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Abstract:Bitcoin (BTC), Ethereum (ETH) Waiting For a Shot of Volatility, Elon Musk Backs Dogecoin, Again
Bitcoin continues to trade sideways.
Ethereum/Bitcoin spread giving backs gains.
Dogecoin pumps after Elon Musk tweet.
The cryptocurrency market is effectively treading water over the last couple of weeks, setting up a box range in both Bitcoin and Ethereum. A lack of any noticeable drivers leaves any small rise or fall vulnerable to a pullback, sending volatility lower, and these current ranges may hold over the coming weeks. The market as a whole needs some new motivation, be it positive or negative, to help break these ranges and set up a new trend. Bitcoin is currently capped around $37k and the current spot price remains below all three moving averages, suggesting ongoing bearish sentiment. Ethereum on the other hand is currently being supported by the 200-day sma and shows range resistance of around $2,460.
BITCOIN (BTC/USD) DAILY PRICE CHARTThe Ethereum/Bitcoin spread is paring its recent gains and has carved out three lower highs over the last two months. This weeks high around 690 guards 700 and for Ether to gain further ground on Bitcoin the June 7/8 highs around 775 need to taken out. Support looks set around 550 for the spread.
ETHEREUM/BITCOIN DAILY SPREAD CHARTAnother Elon Musk Tweet backing Dogecoin has sent the meme-inspired higher Friday, although the 6%price rise suggests the Tesla boss‘ market influence may be on the wane. Over this year, especially during the alt-coin season, Musk’s tweets used to be worth a decent 20%+ move, so todays small rally should be seen in context. Dogecoin currently trades 5.7% higher at $0.222, giving it a market capitalization of just under $29 billion.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
BTC price dropped below $56,000 again, leading analysts to discuss various bull and bear scenarios for Bitcoin’s short term price action.
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The spot price of bitcoin smashed through the leading crypto asset’s all-time high (ATH) surpassing $66,000 per unit after the first bitcoin exchange-traded fund (ETF) was launched in the United States. The last time bitcoin touched an ATH six months ago on April 14, 2021, the price tapped $64,804 per unit.