kendall. Pic: PA

More and more Labour MPs have publicly criticised the impending benefit cuts, with many concerned they will hit people with disabilities the most.

Downing Street has taken the unusual step of calling all 404 Labour MPs into Number 10 over Wednesday and Thursday for briefings on the changes ahead of the details being released next week.

Baroness Harman said she thinks Ms Kendall is a “rising star” and is “absolutely certain” the PM and chancellor will stand behind her.

Read more:
What welfare cuts could be announced?

Labour MPs criticise benefit cuts

The peer was social security secretary – the equivalent of Ms Kendall’s job now – at the start of Tony Blair’s first term after Labour’s 1997 landslide win.

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‘Government’s plan to cut welfare is terrifying’

She was forced to defend benefit cuts just after they came to power and said there are “lots of parallels between what we were trying to do then, and what the government is trying to do now”.

However, she said the difference is, in 1997 she was making the argument for welfare cuts to help single parents into work by herself, but Ms Kendall is being backed by Rachel Reeves and Sir Keir Starmer.

Never miss an episode of Electoral Dysfunction wherever you get your podcasts.

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