Title: Bitcoin wicks down to $26.5K, but trader eyes chance for ‘bullish surprise’
June 2, 2023 06:36 AM ET
Bitcoin BTCUSD bounced off several support trend lines by June 2 as indecision continued to prevail in the market.
Data from Cointelegraph Markets Pro and TradingView showed that BTCUSD hit a low of $26,519 on Bitstamp after the day's close.
The pair showed little sign of a trend change as the stalemate between bulls and bears continued to produce little volatility.
The set of moving averages (MA) and the short-term holding (STH) realized a price near USD 26,000, and thus remained untested on the intraday timeframes.
Analyzing the current setup, popular trader Crypto Ed considered the potential for upside with a peak at $27,500.
"I think we're going to go down, but until we break that $26,000, there's a chance for a bullish surprise," he said in an intraday YouTube update.
For Bitcoin to break out of the current impasse, Crypto Ed continued, however, it would have to break above the $27,600 area.
"Now I think we'll bounce back to $27,500 - the resistance of the previous range high - and from there I'll look for possible shorts towards $25,000," he confirmed.
Fellow trader Crypto Tony similarly urged caution until $27,500 returns. He focused on the largest altcoin Ether (ETH), which bounced off a low of $1,840 at the May monthly close to hit $1,897 on the day.
"I've gone through the structure now and we're not really bullish until we flip $2,000 to support," he cautioned however part of the Twitter commentary.
The accompanying chart presented a target of $1,700 or lower if the $2,000 level failed to be flipped.
Title: Litecoin (LTC) Spikes 14% Weekly, 6.8% in Past 24 Hours: Reasons
June 2, 2023 05:20 AM ET
In a recent tweet, on-chain data agency Santiment published three reasons why the Litecoin LTC price is rising on a weekly and daily basis. The main reason is the upcoming August LTC halving event.
Here's what's pushing LTC up
Since May 25, the price of the bitcoin offshoot Litecoin, also known in the crypto community as digital silver, has risen nearly 14%, from $83.79 to where it is currently trading at $94.57. This represents a 6.86% increase over the past 24 hours.
Santiment's analyst team believes there are three main reasons for the growth of this digital asset.
The first and biggest reason, according to experts, is the upcoming LTC halving scheduled for August. During the halving, miners' rewards per block will be halved. Currently, miners receive 12.5 LTC for each new block found. After the halving, it will be reduced to LTC 6.25.
By the next halving in 2027, 35,760 blocks will have to be found. Halving takes place every four years, originally introduced by the mysterious Bitcoin creator Satoshi Nakamoto for BTC. The previous event for LTC occurred in 2019.
The next Bitcoin halving is scheduled for 2024, with the previous one occurring in 2020, during a pandemic.
The other two reasons supporting LTC's growth are the staggering two-year high in LTC transaction volume on the chain, as well as the largest increase in whale activity since early 2023.
The world's leading payment gateway BitPay is spreading the word among its users that Litecoin has reached a new milestone. According to a tweet, LTC has grabbed the second spot on the list of most popular cryptocurrencies transacted through BitPay.