Every week, Benzinga conducts a survey to collect sentiment on what traders are most excited about, interested in or thinking about as they manage and build their personal portfolios.
This week, we posed the following questions to over 1,000 Benzinga visitors on cryptocurrency investing:
Do you think $Bitcoin(BTC.CC)$ is heading below $20,000 by the end of June?
Yes, Bitcoin will fall below $20,000 by the end of June: 38.8%
No, Bitcoin won't fall below $20,000 by the end of June: 61.2%
Do you think $Ethereum(ETH.CC)$ is heading below $1,000 by the end of June?
Yes, Ethereum will fall below $1,000 by the end of June: 35.1%
No, Ethereum won't fall below $1,000 by the end of June: 64.9%
Do you think $Dogecoin(DOGE.CC)$ is heading below $0.05 by the end of June?
Yes, Dogecoin will fall below $0.05 by the end of June: 29.4%
No, Dogecoin won't fall below $0.05 by the end of June: 70.6%
Apex cryptocurrency Bitcoin is trading lower by 38% to $29,186 on a year-to-date basis. The world's most popular digital currency is trading off its 200-day simple moving average (SMA) of $45,947 by 36%.
For the uninitiated, the 200-day SMA serves as a way for traders and investors to identify whether a crypto or equity is in a bull or bear market.
The SMA ranks as one of the easiest-to-compute technical indicators. This popular indicator smooths out price data and can help you better identify market trends.
The SMA can even provide objective signals that can assist you in selecting market entry and exit points as a trader or investor.
Ethereum is trading lower by 53% on a year-to-date basis at $1,796. Ethereum is off its 200-day SMA of $3,317 by roughly 45.8%. Ethereum last saw the $2,000 price level or below in July 2021.
Dogecoin has fallen around 52% from $0.17 to $0.08 since the beginning of the year. Dogecoin is off its 200-day SMA of $0.15 by around 46%.