Cryptocurrency Prices on June 6: Bitcoin holds near $71K, Altcoins trade flat

Major cryptocurrencies were trading flat on Thursday amid growing expectations that the US Federal Reserve will likely cut interest rates in September.

At 12:14 p.m., bitcoin (btc) was trading 0.25% lower at $70,898, while Ethereum rose 0.7% to $3,843. Meanwhile, the global cryptocurrency market capitalization fell 0.22% to around $2.63 trillion in the last 24 hours.

"Bitcoin was hovering around the $71,000 level with increasing inflows into Bitcoin spot ETFs and increasing open interest in the futures market. The $72,000 level remains a significant resistance," he said Edul PatelDirector of mudrex.

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"Ethereum also saw a rise and is trading above the $3,800 level. A break above $4,100 may suggest resumption of the uptrend," Edul added.Other popular alternative currencies including BNBSolana, XRP, DogecoinToncoin, Cardano, Shiba Inu and Chanilink fell by up to 5%, while Tron, Bitcoin Cash, Litecoin and Kaspa rose by up to 1%. "Major altcoins are mirroring Bitcoin with BNB testing its 2021 highs around $700. Bitcoin needs a week to close above $71,000 to fuel a sustained rally," he said Vikram SubburajDirector of GiottoThe volume of all stablecoins is now $78.96 billion, accounting for 13.58% of the total. crypto market 24-hour volume, depending on CoinMarketCapIn the last 24 hours, the market capitalization of Bitcoin, the world's largest cryptocurrency, increased to $1.398 trillion. Bitcoin dominance is currently 53.11%, according to CoinMarketCap. BTC volume in the last 24 hours fell 24.6% to $28.13 billion.

BTC technical view by Sathvik Vishwanath, co-founder and CEO of Unocoin

The pivot point at $70,600 is crucial to today's bullish outlook. The immediate resistance levels are $71,800, $72,500 and $73,100, while the support levels are at $70,600, $69,650 and $68,500.

A recent breakout of the symmetrical triangle above $70,600 supports Bitcoin, with the 50-day EMA at $69,000 and an RSI of 66 indicating a buying trend. A double top pattern near $71,800 is creating resistance, but increased buying could take Bitcoin to $72,500. Therefore, consider buying above $70,600, targeting $71,800 and $72,500. A break below $70,600 could indicate a bearish trend.

(Disclaimer: The opinions expressed by the experts are their own and do not necessarily reflect those of The economic times)

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