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Bitcoin’s on-chain data provides evidence that Bitcoin miners are offloading their holdings. The factors influencing the selling pressure could be reduced earnings from a cooldown in Ordinals activity as well as mining difficulty and hash rate reaching an all-time high. 

According to on-chain analytics firm Glassnode, “Miners have been sending a significant amount of coins to exchanges.”

Glassnode data shows Bitcoin (BTC) miners’ inflows to exchanges spiked to a three-year high on June 3 to levels last seen during the bull market of early 2021.

Coin Metrics data also shows a decline in the one-hop supply metric of miners, which measures the quantity of Bitcoin stored in addresses that receive coins from mining pools.

The metric recorded a consistent uptrend in miner holdings since May 2023; however, the miners reversed their accumulation trend in the second week of June.

A bearish trend formation has been pressuring cryptocurrency prices for the past eight weeks, driving the total market capitalization to its lowest level in more than two months at $1.06 trillion, a 2.4% decline between June 4 and June 11.

This time, the move wasn’t driven by Bitcoin (BTC), as the leading cryptocurrency gained 0.8% during the seven-day period. The negative pressure came from a handful of altcoins that plunged over 15%, including BNB (BNB), Cardano (ADA), Solana (SOL), Polygon (MATIC) and Polkadot (DOT).

Notice that the downtrend initiated in mid-April has tested the support level in multiple instances, indicating that an eventual break to the upside would require extra effort from the bulls.

The United States Securities and Exchange Commission tagged multiple altcoins as securities in separate lawsuits filed last week against crypto exchanges Binance and Coinbase.

Despite the worsening crypto regulatory environment, two derivatives metrics indicate that bulls are not yet throwing in the towel but will likely have a hard time breaking the bearish price formation to the upside.

Bitcoin (BTC) starts a “massive” week in a precarious position as key support stays out of reach for bulls.

After fresh losses across crypto markets over the weekend, BTC/USD closed the week below $26,000 for the first time in three months.

Both Bitcoin and altcoins continue to struggle thanks to legal battles raging in the United States and their impact on market sentiment.

Fragile markets will now encounter a slew of volatility triggers, however, as U.S. macro data releases accompany the next steps in the crypto legal debacle.

In what promises to be five days full of surprises, traders will likely experience none of the lackluster sideways price action characteristic of crypto markets before the recent upheaval.

Cardano (ADA) bounced modestly after nosediving nearly 30% in the last week, its worst seven-day performance since May 2021, when the Terra collapse sparked a cryptocurrency market crash.

Nonetheless, ADA looks ready to undergo a sharp recovery in the coming months, based on technical analysis.

ADA price up 30% from six-month lows

On June 12, ADA price rose 2.25% to $0.28, up around 27% from the six-month low of $0.22 last week. The rise appeared alongside gains elsewhere in the crypto market, hinting at investors buying the dip.

The reasons behind Cardano’s bad week include the United States Securities and Exchange Commission (SEC) labeling it an unregistered security in lawsuits filed against crypto exchanges Binance and Coinbase.

On June 9, U.S.-based investment platform Robinhood, which allows users to trade cryptocurrencies, announced it would delist ADA from its platform. This preceded a 30% drop in ADA’s price on the day.

Altcoin prices crumbled after the United States Securities and Exchange Commission (SEC) announced lawsuits against Binance and Coinbase at the start of the week. Apart from the action against the two biggest crypto exchanges, investors seem to be nervous because the SEC labeled 23 cryptocurrencies as securities in the two lawsuits. That brings the total number of cryptocurrencies termed as securities by the SEC to 67.

Among the mayhem, a minor positive is that Bitcoin (BTC) and Ether (ETH) have held out relatively well. This suggests that institutional investors are not panicking and dumping their positions. Due to their outperformance, Bitcoin’s dominance has risen to a year-to-date high of 47.6% and Ether’s to 20%.

The uncertainty in the near term is likely to keep several investors on the sidelines. During this period, the cryptocurrencies that have held out generally tend to do well when the market sentiment improves.

Let’s look at the top-5 cryptocurrencies that are trying to sustain above their respective support levels and are attempting to start a rebound. What are the important support and resistance levels to keep an eye on?

