Price analysis 6/1: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

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Bitcoin (BTC) has made a tentative start to the month of June, indicating that the bears have not yet gone into hibernation. Although bitcoin is trading up about 55% from its all-time high of $69,000, whales and institutions remain cautious and have not approached the market with enthusiasm, according to Blocktrends analyst Kauai Oliveira.

According to Cryptoquant contributor VentureFounder, a low between $14,000 and $21,000 could be formed over the next six months if bitcoin repeats the historical pattern seen after the previous halving cycle. Thereafter, bitcoin could drop to a range of around $28,000 to $40,000 for a large part of the next year and around $40,000 during the halving.

Daily cryptocurrency market performance. Source: Coin360

Crypto’s bear market hasn’t stopped Goldman Sachs from exploring the possibility of integrating its derivatives products into the FTX.US derivatives offerings. This suggests that the investment bank expects demand for derivatives to increase in the future.

Has bitcoin started a bottom formation? Is the short term downtrend over for altcoins? Let’s study the chart of the top-10 cryptocurrencies to find out.