| Get all the essential market news and expert opinion in one place with our daily newsletter. Get a comprehensive rundown of the day's top stories delivered straight to your inbox. Sign up here! |
(Kitco News) - The cryptocurrency market started the week with a whimper as the lasting effects of last week's enforcement actions by the US Securities and Exchange Commission combined with a busy week of economic data and interest rate announcements, kept business subdued.
Stocks, on the other hand, rose on Monday, continuing the trend of last week in which the S&P entered bull market territory, closing the week at its highest level since August, while the Nasdaq posted its seventh weekly close. consecutive positive. At the closing bell on Monday, the S&P, Dow Jones, and Nasdaq were all in the green, up 0.93%, 0.56%, and 1.53%, respectively.
The data provided by TradingView shows that Bitcoin (BTC) traded between a high of $26,275 and a low of $25,760 on the day and is holding near the support at $26,000 as of this writing.
USD/BTC Chart by TradingView
โJuly Bitcoin futures prices were lower in early US trading on Monday,โ according to Kitco senior technical analyst Jim Wyckoff.
Bitcoin futures 1 day chart. Source: Kitco
"The bears have a slight technical advantage overall in the short term, as there is a slight downtrend in prices on the daily bar chart," Wyckoff said. "The path of least resistance for prices currently is sideways to the downside."
MN Trading founder Michaรซl van de Poppe referred to the ongoing sideways price action as โa waiting gameโ for Bitcoin and suggested there could be another sweep of the lows for the top crypto before a possible resumption of trading. the uptrend.
Waiting game for markets here on #Bitcoin.
I would not be surprised if we get a sweep of the lows before going higher again.
$26,100 is still a big hurdle to clear. pic.twitter.com/EOKhAxJBx9
โMichael van de Poppe (@CryptoMichNL) June 12, 2023
Market analyst Rekt Capital noted that the downtrend has been around since Bitcoin's mid-April high and could lead to a new โlower highโ in the next two weeks if nothing changes.
Since the mid-April rally to ~$31000, #BTC has been in a constant downtrend$BTC has been forming new Lower Highs every 2-3 weeks or so
If this pattern continues, a new Lower High may occur in the next week or two.#Crypto #Bitcoin pic.twitter.com/GWx0LO2Gig
โ RektCapital (@rektcapital) June 12, 2023
Seeing a similar trend, Poppe scored on a follow-up cheepโUltimately, we will see [in the] next few days if that will be maintained or if we will continue with this downward slopeโ.
Altcoins sink deeper into the red
The SEC's focus on identifying certain tokens as securities continued to weigh heavily on the altcoin market on Monday, with most tokens in the red as investors took a hands-off approach.
Daily performance of the cryptocurrency market. Source: Coin360
Notable exceptions to the broad recession include Stella (ALPHA) and Sui (SUI), which posted gains of 7.45% and 6.26% in Monday trading.
Total cryptocurrency market capitalization is now $1.05 trillion and Bitcoin's dominance rate is 47.7%.
Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a request to make any exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept responsibility for loss and/or damage arising from the use of this publication.
