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(Kitco News) - The cryptocurrency market saw slight gains on Thursday, as fallout from the Securities and Exchange Commission lawsuits against Binance and Coinbase have begun to subside, even as the threat of additional action lingers.
Stocks also trended higher as the latest employment data from the Labor Department showed a rebound in jobless claims, which came in at 261,000 versus the 235,000 expected. This supported investor expectations that the Federal Reserve would forego a further interest rate hike at next week's Federal Open Market Committee (FOMC) meeting, boosting equity prices.
At the close of the markets, the S&P, the Dow and the Nasdaq finished higher, 0.63%, 0.54% and 1.02%, respectively.
The data provided by TradingView shows that the trading range of Bitcoin (BTC) continues to wind up, with the top crypto trading between $26,290 and $26,920 on Thursday and trading near support at $26,700 at the time of writing.
USD/BTC Chart by TradingView
The uneventful day for Bitcoin was reflected in the futures market, with July Bitcoin futures prices trading โnearly flat,โ according to Kitco senior technical analyst Jim Wyckoff.
Bitcoin futures 1 day chart. Source: Kitco
โPrices hit a nearly three-month low on Tuesday, but trading turned choppy late this week,โ Wyckoff said. "The bears have a slight technical advantage overall in the short term, as there is still a downtrend on the daily bar chart."
To avoid a bearish takeover of the price action, MN Trading founder Michaรซl van de Poppe identified $26,100 as the support level to hold to โavoid a waterfallโ.
#Bitcoin it is still range low but the price action is just disgusting.
It needs to stay above $26,100 to avoid a cascade. pic.twitter.com/HbWBgREkyK
โMichael van de Poppe (@CryptoMichNL) June 7, 2023
And market analyst Rekt Captial said that BTC needs to recover to $26,700 on the weekly chart to take pressure off the support provided by the 200-day moving average.
#BTC has performed the 200-week MA as support
However, $BTC It is still below the ~$26700 (blue) weekly level that has been missed as support this week.
To avoid additional pressure on the 200 MA, BTC needs to close weekly above blue to allow for a move into black (~$27600)#Crypto #Bitcoin pic.twitter.com/2Xxj7pBypP
โ RektCapital (@rektcapital) June 8, 2023
โBTC needs to invalidate the series of Lower Highs to move higher (blue) [on the chart below]โ, wrote Rekt Capital in a separate Cheep. โAlso the 200-week MA is acting as support (orange). Together, a pennant-like structure is being formed. Price compression at the apex of this pattern will likely precede volatility.โ
BTC/USD 1-week chart. Fountain: Twitter
The altcoin market was mixed
It was a mixed day for the altcoin market, with slightly more tokens in the top 200 in the green than in the red. Little changed on the big picture, however, as the total cryptocurrency market capitalization remains relatively stable.
Daily performance of the cryptocurrency market. Source: Coin360
TomoChain (TOMO) was the biggest gainer of the day, with its price rising 17.53% to trade at $1.50, followed by a 7.25% rise for Terra Classic (LUNC) and a 6. 56% for Storj (STORJ).
Total cryptocurrency market capitalization is now $1.05 trillion and Bitcoin's dominance rate is 38%.
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.
