It was the second time that Bitcoin dropped below $9,000 in June. Last week, BTC performed a downtrend for nearly a whole week, declining from $9,700 to a daily low of $8,844.
BTC price moves along with U.S. stock market
One of the fundamental factors that caused BTC price drop is the U.S. stock fell in tandem as the Federal Reserve’s balance sheet started to contract. And the correlation between Bitcoin and the U.S. stock market in recent months has increased. If the Fed raises liquidity once again to stimulate the U.S. economic recovery, it may benefit the price trend of bitcoin.
Technical Analysis – BTC is forming a Triple Top
There is no important news in the crypto market that may push BTC to go lower again recently. However, according to Bexplus analyst Justin Kwok’s technical analysis, BTC will be likely to form a triple top pattern.
Based on the 1-week chart, $10K has been strong resistance in the past one year. If BTC cannot reclaim $10K, bitcoin price may push to potentially lower than $6K over the Summer. And the recent correction also put the monthly candle of June into a bearish one.
If the price of BTC plunges further and breaks below $8K, there is a possibility that a similar candle occurred as in March, and a multi-month correction will continue.
Make money even during BTC bearish market
The recent correction once again ruined the “millionaire dream” of BTC holders. But in the crypto market, there are chances to make a fortune.
Different from the BTC spot trade, BTC futures trading gives you a chance to make profits on both uptrend and downtrend of the market. You can choose to long (predicting BTC price up) or short (predicting BTC price down). In addition, BTC futures always have leverage added, which means that with a limited amount of BTC, you can profit much more by leveraging your BTC futures position.
Read up here; you may want to try BTC futures trading and earn money. But how to get started? Firstly, you should get to know the types of futures contracts. In general, there are weekly contracts, quarter contracts and perpetual contracts. The first two means that you can only end the contract at expiry, while perpetual contract enables you to close the order anytime you want. Therefore, BTC futures perpetual contract is the one I recommend.
Trade BTC Futures on Bexplus Exchange
Bexplus is a popular Bitcoin futures exchange which provides perpetual contracts of BTC, ETH and LTC futures with 100x leverage. Headquartered in Hong Kong, it has established offices in the United States, Russia, Brazil, Australia, India and Nigeria. It supports 15 languages and covers 26 countries and regions worldwide.
In Bexplus, you can,
- Register with NO KYC
All you need to open an account is your email verification that only takes a minute. You don’t need to fill in any personal information.
- Trade with 10 FREE BTC
Bexplus offers trading simulator with 10 BTC preset. If you are a beginner at the BTC futures trading area, you can familiarize yourself with futures contracts in the simulated trading mode.
- P/L Calculator
If you want to set Stop loss and Stop profits, however, you don’t know how much you may earn or lose, you can use P/L calculator to measure the profit before starting the real trading.
- Useful Mobile Apps
The full-feature Bexplus app helps you manage your account anytime and anywhere. You can open/close positions, check the market, and deposit in the interest-bearing wallet with a few swipes. All data is shared on different devices, including Windows, Macbook, Android phones, iPhones, and tablets.
- 100% Deposit Bonus for Every User
All users in Bexplus are eligible to apply for up to 10 BTC deposit bonuses at one time deposit. Furthermore, active users can get 10% off of transaction fees. The more funds, the more profits you could make!
Follow Bexplus on:
Apple App Store: https://itunes.apple.com/app/id1442189260?mt=8
Google Play: https://play.google.com/store/apps/details?id=com.lingxi.bexplus