Bitcoin price analysis

Bitcoin once again dipped to the crucial support at $25,250 on June 10, indicating that the bears are keeping up the pressure. The repeated retest of a support level within short intervals tends to weaken it.

Bitcoin (BTC) challenged three-month lows into June 10 as altcoins in particular felt the heat from United States regulatory pressure.

Altcoin bloodbath as exchanges reshape landscape

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $25,483 on the day, down over $1,200 from the previous day’s high.

While showing weakness, Bitcoin was spared the fate of major altcoins, which reacted strongly to delisting that accompanied U.S. legal action against major exchanges.

Trading app Robinhood announced that it would remove support for several cryptocurrencies named in the lawsuit against Binance and Coinbase by the U.S. Securities and Exchange Commission (SEC).

These subsequently hemorrhaged value, with both Cardano (ADA) and Solana (SOL) down nearly 25% in 24 hours at the time of writing.

Real-world asset (RWA) protocols have become a hot trend within decentralized finance (DeFi) circles.

An RWA protocol is a decentralized application that allows entities to tokenize and trade real-world assets. These assets range from stocks and government bonds to real estate and commodities. They are also known as asset tokenization protocols.

DeFi provides certain advantages over TradFi by making the smart contracts transparent and enabling a wide degree of financialization of assets by making them divisible, transferable and tradable on decentralized platforms.

The top uncollateralized lending protocols for institutions, TrueFi and Maple, have increased by 26.6% and 117.8%, respectively, in 2023. Centrifuge, a real-world asset tokenization platform, has surged by 32% year to date.

In comparison, the gains recorded by the DeFi pulse index in the same period were 13%. Glassnode’s index of DeFi blue-chip tokens has lost 7% since the year’s start.

Bitcoin (BTC) and Ether (ETH) are due volatility — but not thanks to “toothless” United States regulators, new analysis says.

In its latest market update on June 9, trading firm QCP Capital told market participants to gear up for macro-fueled price action for BTC and ETH.

Related: Why is Bitcoin price stuck?

QCP Capital: U.S. crypto “mudslinging” to continue

The dust is continuing to settle on this week’s main macro stories — lawsuits against exchanges Binance and Coinbase from the U.S. Securities and Exchange Commission.

More upheaval will come in the future, QCP believes, as the macro environment from next week onward becomes much more unpredictable.

Bitcoin (BTC) may be in line for a 60% upside if a long-term chart feature stays intact.

In part of his latest analysis on June 8, popular trader Mikybull Crypto flagged encouraging signs on the BTC/USD weekly chart.

Weekly Bitcoin price chart keeps $40,000 on the table

With Bitcoin still wedged in a narrow trading range it entered almost three months ago, market participants have little to go on when it comes to short-term price targets.

Day-to-day performance has offered no decisive trend up or down, and $30,000 remains formidable resistance overhead.

“The market is still in the same position it has been the past few days. Don't get chopped up, place some bids at the extremes and wait,” trader Jelle suggested in advice now typical of the current market perspective.

Bitcoin might have displayed strength by quickly recovering from the $25,500 support level on June 6, but that doesn’t mean that breaking above $27,500 will be an easy task. 

Investors still expect stricter regulatory scrutiny after FTX’s bankruptcy in November 2022, including the recent suits against Coinbase and Binance.

A total of eight cryptocurrency-related enforcement actions have been undertaken by the United States Securities and Exchange Commission (SEC) over the past six months. Some analysts suggested the SEC is attempting to redeem itself for failing to police FTX by taking action against the two leading exchanges.

Additionally, looking at a wider angle, investors fear that a global recession is imminent, which limits the upside of risk-on assets such as stocks, cryptocurrencies and emerging markets.

The eurozone entered a recession in the first quarter of this year, according to revised estimates from the region’s statistics office, Eurostat, released June 8. Poor economic performance might limit the European Central Bank’s ability to further increase interest rates to tackle inflation.

Bitcoin’s price lost steam after a failed retest of the $27,400 resistance on June 6, signaling that investors became less confident after the recent regulatory actions by the United States Securities and Exchange Commission (SEC) against Binance and Coinbase. Both exchanges are being sued on multiple counts, including failure to register as licensed brokers and offering unregistered securities. 

