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Futures Weekly Wrap (Jun 13th-Jun 19th): Cryptos Bounce Off Critical Support
Chart of the WeekFrom Fear to CapitulationThe Net Unrealised Profit/Loss (NUPL) indicator helps anticipate shifts in market sentiment to predict whether Bitcoin’s price is reaching significant highs or lows. It relies on multiple on-chain data points to demonstrate potential investors’ emotions at a given time.The market sentiment around Bitcoin shifted from “Fear” to “Capitulation” after prices dropped below $22,500. This usually represents the last stage of a bearish cycle before the market sentiment shifts into “Hope” to signal the beginning of a new bullish cycle.Bitcoin Tests ResistanceAt about $20,564.20 on Sunday, Jun 19th, Bitcoin rebounded after reaching a low of $17,593.20 on Jun 18th. From a technical perspective, Bitcoin appears to be attempting to reclaim $20,732.70 as support. Slicing through this significant level could give BTC the strength to advance toward $24,135.30 or even $26,828.20.Still, caution is advised because a rejection from $20,732.70 can result in a downswing to $15,598.20 or $12,737.30. On Binance Futures, the BTCUSDT Long/Short Ratio has declined to hit a ratio of 1.55 on Jun 19th. Traders appear less optimistic about the future price action as 60.84% of Binance Futures accounts with an opened position in Bitcoin are net-long.Weekly Market Movers* Note: DEFIUSDT is a composite index perpetual contract that consists of a basket of DeFi protocol tokens listed on Binance. It is calculated using weighted averages of DEFI tokens’ real-time price on Binance and is denominated in USDT.Find out more about DEFI Index and trade DEFIUSDT.News Roundup Crypto Payments – Billionaire Elon Musk said that since “money is fundamentally digital at this point and has been for a while, it would make sense to integrate payments into Twitter, so it’s easy to send money back and forth.”Crypto Adoption – PayPal now allows transfers out of the firm’s cryptocurrency walled garden is the opening step from a fiat-orientated world to a digital currency one, according to the fintech giant’s CEO Dan Schulman.Crypto Rewards – While American Express has scotched hopes of a cryptocurrency-linked credit card any time soon, the card giant has confirmed that it would be offering crypto rewards after teaming up with digital-assets services Abra.Buy NFTs – NFT transactions took another step into the mainstream as payments giant Mastercard said its cardholders can now buy NFTs on various marketplaces without purchasing cryptocurrency first.Highlights From This WeekTake Part in This Week’s ActivitiesFee Discount – Binance Futures extended the fee discount for BUSD-Margined trading pairs for all new and existing users until Aug 31st.Content Challenge – Binance Futures launched a content challenge asking creatives to produce videos, articles, or infographics about why crypto holders should consider trading futures on our platform. Submit your content now for a chance to win 300 BUSD. Trade Our New ListingsQuarterly Futures Contracts – Binance Futures will list USDⓈ-M BTC and ETH Quarterly 0930 Contracts on Jun 20th as the USDⓈ-M Quarterly 0624 Contracts will expire and settle on Jun 24th. New UpdatesLeverage and Margin Tiers – Binance Futures adjusted the leverage margin tiers of the following USDⓈ-M Perpetual Contracts ONEUSDT, CELRUSDT, ALICEUSDT, LRCUSDT, XTZUSDT, XMRUSDT, ZILUSDT, XLMUSDT, AAVEUSDT, GALAUSDT, ATOMUSDT, FTMUSDT, UNIUSDT, SUSHIUSDT, VETUSDT, and ALGOUSDT.Strategy Trading – Binance Futures launched a Strategy Trading Landing Page that provides users with a comprehensive display of Grid Trading, TWAP, VP and other automated algorithmic trading features, along with their performance and popularity.Sub-Account – The Sub-Account Function is now available on Binance App, enabling users to seamlessly access the Asset Management to view the asset summary and balances of selected sub-accounts or all sub-accounts. VIP Group Chat – Binance launched “VIP Group Chat” in the “Online Chat” portal to enhance the communication experience with Key Account Managers and other Binance staff anytime.Binance API – Binance launched its new API Page, which provides an overview of all the services available to Binance API users. Users can now seamlessly access the API documentation of different Binance products and services.* Note: Binance encourages our users to trade responsibly. Trading can be engaging and fun, but trading is a serious business, and it can lead to financial and emotional distress. Trading derivatives carries risk, and cryptocurrencies and other digital assets often have high levels of price volatility. Disclaimer: The information provided in this section doesn’t represent any investment tips or Binance’s official position.
# Weekly Report
# Weekly Report