On June 4, a total of 15,530 Bitcoin (BTC) options are set to expire, which represents $575 million in open interest. At the moment, bulls are still heavily impacted by May's 37% BTC price correction, and this has led most call (buy) options to be underwater.
Despite the crash, Bitcoin's active supply reached a five-month low as 45% of the coins have not been moved over the past 2 years. This indicator shows that investors who purchased up until the 2019 bull run are unwilling to sell at the current prices.
Miners are also avoiding sales below $40,000 as their outflows recently reached a seven-month low relative to the historical average.
In the meantime, technical analysts pointed to the 50-week exponential moving average as a strong support level close to $34,000. Still, the price chart has been forming a pattern of sideways trading that culminates in a narrowing wedge and breakout — known as "compression" — and indicating higher volatility towards the end of the week.
What is clear is that the market is a mixed bag right now, and everyone is grasping at various signals as an attempt to pinpoint the direction of the next trending move. Source

The Dogecoin community has proposed a DOGE-themed music festival to celebrate the cryptocurrency’s recent success.
Dogepalooza Is On the Way
The festival is being coordinated under the name Dogepalooza, and it is seeking out vendors, volunteers, and sponsors.
The Dogecoin userbase is inviting crypto-friendly celebrities to participate in the festival, including Tesla and SpaceX CEO Elon Musk, musician Grimes, rapper Snoop Dogg, and entrepreneur Mark Cuban. All of those celebrities have previously expressed support for Dogecoin or cryptocurrency in general.
So far, only Elon Musk has responded to the idea. On June 1, he stated on Twitter that the idea sounds “kinda fun.”
Though a festival date has not been confirmed, Dogepalooza’s coordinators expect the event to take place this fall. Source

Bitcoin (BTC) is fast approaching its worst monthly performance in a decade, but some investors are using this as an opportunity to buy ultra-bullish long-term derivatives. There are currently over $900 million in call (buy) options aiming at $100,000 and higher, but what exactly are those investors seeking?
Options instruments can be used for multiple strategies, which include hedging (protection) and also aiding those betting on specific outcomes. For example, a trader could be expecting a period of lower volatility in the short-term, but at the same time, some significant price oscillation towards the end of 2021.
Most novice traders fail to grasp that an investor might sell an ultra-bullish call (buy) option for September to improve gains on a short-term strategy, therefore not expecting to carry it until the expiry date.
Bitcoin option profit/loss estimate. Source: Deribit Position Builder
The chart above shows the net result of selling a Bitcoin $40,000 July 30 put. If the price remains above that threshold, the investor scores 0.189 BTC gain. Meanwhile, any outcome below $33,700 will yield a negative result. For example, at $30,000, the net loss is 0.144 BTC. Source

Ethereum has announced its progress with the Beacon Chain and Altair upgrade, after the v1.1.0-alpha.6 – Protostellar Evolution was released, as well as some other new developments for Ethereum.
The Protostellar Evolution effectively separates constants, presets, and configuration, which cleans client configuration. Protolambda enables a simpler network configuration.
As Altair code changes stabilize and once the multi-client interop is performed, their client teams will pass consensus test vectors and stand up short-lived testnets. They went on to say in a release that the timeline decision will be made in the next few weeks.
Ethereum also announced that the Rayonism hackathon was completed, which was an industrious event for the team as they built dozens of nodes and thousands of validators, as well as secured a Beacon chain. This Beacon Chain will provide native support for a rich Ethereum application layer with accounts, contracts, and user transactions. Source

Investment information sharing platform InvestorsHub CEO Clem Chambers has said bitcoin is undergoing its four-year cycle where the price will drop further before rebounding to another all-time high of around $120,000.
Speaking to Kitco News, Chambers suggested that before rebounding, the asset might hit lows of $10,000. He stated that the current cycle results from the halving/" target="_blank">halving process where he expects the asset to enter into a ‘winter season’ when the price will stall.
“We are in a crash, and it’s going to go way, way lower, in my opinion. And then it’s going to be a crypto winter…the next bubble is going to go to $120,000, but not before going to $20,000,” – Clem said.
According to Chambers, the ‘bitcoin winter’ will occur despite institutional investors heavily putting money into the asset. However, Chambers blasted institutions over their timing of bitcoin investment stating they are cowards coupled with the fear of missing out:
“Institutional investors, genuinely speaking, are cowards. And they got FOMO…Institutions aren’t brave and nowhere near as brave as you know, the private investors who hold on and the stackers that stack their gold and they only got in because they were worried that someone might say, why didn’t you get any Bitcoin immediately? So they got some Bitcoin. As soon as it starts to look rough, they’ll all pile out and pretend that they weren’t there, you know, institutions, we know they’re all cowards. Source

The price for bitcoin, already up on the day, received an extra boost from a new tweet by Tesla CEO Elon Musk on bitcoin mining’s “promising” renewable usage, as it’s near a key resistance level at $40,000 during U.S. trading hours on Monday.
The news takes on added significance as it was Musk's comments on May 13 regarding bitcoin's environmental impact that started a dramatic sell-off in the crypto market that gathered force last week and continued through this past weekend with bitcoin dropping to just above $31,000 Sunday. source

After a few days below the mid-range in the $50,000 zone, Bitcoin has retraced. At the time of writing, BTC trades at $54,137 with sideways movement in the 1-hour chart, approaching correction levels in the 24-hour chart. Certain indicators point to more depreciation, at least, in the short term.
Bitcoin BTC BTCUSD
The crypto market appears to be negatively reacting to statements from the U.S. Secretary of Treasury, Janet Yellen. The top 10 cryptocurrencies by market cap are in the red except for Dogecoin (DOGE) with a 30% profit in the daily chart and Litecoin with a 3.1%, at the time of writing. In the traditional market the hit was just as painful, according to Holger Zschhaepitz:
OUCH! Stocks tumble and Fear Index Vix jumps amid Tech Rout on Yellen’s rate remarks. Treasury Secretary Janet Yellen said rates may have to rise at one point to stop an econ overheating.
Yellen’s statements coincide with Bitcoin forming a Doji candle in the higher timeframes (30-day chart). This indicator forms when the price of an asset opens and closes at the same price and usually signals a trend reversal, as anonymous trader CryptoHamster said. The operator added the following: Source