Improving Market Sentiment, Current Bitcoin Signing Price Is Low

Bitcoin tried for $ 40,000 following a recommendation from Tesla CEO Elon Musk and CFO Paul Tudor Jones.

The good news kept bitcoin buyers active on Monday as analysts sought support below. The world's largest cryptocurrency market cap has risen around 20% over the past seven days, testing prices of $ 40,000 for the first time in two weeks.

Alexandra Clark, a salesperson for UK-based digital real estate broker GlobalBlock, said in an email to CoinDesk:A few symbols clearly indicate that Bitcoin is undervalued at its current value.."

Tesla CEO Elon Musk said in a tweet that automakers will re-allow bitcoin trading, saying: Looking ahead, that's fine. Buy. "

“While many analysts are still deciding whether digital assets are ready to continue growing, what we do know is that Musk is responsible,” Clark wrote. Last month, BTC traded in a narrow range of between $ 30,000 and $ 40,000.

Investors plan to increase their coverage of Bitcoin or other cryptocurrencies over the next three months.

Traders also heard what CFO Paul Tudor-Jones said Monday in an interview with CNBC: "We can get everything out of the financial markets." Jones has stated that he "loves Bitcoin" and wants the same percentage of gold, silver, and commodities as his 5% share of Bitcoin.

It was also re-announced that MicroStrategy plans to acquire approximately $ 488 million in Bitcoin from a $ 500 million sales contract that expires on Monday. Shares of MicroStrategy (Nasdaq: MSTR) rose 14% on Monday and are up 30% this year, predicting a rally in the price of Bitcoin.

Overall, sentiment appears to have changed dramatically since the eventful month of May. In reality87% of investors surveyed by cryptocurrency brokerage firm Voyager plan to increase their capital in Bitcoin or other cryptocurrencies over the next three months..

"The comeback,Buyers are still reeling from the recent economic downturn., we continue to see some expansion in the research needs of our users, ”Voyager CEO Steve Ehrlich said in an email to CoinDesk. However, uncertainty persists over Bitcoin as a wealth class. It can affect the way people think.

Goldman Sachs' wealth management group called cryptocurrencies "not a viable investment" in a statement on Monday, and said the bank did not approve the use of cryptocurrencies in trading equipment. its shareholders.

Bitcoin options market shows demand for hedging against falling prices

Investors have expressed continued fear of an increase in bitcoin prices and demand for downside hedging, as evidenced by cryptocurrency 'options'.

A volatility option, also known as a volatility smile, is a curve that explains the relationship between the volatility option and the resistance value.

Source: Genesis Volatility

A smile option is a U-shaped figure that resembles a smiley face, created by providing an amazing mix of options with different exercise rates that expire on the same day.

The smiley indicates that the demand for the option with the strike price is lower than the current market price of Bitcoin, which has a huge impact, or greater than the unreliability of the option with a higher price.

Review of Bitcoin trends

Bitcoin is trading around 36% below its 11-year target, according to a report released Monday by Pantera Capital.

The recent high presale in May was slightly above norm. According to Pantera,Bitcoin has historically been well below the benchmark scale of just over 20%.

The divergence could give way to further declines from previous lows in 2012 and 2020, but Bitcoin is unlikely to have a positive impact on its historical backdrop.

Source : Pantera Capital

test time

According to a research report released by Enigma Securities last week,The price of Bitcoin will move for a while, but it could go down from the past bear market between 2013 and 2017.

"However, we do not plan to return soon," the report said.

Enigma said that the Bitcoin bear market in 2017 is shorter, if not less, than in 2013.

The Bitcoin comparison report shows that the price will flatten as the price drops.

Source : Enigma Securities

Bitcoin shows beyond Ethereum

Traders can go crazy again with the best cryptocurrencies in the world:Technically, this shows that Bitcoin is starting to outperform Ethereum..

Katie Stockton, CEO of Fairlead Strategies, said the current BTC / ETH ratio is above its 50-day moving average, which would indicate that Bitcoin has strong relative strength over Ethereum.

The daily report shows Bitcoin's recent rise against Ethereum.

Source: Fairlead Strategy

Goldman Sachs plans to offer etheric options.

According to Monday's report,Goldman Sachs plans to provide futures and trade options to Ethereum.Mathew McDermott, managing director of digital assets at Goldman Sachs, told Bloomberg that the company plans to acquire the Ethereum business next month.

McDermott said consumer markets have recently become a good entry point and the bank also plans to support electronic exchange trading. CoinDesk ReportGoldman Sachs has started offering non-delivery products (NDFs) to traders., derivatives indexed to the value of Bitcoin are paid in cash.

To analyse

After a month of declining economies, new research shows thatBitcoin and Ethereum price charts may be bullish and give a break next week..

Raws li Katie Stockton, Founder Thiab Managing Partner of Fairlead Strategies,Bitcoin's Weekly Stochastic Oscillator moves to an oversold level or below 20, indicating a possible 'rally' if possible in the future..

Seasonal traders use this metric in combination with other metrics to measure the overbought and overbought conditions that make the market long and short.Below 20 means the market is oversold and above 80 means the market is overbought..

So it looks like Bitcoin is gearing up for a bigger challenge.The price is recovered from the weakness of the sellers. The cryptocurrency is currently trading at 2.5 week highs above $ 40,000, up 8% in 24 hours.

According to Stockton, Bitcoin's main resistance level is near $ 47,000. Breaking away from this attack will make you more profitable. However, Delta Exchange CEO Pankaj Balani expects new entrants to come in at over $ 45,000.