After bitcoin worth hit a brand new yearly high of $32,410 final Friday, June 23, the value rally has stalled for now. Whereas the long-term prospects seem extraordinarily optimistic based mostly on varied bitcoin spot ETF functions, there are presently some short-term causes that stop it from persevering with for the time being.

At present, Wednesday, June twenty eighth, a number of destructive information gadgets are weighing on market sentiment. To start with, the unpegging of the fourth largest stablecoin by market cap, TrueUSD (TUSD), might have unsettled traders. As Bitcoinist reported earlier immediately, the latest Prime Belief revelations have raised new doubts that TUSD is absolutely backed by reserves.

Notably, TUSD is the highest trading pair (BTC/TUSD) in your entire market, with round 15% and trading quantity of $2.6 billion on Binance within the final 24 hours. The rumors may have destructive implications, as proven by earlier stablecoin depeggings by USDT and USDC.

🚨 TUSD Depegging: New Crypto Drama Unfolding?

1/@adamscochran triggers a number of purple flags:

– The auditor who licensed $TUSD exams (in Prime Belief) is the renamed previous FTX-US auditor
– The Oracle worth is obtained from a single entity
– Financial institution companions are unknown

— Jake Simmons (@realJakeSimmons) June 28, 2023

One other issue that’s more likely to negatively affect bitcoin worth is the habits of bitcoin miners. As Glassnode studies immediately, bitcoin miners are presently experiencing extraordinarily high trade interactions, sending a file $128 million in BTC to exchanges, representing 315% of their day by day turnover.

Proportion of Bitcoin miners earnings despatched to exchanges | Supply: Glassnode

In an evaluation immediately, CryptoQuant writes that miners have despatched over $1 billion in BTC to exchanges since June 15. About 33,860 BTC have been despatched to derivatives exchanges, though the bulk went again into their very own wallets. Miners noticed their reserves drop by round 8,000 BTC. Notably, solely a small portion was despatched to identify trading exchanges.

Based on the on-chain specialists, this might point out that miners are utilizing their newly minted cash as collateral in derivatives trading. A great instance of one of these trading is what is named “hedging”, the place bets are made in the other way to the market consensus.

Bitcoin is consolidating, extra causes

The record-breaking quantity of BTC choices expiring on Friday, June 30 may additionally weigh on market sentiment. Merchants may take a wait-and-see angle forward of time. Nevertheless, Greeks.Reside analysts remark that establishments like Constancy and BlackRock proceed to drive the constructive developments; The amount of BTC block calls now accounts for greater than a 3rd of the entire quantity.

“Each BTC and ETH are presently effectively above their max ache factors, however as a consequence of ETH worth weak spot, many market makers have continued to sell ETH calls whereas consumers have targeted extra on BTC, leading to ETH IV.” Considerably decrease than BTC,” the analysts say.

The market can also be on maintain for Friday’s launch of PCE (Private Consumption Expenditure) index numbers. “After an identical PCE report despatched BTC rallying from $26,000 to $28,000, we wait with bated breath. A constructive PCE end result might set off an uptrend in BTC,” write Glassnode co-founders (@Negentropic_).

Final however not least, it must be famous that bitcoin worth is dealing with a vital $31,000 resistance space and consolidation is regular. After final week’s fast rise, the day by day RSI remains to be slightly below the overbought territory at 66.3.

As analyst @52Skew factors out, BTC stays in tight consolidation, with the value oscillating between provide and demand blocks. “4H/1D EMAs are catching up on worth and are in the important thing $29,000 space,” the analyst notes by way of Twitter, suggesting, referring to Binance Open Curiosity, “Broadly nonetheless the identical chop chop. Sooner or later, I consider, there will probably be a liquidity theft; which can doubtless lead to a lure.”

At press time, bitcoin worth remained inside its slim consolidation vary.

BTC worth in tight consolidation, 1 hour chart | Supply: BTCUSD on TradingView.com

Chosen picture from iStock, chart from TradingView.com