“Bitcoin Still Looks Bullish, But Some Metrics Are Pointing to An Overheated Market, Says Cryptoquant”, – WRITE: www.coindesk.com
Bitcoin
is Trading Above $ 105k Asia Begins It Business Week. The World’s Largest Digital Asset Relativly Stable Over the Weekend, with A 0.4% Movement, and Trading Volume Was Compressed.
While Overall Market Conditions Remain Bullish, A NEW REPORT from Cryptoquant Suggests that Certain Metrics Indicate The BTC Market is “Overheating.”
The Report Shows Bitcoin Demand Has ClimBed to 229,000 BTC Over The Past 30 Days, Approaching the December 2024 Peak of 279,000 BTC. At Same Time, WHALE-HELD BAANCES HAVE RISEN BY 2.8 Percent, A PACE THAT OFFEN SIGNALS SLOWING ACCUMULATION.
These Indicators Suggest the Current Rally, Who Pushed Prices to A Record $ 112,000, May Be Nearing A Short-Term Top.
The Report Highlights $ 120,000 as The Next Majoor Resistance Level, Tied to the Upper Band of the Traders’ On-Chain Realized Price, Where Unrealized Profits Wound HiT. LOCAL TOPS.
While Cryptoquant’s “Bull Score Index” Remains Strong at 80, Signaling Continued Bullish Momentum, Rising Profit Margins, and Peaking Demand Growth Suggest May Face Leg Higher.
News Roundup: James Wynn Gets Liquidated, But Says He’ll ‘Run It All Back’
James Wynn, A trader renowned for his aggressive, High-leverage bets on hyperliquid, have been fully liquidated, leaving him with JUS Coindesk Previoously Reported.
Wynn, Who Attracked Significant Attcture with Trades Involving Bitcoin, Memencoins Like Pepe, and Even ObsCure Such as Fartcoin Position on BTC, Resulting in A Loss Exceeding $ 37 Million After Prices Dipped Beved Below $ 105,000 AMID HEOPOLITICAL TURMOIL.
Throughouse the volatile month, Wynn Rapidly Cycleed Through Trades, Briefly Netting An Unreadized Gain of $ 85 Million Before Market Swings Wiped Him Out COMPLELY. An account associated with wynnnnnnnnplayed the dramatic liquidation, defiantly stating on x: “I’ll Run It Back, I ALWAYS DO. AND I’lll enjoy doing. AT Making Billions. ”
Brazil’s Méliuz Shares Sink 8% After Announcing $ 78m Equity Raise to Buy Bitcoin
Brazilian Fintech Méliuz Plans to Raise Up to $ 78 Million Through A Public Equity Offering, Intending to AlloCate All Proceeds to Purchasing Bitcoin and Positioning the Cryptoc. Asset in it Treasury, Coindesk Previoously Reported.
However, Méliuz’s Strategy Hasn’t ImpRed The Market Yet, As Shares Droped More than 8% Following the Announcement. The Initial Offering Includes 17 Million Common Shares, With The Potential To Expand Up To 51 Million, and Investors Will Receive Subscription Warrants Allowing Future Stock Purchases at Set Set.
KNOWN FOR ITS CASHBACK AND FINANCIAL SERVICES PLATFORM SERVING OVING 30 MILLION USERS, Méliuz Currently Holds 320.2 BTC, HAVING PREVIOSLY COMMITTED 10% OF ITSH. Trading for the Subscript Warrants is Expert To Commens on June 16, With Share Settlement and Warrant Issuance Finalized by June 18.
Nyc CompTroller Rejects Mayor Adams ‘BitBond’, Warns Deviation from Dollar Could Undermine City’s Credit Reputation
New York City’s CompTroller Brad Lander Sharply Criticized Mayor Eric Adams’ Plan to Issue Municipal Bonds Backed by Bitcoin, Labeling The Propsed “BitBond. Coindesk Previoously Reported.
Lander Rejected the Idea Just Days after adams introduced It a bitcoin Conference in Las Vegas, Emphasizing that Cryptocurrency’s Instability Makes ITCITABLE TO RELITY FRIA as infrastructure and affordable houshing.
Mayor Adams Has Actively Promotted Cryptocurrency Initiatiatiats Since Entering Office, Including Converting His Own Paychecks Into Digital Assets and Establishing A Digital Asset Asset Asset Asset Asset Asset Asset.
However, COMPTROVLER LANDER HIGHLIGHLIGTED SERORIUS PRACTICAL CONCERNS WITH The BITBOND PROPOSAL, NOTING FEDERAL TAX LAWS and CITY FINANCIAL REGULATES WOURED MAKEA. from the Dollar-Basted Municipal Borrowing System Could Undermine Investor Confidentnce and New York City’s Credit Reputation.
Market Movements:
- BTC: Bitcoin Showed Resilience, Staging A V-Shaped Recovery Between $ 103,813.37 And $ 105,305.75 AMID NOTEBLE VOLUME Spikes.
- Eth: Ethereum ForMed a Bullish Reversal Pattern, Rebounding from Strong Support at $ 2,472.84 To $ 2,527.53 Amid High-Volume Buying Momentum, Accounting in Cording Incont.
- GOLD: Gold Climbed 0.6% to $ 3,311.66, As Traders Weighed It Recent Retreat from Record from Record Highs Against Ongoing Investor and Central Bank APPETITE DRIVENM
- Nikkei 225: Japan’s Nikkei 225 Droped 0.89% Asia-Pacific Markets Traded Mixed Following Trump’s Announcument of Increased Steel Tariffs.
- S&P 500 Futures: Stock Futures Dipped Sunday to Start June After The S&P 500’s Strongest Month Since November 2023, Amid Uncertain Over President Trump’s Tariffs Following Recent.
Elsewhere in Crypto:
- Wintermute Warns Pctra Upgrade Leaves Ethereum USers at Risk of Automated Attacks (The Block)
- HERE’S WHAT’S AT STAKE FOR Crypto in South Korea’s UpComing Election (Decrypt)
- JPMorgan’s Jamie Dimon Says US Should Stockpile Missils, Not Bitcoin (Coindesk)
- IMF Raceded Concerns Over Pakistan’s Plan to Allocate 2,000MW of Electricity for Bitcoin Mining (Local Report)
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