{"id":277629,"date":"2021-06-18T02:24:13","date_gmt":"2021-06-17T23:24:13","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-retests-37k-support-gold-and-stocks-drop-lower-over-fed-comments\/"},"modified":"2021-06-18T02:24:13","modified_gmt":"2021-06-17T23:24:13","slug":"bitcoin-retests-37k-support-gold-and-stocks-drop-lower-over-fed-comments","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-retests-37k-support-gold-and-stocks-drop-lower-over-fed-comments\/","title":{"rendered":"# Bitcoin retests $37K support, gold and stocks drop lower over Fed comments"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a39f14b874fe\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a39f14b874fe\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-retests-37k-support-gold-and-stocks-drop-lower-over-fed-comments\/#Inflows_to_spot_exchanges_increase\" >Inflows to spot exchanges increase<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-retests-37k-support-gold-and-stocks-drop-lower-over-fed-comments\/#Open_interest_in_BTC_options_is_on_the_rise\" >Open interest in BTC options is on the rise<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-retests-37k-support-gold-and-stocks-drop-lower-over-fed-comments\/#Altcoins_lose_steam\" >Altcoins lose steam<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin retests $37K support, gold and stocks drop lower over Fed comments <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC)\u00a0price dropped another notch to $37,365 today after a failed attempt by bulls to retake the $40,000 level. The renewed slump comes as the stock market and commodities also pulled back as a result of Federal Reserve Chair Jerome Powell\u2019s comments related to future interest rate hikes and concerns over rising inflation which led to pdeclines for both Bitcoin and gold.\u00a0<\/p>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> shows that the price of BTC climbed from $38,200 in the early trading hours on Thursday to a high above $39,500 by midday before being pummeled down to a low of $37,365 as bears took control of the market. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/2fa49fce-6410-4b09-af60-6b7f9be7a956.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Inflows_to_spot_exchanges_increase\"><\/span>Inflows to spot exchanges increase<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>One signal provided ahead of Bitcoin\u2019s price decline on June 17 was increased inflows to spot exchanges which led some analysts to speculate that traders who failed to cash out near the high are taking advantage of lower highs to lock in gains. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> here you can see quite a contrast between the recent inflows into spot exchanges vs derivative exchanges. Very recently a big increase into spot. One theory is that spot holders who didn&#8217;t sell the top are taking the opportunity to get out on a lower high. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/6SOI2uXHk8\">pic.twitter.com\/6SOI2uXHk8<\/a><\/p>\n<p>\u2014 Tempting Beef (@tempting_beef) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/tempting_beef\/status\/1405606254647590914?ref_src=twsrc%5Etfw\">June 17, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As the sell-off intensified, the netflow of BTC into exchanges saw a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/tempting_beef\/status\/1405597875971801093\">noticeable<\/a> uptick and this selling pressure, along with the lack of dip buyers, kept Bitcoin pinned below $38,000. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/e25fce50-29b4-42dd-a18c-1b9ee401c64b.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin all exchange netflow. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/overview\/full\/474?window=day\"><em>CryptoQuant<\/em><\/a><\/figcaption><\/figure>\n<p>While the recent BTC inflows to exchanges point to a bearish short-term outlook, it is also worth noting that whale wallets holding between 100 BTC and 10,000 BTC have actually increased their holdings by 90,000 BTC over the past 25 days, suggesting a more positive long term outlook. <\/p>\n<p><strong><em>Related: Bulls aim to reclaim $40K ahead of Friday\u2019s $520M BTC options expiry<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Open_interest_in_BTC_options_is_on_the_rise\"><\/span>Open interest in BTC options is on the rise<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Another source to get a better overview of how funds are being deployed across the market is looking at open interest in BTC and Ether (ETH) options. <\/p>\n<p>According to Delphi Digital, \u201copen interest for BTC and ETH options have been in decline since mid-May,\u201d but there has been a slight increase in the options open interest for BTC recently. This figure has remained stagnant for Ether, \u201cindicating traders are trying to position themselves for a BTC move instead.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/5a8898ae-0332-4026-a7c5-6f777a696b8c.png\"><figcaption style=\"text-align: center;\"><em>Change in open interest for BTC and ETH options. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.delphidigital.io\/\"><em>Delphi Digital<\/em><\/a><\/figcaption><\/figure>\n<p>Delphi Digital also said that the recent price action for Bitcoin and gold has revived discussions on the ability of each to operate as a \u201csafe haven asset,\u201d with investors increasingly seeing gold as the main inflation hedge, meaning \u201crising inflation could negatively impact BTC sentiment.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/cee1c29f-e1e4-4d6a-8a2f-135d17d342d9.png\"><figcaption style=\"text-align: center;\"><em>BTC vs. gold price deviation. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.delphidigital.io\/\"><em>Delphi Digital<\/em><\/a><\/figcaption><\/figure>\n<p>Given that both assets responded negatively to Powell\u2019s comments, there is a chance that the correlation seen between BTC and gold in 2019 could lead to a revival of the narrative that BTC has evolved into a safe haven asset. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Altcoins_lose_steam\"><\/span>Altcoins lose steam<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The overall altcoin market trended down on June 17 as the lack of optimism weighed heavily on most tokens. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/28eae75e-5ed8-42d7-9b8e-b7b739d419cf.png\"><figcaption style=\"text-align: center;\"><em>Daily cryptocurrency market performance. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coin360.com\/\"><em>Coin360<\/em><\/a><\/figcaption><\/figure>\n<p>Notable exceptions to the market stagnation include a 34% increase for XinFin Network (XDC) following a\u00a0partnership with Flare Finance and a 32% increase for NuCyper (NU) which has benefited from its recent\u00a0merger with the Keep project to form the Keanu DAO. <\/p>\n<p>As seen in the chart below, the announced merger between NuCyper and Keep was picked up by the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a>Quake\u2122 service from Cointelegraph Markets Pro on June 15 and was followed by an increase in the VORTECS\u2122 Score to a high of 74 on June 16, around 15 hours before the altcoin gained 44%.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/41fb2ebc-7513-4fbc-bf5c-6223476625bd.png\"><figcaption style=\"text-align: center;\"><em>VORTECS\u2122 Score (green) vs. NU price. Source: <\/em><em>Cointelegraph Markets Pro<\/em><\/figcaption><\/figure>\n<p>The overall cryptocurrency market cap now stands at $1.568 trillion and Bitcoin\u2019s dominance rate is 45.1%.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-retests-37k-support-gold-and-stocks-drop-lower-over-fed-comments\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin retests $37K support, gold and stocks drop lower over Fed comments &#8221; Bitcoin (BTC)\u00a0price dropped another notch to $37,365 today after a failed attempt by bulls to retake the $40,000 level. The renewed slump comes as the stock market and commodities also pulled back as a result of Federal Reserve Chair Jerome Powell\u2019s&#8230;<\/p>\n","protected":false},"author":1,"featured_media":277630,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvNzJhNWM2NjQtMDJmMi00MjlmLTkwNjYtNTQ2MjBjMjczMmJmLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,74937,74863,74860,75150,71835,73785],"class_list":["post-277629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-bitcoin-price","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-market-update","tag-gold","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/277629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=277629"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/277629\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/277630"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=277629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=277629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=277629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}