?? Analysts are eyeing a possible BTC breakout based on chart patterns

Hello TradeSantians,

June may not be the strongest month for Bitcoin historically, but let's see if the narrative changes!

???NOT was on fire

Last week, 3 different NOT:USDT bots set up for long positions achieved the highest gains. The leader of them brought in a 116% profitability.

?? More winning strategies on the TradeSanta marketplace.?

*7-day profitability is calculated based on the?profit target?multiplied by the number of deals.?

BTC Goes Up, Technical Indicators Show Strong Buy?

Price Dynamics (7d)?

BTC $69,603 ?? 1.02%

ETH $3,832 ?? 2.42%

BTC Technical Indicators Show Strong Buy?(1d)

Oscillators: Neutral (1 Sell, 8 Neutral, 2 Buy)?

Moving Averages: Strong Buy (0 Sell, 1 Neutral, 13 Buy) ?

Fibonacci's Pivot for BTC?

Take a look at Fibonacci's Support (S) and Resistance (R) levels for BTC if you wonder where to place your Stop Loss and Take Profit. ?

?? Will governments come after stablecoins in 2024?

Remember Ripple's CEO's recent tweet saying "The U.S. government is going after Tether, that is clear to me"?

If you are interested in why he thinks so, check our recent piece on how governments interact with stablecoin issuers and what to expect in 2024.

Crypto Week: Predictions & Highlights

Despite negative news surrounding Mt. Gox transfers and DMM hack, Bitcoin surged past $69,000 on Monday, adding more than 2% in a strong start to the week. Ether kicked off the week modestly higher at around $3,800, up about 1% in the last 24 hours.

Let's explore market predictions and review the key headlines from the past week.

Next crypto targets

Matrixport analysts suggest that Bitcoin will likely break the symmetrical triangular pattern and experience a significant price movement. They base their prediction on the observation that during the past week, $5.2 billion of BTC and $3.1 billion worth of ETH were moved off exchanges. The firm sees this as a bullish sign, as the funds were moved back into cold storage and therefore were not intended to be sold immediately.

Technical and chain analyst @ali_charts agrees with this observation, also noting signs of Bitcoin's potential breakout from the symmetrical triangle. Ali predicts that a close above the $69,330 resistance level could push BTC up to $74,400.?

Michael van de Poppe, a trader and analyst, sees signs of an emerging altcoin season, suggesting strong performance for altcoins in the coming months.

Full-time trader and analyst @Skew considers $69,000 a critical support level for the market. To reach new all-time highs (ATHs), the market needs to hold above this level.

Insights into key events in the industry

?? Last week, VanEck, Invesco, Grayscale, BlackRock, and Franklin Templeton submitted S-1 amendments for their spot Ethereum ETFs. These S-1 forms are required by the SEC for final approval.

?? Keith Gill, known online under the nickname Roaring Kitty, posted his GME options positions on Reddit, causing a speculative frenzy among memecoins referring to GameStop. For example, GME's price surged more than 200% in 24 hours.?

??The US President vetoed a bill to overturn a SAB 121 bulletin. SAB 121 is the SEC accounting guidance that directs financial institutions holding crypto for customers to keep the assets on their balance sheets.?The bulletin is considered controversial among market participants, as “institutions that are forced to record custodied digital assets on balance sheet are subjected to higher capital, liquidity, and other prudential requirements, unlike their non-bank competitors." — according to a letter from the groups that lobby for big-bank interests.

?? On May 28, Mt. Gox moved 107,547 BTC worth nearly $7.3 billion to an unknown wallet as part of preparation for the distribution to repay creditors.

?? DMM Bitcoin, a Japanese crypto exchange, lost 48 billion yen ($305 million) of Bitcoin following a hack.

?? The New York Stock Exchange announced it is collaborating with CoinDesk Indices to launch cash-settled index options tracking the CoinDesk Bitcoin Price Index.

??Australia's first spot Bitcoin ETF (the only ETF that can hold BTC directly) will begin trading on the Cboe Australia exchange on Tuesday.

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