Sunday, May 26, 2024

Market Watch June 11: Bullish weekend for crypto market as Bitcoin dips.

The crypto market is in a bullish weekend as Bitcoin has once again taken to the downside after rejection at $30,500 mark. Global financial markets also traded on the lower side on June 10 after the Consumer Price Index (CPI) recorded an 8.6% year-over-year increase- the highest since 1981. This resulted in Bitcoin losing support at $30,000.

At the time of writing this article, BTC was trading at $29,273. It has been down by nearly 3% in the last 24-hours. Ethereum also took a plunge by losing its value by 6.58%. Ether is currently trading at $1,675 as per data from CoinMarketCap. The crypto market traded with substantial losses over the last 24-hours amid strong selling earlier in the day.

Meanwhile, most of the altcoins are in a sea of red with Avalanche (AVAX) being the biggest loser. Its down by 8.76% in the last 24-hours. Solana and Cardano are down by 7.30%, Polkadot lost 5.89% and XRP 4.24%. The meme coins are also seeing a downtrend. Dogecoin is down by 4.62% in the last 24-hours and Shiba Inu 3.90%. Data shows that the altcoins underperformed Bitcoin, suggesting a lower appetite for risk among crypto traders.

According to technical indicators, short-term deterioration in the popular crypto’s price action is quite similar to equities. Katie Stockton, the managing partner at Fairlead Strategies, says the risk for Bitcoin appears heightened of a retest of long-term support of around $27,200. She noted intermediate and long-term momentum gauges point to more downside.

Overall, Bitcoin has been flat over the past week and has been confined to a choppy trading range. The downtrend, which is defined by lower price highs and lower price lows, is likely to continue over the short term.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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