_June Crypto Boom: Tether Secures $100M, Bitcoin, Ethereum, Solana, XRP, and SHIB Prices Ready to Explode?_
Crypto Market Update
- _Crypto market defended the selloff_: From $8.2 billion in Bitcoin and Ethereum options expiry.
- _US core PCE_: The Federal Reserve’s preferred gauge to measure inflation, came in at 0.2% from the previous month in April after a 0.3% increase in March, the slowest increase so far in 2024 and below market expectations of a 0.3% rise.
- _US dollar index (DXY)_: Declined to 104.20 after the PCE inflation data pointed to an economic setting that could favor less restrictive monetary policy by the Federal Reserve.
- _US 10-year Treasury yield_: Also dropped 0.042 to a low of 4.504%, easing from the four-week high of 4.61% touched recently as markets continued to assess the latest data for hints on the Federal Reserve’s policy outlook.
- _Altcoins to Rally_: Amid consolidation in BTC price.
_Bitcoin Price_
- The bulls pushed Bitcoin to a new all-time high on March 8, but the long wick on the day’s candlestick shows profit booking at higher levels.
- If bulls kick and maintain the price above $70,000, the BTC/USDT pair is likely to soar to $76,000 and then $80,000.
- Conversely, if the price turns down sharply and breaks below $62,500, it will indicate profit booking by short-term traders.
