Crypto Market update : Analysis of 06/28/21

The Bitcoin market in a complicated phase

Bitcoin is in a post-halving year (which happens every four years) and usually these are years marked by strong bullish trends. The first two months of the year were extremely promising, then at the end of February the market started to correct, we entered a distribution phase that lasted until the beginning of May before going violently into a correction phase.

We expected last week to be contained by the expiration of options on Friday and despite a strong start week, the markets rallied nicely to the close on Friday morning at the limit of the range we were expecting.

This was followed by a further attempt at a decline but the market seems increasingly resilient to bad news, which is a sign of a bottom forming, and we can expect a bounce back towards the 48k area in the coming weeks.

Ethereum is not much different. We have been treated to a second downward move that we feel is potentially already over and could conclude the violent correction phase that started in mid-May and may now look complete. The implementation of the EIP-1559 proposal in the next few days could bring attention back to Ether in the short term.

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