El Salvador President Nayib Bukele took a victory lap on Monday after the Bank of England’s British pound rapidly depreciated against the dollar. The institution has since resumed quantitative easing. Its action marks a clear pivot that many in the Bitcoin community predicted central banks would be forced into months in advance. Bukele’s Callout Bukele tagged the Bank of England with a triumphant “Told you,” over Twitter, scoring over 14,000 like and 2000 retweets from his followers. His brief comment…
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This Week’s Summary
Crypto Trends 15th – 21st of June 2020: PERFORMANCE & ANALYSIS
A relatively calm week on the cryptocurrency market comes to an end. Bitcoin seems to have embraced complacency as it made no attempts to overcome the $10,000 resistance level. Most altcoins have lost tiny bits of their values, but nothing that they cannot recover next week.
Bitcoin started the week on a slight downturn as it recorded a 0.5% on Monday. However, it quickly recovered and started pushing towards the next resistance level, which stands at $9,600. The nearest support level lies at $9,150.
At the moment, Bitcoin is trading at $9,363 and looking for a bullish surge after a quiet week. More than one month after the halving, BTC is losing popularity points. According to the latest Google Trends Report, the popular crypto has registered the lowest number of searches in the last 90 days.
Ethereum has lost almost 2.3% of its value over the past 7 days. At the time of this writing, ETH was trading at $231. However, investors look to give it a boost and push it past the $245 resistance level. The closest support level lies at $215.
Ripple’s XRP also slipped a bit in the past week. After breaking the dreaded $0.20 level a few weeks ago, XRP has slowly gone downhill, and at the time of this writing, it was trading at $0.187. With almost $1 million below Tether in market capitalization, XRP faces an uphill battle to regain its 3rd position in the market cap rankings.
Elsewhere, the NASDAQ Composite index reached an all-time high on June 10th and is now trading just below it. Concerns about the second wave of COVID-19 remain as small outbreaks in China, Australia, and New Zealand surfaced in areas where lockdown restrictions have been lifted.
What’s in the News?
Next Week’s Market Forecast
In the upcoming week, the cryptocurrency market will be on the lookout for distressing news regarding the second wave of COVID-19. As the number of new infections increases worldwide, the imminent inflation gets closer, and financial markets everywhere rally for another bleak period.
In the absence of unexpected events, Bitcoin should trade above $9,000 for another week, and another push towards the $10k barrier may happen soon. The ensuing altcoins should recover after their latest losses and push for each of their resistance levels.