The SEC might have a difficult case ahead

According to Blockchain Association CEO Kristin Smith, the SEC is trying to circumvent formal rulemaking processes and deny public engagement. Meanwhile, Insider Intelligence crypto analyst Will Paige said the SEC’s intent is to police the space through enforcement in the absence of a regulatory framework.

Those criticisms explain why investors may be clinging to their hopes in the U.S. Financial Services Committee hearing scheduled for June 13.

The potential overreach of the SEC has caused ripples multiple times, including in the U.S. legislature. Sen. Bill Hagerty, for instance, stated that regulators at the SEC are “weaponizing their role” and publicly called out SEC Chairman Gary Gensler.

Further supporting the thesis that the cryptocurrency space can function without crypto-banks, as the centralized exchanges are commonly known, is the sudden increase in decentralized finance volumes.

Bitcoin (BTC) abandoned the United States during the 2022 bear market, new research suggests.

In a tweet on June 8, on-chain analytics firm Glassnode revealed some surprising conclusions about who is now using Bitcoin.

BTC supply moves to Asia

The past year has seen some seismic shifts in where Bitcoin is held and traded.

In its latest analysis of the BTC supply, Glassnode measured its migration around the world — notably, away from the U.S. and toward Asia.

Since mid-2022, the amount of the supply held and traded by U.S. entities has decreased by more than 10%.

Bitcoin (BTC) cooled the volatility into the June 8 Wall Street open as market participants waited for signals.

BTC spot clings to 200-week moving average

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling a key long-term trend line near $26,500.

After flash volatility surrounding industry news events, the pair returned to sideways trading after bouncing from three-month lows.

Now, the 200-week moving average (WMA) formed a critical focus.

“We are currently sitting right on the 200WMA,” trading suite DecenTrader wrote in part of the day’s analysis.

The market capitalization of BNB (BNB) has dropped by more than $7 billion since June 5, when the United States Securities and Exchange Commission (SEC) filed a lawsuit against Binance.

BNB price eyes technical bounce

The impact of the SEC lawsuit on Binance has been substantial so far, with BNB down nearly 15% week-to-date.

On June 6, the SEC requested the U.S. District Court for the District of Columbia to freeze Binance’s U.S. assets worldwide. The order, if passed, will likely force the exchange to repatriate “fiat currency and crypto assets deposited, held, traded, and accrued by customers” at its U.S. platform.

Meanwhile, Binance’s U.S. entity halted trading for several pairs, including Bitcoin (BTC), Tether (USDT) and Binance USD (BUSD).

Theoretically, these events risk stirring people’s BNB buying sentiment, given it has been incorporated as a utility token in the Binance ecosystem.

Ether’s price retested $1,780 after the news of the United States Securities and Exchange Commission (SEC) suing cryptocurrency exchanges Binance and Coinbase, but it’s not preposterous to suggest that Ether bulls should be more than happy that its price did not break below the 67-day support. 

The SEC’s actions are actually a double-edged sword for Ether (ETH), and on Crypto Twitter, some analysts attributed the bounce in Ether to its not being listed as a security in either of the cases brought against Binance and Coinbase. For instance, the SEC explicitly mentioned BNB (BNB), Solana (SOL) and Cardano (ADA), which are direct competitors to Ethereum’s smart contract-processing capabilities.

However, as noted by analyst Jevgenijs Kazanins, Ether’s omission does not mean that it has the green light from the SEC.

Kazanins raises the question of whether the SEC could be targeting the Ethereum Foundation in a separate lawsuit. For now, the idea is a mere unfounded speculation, but it certainly has merit given that SEC Chairman Gary Gensler refused to answer questions about Ether’s status before the U.S. House Financial Services Committee in April 2023.

In the meantime, what traders can focus on is Ether’s price action, network data and other data that impacts investor sentiment and price in the short term.

Bitcoin (BTC) hitting three-month lows did not spur hodlers to panic sell, on-chain data shows.

According to analytics firm Glassnode, BTC investors have largely ignored the latest crypto exchange legal battles.

On-chain losses “remain quiet”

BTC/USD dipped to just $25,350 on June 6, its lowest since mid-March — but it seems existing holders simply do not care.

The latest data covering on-chain transactions shows that in the midst of reactions to the Binance and Coinbase lawsuits, few were in “panic sell” mode.

A chart uploaded to Twitter by Glassnode showed realized losses — coins moving at a lower value than their previous transaction — staying cool.