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Bitcoin remains bullish — and arguably more so than ever — depending on which BTC price metrics are used to assess it. Bitcoin (BTC) is copying the prelude to its 2020 breakout to an “insane” extent, the co-founders of Glassnode have said. In a tweet on June 15, Yann Allemann and Jan Happel highlighted three BTC price metrics which are anything but bearish. Metrics echo Bitcoin's "major reversals and rallies" BTC/USD reached local highs of $31,000 in April, but since then has dipped around 20%. Sentiment has taken a beating in the process, with downward price predictions becoming the norm in the intervening weeks. While recent events have placed additional pressure on the market, Allemann and Happel see at least three good reasons for optimism. Several on-chain indicators, they revealed, now look uncannily like they did in Q3 2020, just before BTC/USD beat its old 2017 all-time high of $20,000. “The resemblance to Sep 04, 2020, is insane…,” they wrote in part of comm...

BTC’s chart is beginning to look bullish, and ADA, QNT, RNDR and RPL could rally if Bitcoin price breaks out to the upside. The United States equities markets welcomed the debt ceiling deal and the May nonfarm payrolls data on June 2 with strong rallies. The S&P 500 rose 1.8% during the week while the tech-heavy Nasdaq was up 2%. This was the sixth successive week of gains for the Nasdaq, the first such occasion since January 2020. In addition to the above, the expectation of the Federal Reserve remaining in a pause mode during the next meeting may have acted as a catalyst for the rally. CME’s FedWatch Tool is showing a 75% probability of a pause, with the remaining 25% expecting a 25 basis points hike in the June 14 meeting. Crypto market data daily view. Source: Coin360 Rallies in the equities markets failed to trigger a similar performance in Bitcoin (BTC) and the altcoins. However, a minor positive is that several major cryptocurrencies have stopped falling and are trying to ...