After the tough sell-off seen in the past week, the cryptocurrency markets will be looking for some support from the macroeconomic data this week. The all-important United States Consumer Price Index report on June 13 will be followed up by the Federal Reserve’s policy decision on June 14.
Both these events could trigger a sharp response from equities and crypto traders. While a knee-jerk reaction is expected, it will be interesting to note if there is any follow-up to it. Traders may remain cautious as market volatility is likely to pick up over the next few days.
Although the lawsuit by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase has weakened sentiment, Bitcoin (BTC) whales are using this opportunity to increase their holdings. Behavior analytics platform Santiment said in a recent report that Bitcoin whales accumulated 57,578 Bitcoin since April 9, even as Bitcoin’s price fell by roughly 10% during the period.
What are the important support levels in Bitcoin and the major altcoins that need to hold for the recovery to start? Let’s study the charts to find out.
The S&P 500 Index (SPX) reached the overhead resistance at 4,325 on June 9, but the long wick on the day’s candlestick shows that the bears are trying to stall the up move at this level.
The upsloping moving averages and the relative strength index (RSI) in the positive territory indicate that the path of least resistance is to the upside. If buyers thrust the price above 4,325, the index could start its march toward 4,500, where the bulls may encounter selling from the bears.
This positive view will invalidate in the near term if the price turns down and breaks below the moving averages. Such a move will suggest that the bulls are
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