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Monday, June 10, 2024
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Bitcoin closed the week in the green, continuing to consolidate below $70,000, altcoins and US stocks little changed

Bitcoin price is struggling to reach new ATH above $75,000 and is still consolidating. However, the leading asset closed last week in the green with a growth of nearly 3%.

US stocks

Futures contracts on the US stock market were little changed on Sunday evening after a successful week, as traders awaited the US Federal Reserve’s (Fed) interest rate decision and May inflation data.

Dow Jones futures index increased 13 points. S&P 500 and Nasdaq 100 futures contracts were unchanged.

Wall Street is having a positive week for the major indexes, with the S&P 500 hitting a record intraday high on Friday. The S&P 500 rose 1.32%. The 30-stock Dow inched up 0.29%, while the Nasdaq Composite rebounded 2.38%.

Notably, Nvidia notched a 10% gain last week as enthusiasm for artificial intelligence pushed the chipmaker’s market capitalization past the $3 trillion mark for the first time.

However, the Fed’s latest interest rate decision and the May consumer price index expected on Wednesday could be a key test for markets, especially after the strong jobs report on Wednesday. on Friday, further suggesting the central bank may delay lowering interest rates.

Investors will analyze the Fed’s updated forecast on the timing and frequency of interest rate cuts. According to the CME FedWatch tool, the market is currently pricing in one rate cut this year, taking place in November.

On Monday, investors will also keep an eye on Apple’s Worldwide Developers Conference, where the iPhone maker is expected to make announcements about its latest software.

Bitcoin and Altcoins

On Friday, BTC fell below $70,000 and if the current support breaks, an even deeper correction is possible.

On the daily timeframe, the price is fluctuating around the upper boundary of the major descending channel, which cannot be broken to the upside. BTC currently holds the $69,000 support area, preventing it from falling back inside the channel and towards the $60,000 level.

If the market somehow succeeds in overcoming the $72,000 resistance level, a rally to new ATH levels at $75,000 and even higher will be possible.

Source: TradingView

Looking at the 4-hour chart, things look difficult for Bitcoin. The ascending channel is currently forming around the $70,000 mark. The price tested the pattern’s higher trendline and the $72,000 resistance twice and was decisively rejected. BTC is now testing the $69,000 support level once again.

If the pattern breaks down to the downside, the market is likely to retest $60,000 shortly.

With an RSI below 50%, a bearish scenario seems possible.

Source: TradingView

Altcoins did not have too much volatility yesterday.

Most major assets in the top 20 were almost flat with little change during the weekend.

Avalanche (AVAX) is the project with the best growth among the top 20 assets, up nearly 3% in the last 24 hours.

Source: Coinmarketcap

After plunging nearly 4% on Friday, Ethereum (ETH) has been moving sideways around the $3,700 area over the past 2 days over the weekend and closed 2 consecutive weeks in the red.

ETH price chart – 1 day | Source: TradingView

Viet Cuong

Bitcoin Magazine

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.


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