Mooners and Shakers: Bitcoin does a Bart Simpson as market dips again; Cardano holds up well

Those clouds look kinda familiar… (Getty Images)

Don’t have a cow, man, but Bitcoin (BTC) and the rest of the market haven’t been able to build on a strong start to the week. That said, at the time of writing the OG digital asset is holding pretty firm just under US$30k.

In the space of 24 hours, the prices of the two leading cryptos – Bitcoin and Ethereum (ETH) – lost 6% and 7% respectively, completely wiping out the gains made at the very beginning of the week.

That’s crypto… and some analysts yesterday called it – guess it’s not particularly surprising to see a pump falter when coupled with low trading volume.

To get a visual sense of how things have been playing out for Bitcoin since yesterday, this TradingView chart tells a Bart Simpson-head story.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView (Unnecessary annotation: Stockhead)

Top 10 overview

With the overall crypto market cap at roughly US$1.28 trillion, down about 5.1% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

Bitcoin, Ethereum and the market at large have at least found support again for the moment, arresting any particularly dramatic fall. A bit more consolidation here? Perhaps a dip further down? Wouldn’t be the worst thing for dollar-cost averagers.

Although some in the space believe around US$25k was the Bitcoin bottom, judging by analyst Rekt Capital’s calculations, it might not be wise to assume things have finished flushing out quite yet.

#BTC tends to confirm uptrends when it breaks above the blue 50-week EMA$BTC tends to confirm maximum financial opportunity when it reaches & breaks down from the black 200-week EMA

Is the BTC bottom in already or is there more downside to come?

A thread…#Crypto #Bitcoin pic.twitter.com/Matflwh6uQ

— Rekt Capital (@rektcapital) June 7, 2022

But wait… but wait… one of Rekt’s fellow analysts and traders, Roman, is seeing a possible bullish divergence and double bottom potentially forming for BTC. Short-term timeframe stuff… but one to watch.

$BTC H4

Revisiting the idea of the “diagonal breakdown”. I don’t believe this is a breakdown considering volume is much lower here.

I’m seeing possible bull Divs on RSI/MACD as well as possible bull PA on LTF.

Looking for a double bottom reversal.#bitcoin #cryptocurrency pic.twitter.com/33xqtNMWIK

— Roman (@Roman_Trading) June 7, 2022

Meanwhile, one crypto major that is holding up particularly well today is Ethereum’s layer 1 rival Cardano (ADA).

The Charles Hoskinson-founded blockchain will undergo a “hard fork” on July 29, dubbed “Vasil”. The upgrade promises to enhance Cardano’s scalability and its smart-contract capabilities.

$ADA Holders MUST WATCH – Vasil Hardfork Explained

This video was a fun project! I explain all of the technical updates happening to #Cardano on June 29th

Dedicated to @VStDabov ❤️🌱
Thank you for watching! Be sure to LIKE & RT

-> https://t.co/y91DHth2xi pic.twitter.com/rSpe7KFTh0

— K₳izen Crypto (@KaizenCrypto) June 6, 2022

Conversely, another layer 1, Solana (SOL) has slipped to a near 10-month low, as its bad run of form and loss of investor confidence continues, following another network outage last week.

That said, it’s a project with a lot of big backers… and the lower it falls, the more opportunity it potentially presents for a stupendous rebound when favourable conditions return? Look, we couldn’t possibly say one way or another on that front.

Uppers and downers: 11–100

Sweeping a market-cap range of about US$10.2 billion to about US$488 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.

DAILY PUMPERS

• eCash (XEC), (mc: US$1.05 billion) +5%

• Leo Token (LEO), (market cap: US$4.89 billion) +4%

• Gala (GALA), (mc: US$608 million) 3%

• Decred (DCR), (mc: US$497 million) 1%

DAILY SLUMPERS

• Terra Luna Classic (LUNC), (mc: US$795 million) -14%

• NEO (NEO), (mc: US$806 million) -10%

• Internet Computer (ICP), (market cap: US$1.6 billion) -9%

• Helium (HNT), (market cap: US$987 million) -8%

• Theta Network (THETA), (market cap: US$1.2 million) -8%

Around the blocks

Want some hopium? Here’s some, courtesy of “ciniz.eth”. Caveat… no idea who this is, other than the fact they’re apparently a “web3 enthusiast, metaverse expert, defi enjoyooor, and nft collector” with a Twitter following of about 29k. Sounds legit.

https://twitter.com/screentimes/status/1533912889261805569

Meanwhile, two US senators (Cynthia Lummis and Kirsten Gillibrand) have drafted a new, bipartisan crypto-industry bill with several fairly innovation-friendly proposals. It ain’t perfect, but it’s a good step forward for regulatory clarity…

"The most important goal of this legislation was to create transparency, accountability and certainty," says @SenGillibrand on new #crypto legislation. "Regulation is necessary. You need to make sure that you have consumer protections. You need basic rules of the road." pic.twitter.com/DWkzXmveUN

— Squawk Box (@SquawkCNBC) June 7, 2022