Bitcoin Sell Pressure Sponsored by US Session Traders: Arcane Research

Updated:

Checkmark

Service for copy trading.

Checkmark

High profitable signals.

Checkmark

24/7 cryptocurrency trading.

Checkmark

10 minute setup with significant benefits.

Checkmark

79% Success rate.

Checkmark

Up to 40 trades per month.

Checkmark

Monthly subscriptions begin at £58.


New reports show that Bitcoin (BTC) suffered most of its selling volume since April in the US session. Active traders in the US session are majorly responsible for the selling pressure seen in the market, while Asian traders are responsible for the opposite. According to the report, Asian session traders mostly pump the digital currency more than any other session.

Data from Arcane Research analysts shows that the cumulative year-to-date (YTD) return on BTC in the US trading session dropped significantly from 4.22% at the beginning of April to -32.55% in May.

The data suggests that US session traders mostly dumped their Bitcoins, sparking significant pressure in the market, responsible for being the main trigger of the sell-off recorded in April.

Asian cryptocurrency holders have refused to follow in a similar footpath as their American counterparts, despite the persisting selling pressure. Also, European session traders have maintained a stable trading practice, with returns flowing steadily.

While this trading pattern might not mean much in terms of market dynamics, it serves as a pointer to market sentiment and behavior during the day.

At press time, Bitcoin has lost over 6% in the last 24 hours and currently trades around $29,500 ahead of the US market open.

Key Bitcoin Levels to Watch — June 7

Bitcoin has suffered another false breakout near $32,000, triggering a market-wide liquidation as it fell by over 6%. The cryptocurrency has since regained stability under $30,000, as it returned its month-long range between $30,300 and $28,700.

BTCUSD – 4-Hour Chart on Gemini. Source: TradingView.

Notably, the 4-hour stochastic indicator shows that the bearish slowdown occurred as BTC hit sub-neutral levels. This suggests that we could record a mild recovery towards $30,300 in the coming hours. Regardless, the possibility of another bearish wave remains present ahead of critical market data releases.

Meanwhile, my resistance levels are at $30,000, $30,300, and $31,000, and my key support levels are at $29,500, $29,000, and $28,000.

Total Market Capitalization: $1.23 trillion

Bitcoin Market Capitalization: $569.9 billion

Bitcoin Dominance: 46.4%

Market Rank: #1

 

You can purchase Lucky Block here. Buy LBlock

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.