Decentral Block Post

Bitcoin’s (BTC) current bear market is one of the worst, according to a report by on-chain analytics firm Glassnode. This was the first time in history that the Mayer Multiple slipped below the previous cycle’s low. Bitcoin’s fall below $20,000 on June 18 also marked the biggest loss ever booked by investors in a single day at $4.23 billion. Considering the above factors and a few other events, Glassnode believes that the capitulation in Bitcoin may have started.

Bitcoin whales seem to have started their purchasing, suggesting that the bottom may be close and on June 25, analytics resource "Game of Trades" highlighted that demand from whales holding 1,000 to 10,000 Bitcoin witnessed a sharp spike in demand.

Another sign that traders are purchasing comes from Glassnode comments suggesting that the 30-day average change in the supply kept on exchanges plummeted by 153,849 Bitcoin on June 26, the largest ever in history.

Could bulls continue their purchases on dips and form a higher low? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin turned down from $22,000 on June 26, indicating that the sentiment remains negative and traders are selling on minor rallies. The bears will try to pull the price to the psychological level of $20,000.

The price of Terra (LUNA2) has recovered sharply nine days after falling to its historic lows of $1.62. 

On June 27, LUNA2's rate reached $2.77 per token, thus chalking up a 70% recovery when measured from the said low. Still, the token traded 77.35% lower than its record high of $12.24, set on May 30.

LUNA2's recovery mirrored similar retracement moves elsewhere in the crypto industry with top crypto assets Bitcoin (BTC) and Ether (ETH) rising by approximately 25% and 45% in the same period.

The recent bout of buying in the LUNA2 market could trap bulls, given it has come as a part of a broader correction trend.

In detail, LUNA2 appears to be forming a "bear flag" pattern, a bearish continuation setup that appears as the price consolidates upward inside a parallel ascending channel after undergoing a large move downside.

Bitcoin (BTC) sold off into the June 27 Wall Street open as United States equities fell.

$25,000 eyed as bulls' line in the sand

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD following stock markets downhill as the last week of June began.

At the time of writing, the pair traded below $21,000, having hit its lowest in three days after a broadly stable weekend.

Amid a general lack of bullish conviction among traders, expectations for a further drop stayed present, with Bitcoin still below the crucial 200-week moving average (WMA) at $22,430.

"Bitcoin says NO against $21K support. That's all fine. We have got levels structured," Cointelegraph contributor Michaël van de Poppe wrote in a Twitter debate on the day.

Amid the Chinese government continuing to celebrate the massive decline of cryptocurrency markets this year, one key local blockchain expert has referred to crypto as a “Ponzi scheme.”

Yifan He, CEO of Red Date Technology, a major tech firm involved in the development of China’s major blockchain project, the Blockchain Service Network (BSN), has penned a new article devoted to various kinds of cryptocurrencies and their supposed Ponzi-like nature.

Published in the local newspaper The People’s Daily on June 26, the piece refers to private cryptocurrencies as the “biggest Ponzi scheme in human history.”

The author mentioned the Terra network’s collapse, with the native token LUNA crashing 99% and the algorithmic UST stablecoin losing its 1:1 peg value to the U.S. dollar in May 2022. He also criticized the increasingly popular virtual currency concept known as X-to-earn, referring to move-to-earn or play-to-earn projects, calling the model a “phishing strategy.”

The BSN chair also mentioned some well-known criticism of Bitcoin (BTC) by Microsoft founder Bill Gates and legendary investor Warren Buffett.

Dogecoin (DOGE) looks ready to extend its rebound move despite the current crypto bear market.

79% chances DOGE will extend its rebound move

DOGE's price appears to have been painting a "bump-and-run-reversal (BARR) bottom" since May 11, a technical pattern that points to extended trend reversals in a bear market. It consists of three successful phases: Lead-In, Bump, and Run.

The "Lead-In phase" sees the price consolidating inside a narrow, sideways range, showing an interim bias conflict among investors.

That follows the "Bump phase," wherein the price drops and recovers sharply, leading to a price breakout, defined by the "Run phase."

Dogecoin appears to be in the Bump Phase while eyeing a breakout above the BARR bottom's falling trendline resistance. Suppose DOGE breaks above the said price ceiling. Then, as a rule of technical analysis, it would eye a run-up toward the BARR's origin level.

Dogecoin (DOGE) looks ready to extend its rebound move despite the current crypto bear market.

79% chances DOGE will extend its rebound move

DOGE’s price appears to have been painting a bump-and-run-reversal (BARR) bottom since May 11, a technical pattern that points to extended trend reversals in a bear market. It consists of three successful phases: Lead-In, Bump and Run.

The Lead-In phase sees the price consolidating inside a narrow and sideways range, showing an interim bias conflict among investors.

That follows the Bump phase, wherein the price drops and recovers sharply, leading to a price breakout, defined by the Run phase.

Dogecoin appears to be in the Bump Phase while eyeing a breakout above the BARR bottom’s falling trendline resistance. Suppose DOGE breaks above the said price ceiling. Then, as a rule of technical analysis, it would eye a run-up toward the BARR’s origin level.