  Everything you need to make sense of the crypto markets and beyond By the CoinDesk Markets Team Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets June 11, 2021 Sponsored by  (Price data as of June 11 @11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
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Market Moves by Omkar Godbole 
Bitcoin’s Steep Price Discount Seems Similar to March 2020 Bottom
Bitcoin traded at a significant discount to its long-term moving average earlier this week, implying an overstretched bearish move and potential for reversal higher.
The cryptocurrency dropped to nearly $30,000 on Tuesday, pushing the ratio to its 20-week simple moving average (SMA) down to 0.61, the lowest since the March 2020 crash.
Historically, bitcoin (BTC) has carved out major price bottoms with the ratio near 0.60.
“Our graphic depicts bitcoin at the steepest discount to its 20-week moving average since the March 2020 bottom around $4,000,” Bloomberg’s Mike McGlone said in a research note published on June 9. “A more enduring discount at the end of 2018 marked the low closer to $3,000.”
 Bitcoin price discount to 20-week SMA (Source: Bloomberg Intelligence, Mike McGlone)
If past data is a guide, Tuesday’s low near $30,000 could also turn out to be a bear-market bottom. Bitcoin has bounced up slightly over the past three days to near $37,000, but remains well under the 200-day SMA at $42,000.
According to McGlone, the sentiment has turned a little too bearish, a feature that is often observed at market bottoms.
“Calls for $20,000 and technical patterns such as ‘death crosses’ are often triggers for the more fundamentally focused and longer-term bulls to be responsive buyers,” McGlone noted.
A death cross, or the bearish crossover of 50-day and 200-day SMAs, is widely taken to represent a long-term bearish shift in momentum. Bitcoin’s 50-day SMA is trending south and looks set to cross below the 200-day line in the next few days.
Some analysts are worried that could bring in more profound losses. However, these indicators often trap traders on the wrong side of the markets as they are based on past data and tend to lag prices.
In other words, by the time the crossover happens, the asset is oversold and primed for a bounce. Both previous two instances of death crosses, March 2020 and Oct 2019, turned out to be bear traps.
Blockchain data shows large investors continue to accumulate coins, shrugging off the recent China crackdown on crypto mining or the death cross fears.
McGlone remains optimistic about bitcoin’s long-term price prospects. “Early days of price discovery, plus mainstream adoption and the inevitability of U.S. ETFs, keep $100,000 resistance on our radar,” McGlone said.
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Technician's Take by Damanick Dantes, CMT
Bitcoin Holds Short-Term Support; Faces Resistance at $40K
Bitcoin (BTC) is stuck in a consolidation phase after a volatile May. A near 13% rise on Wednesday was short-lived as buyers took profit. There is strong resistance near $40,000 despite oversold readings on the daily chart.
Bitcoin registered a series of lower price highs over the past two weeks, although buyers have defended support around $34,000 and $30,000.
The cryptocurrency was trading around $37,500 at press time.
 Bitcoin daily chart shows support and resistance levels with RSI (Source: TradingView)
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