Cryptocurrency Market Overview
Monday, June 10, 2024
Bitcoin Movement:
🟣Bitcoin traded within the range of $69,100 to $69,900 over the past 24 hours.
Market Capitalization and Indices:
🔘Market capitalization: $2.48 trillion
🔘Dominance index: 55.30%
🔘Fear index: 72
Today, there are no significant news events, and China and Hong Kong are not trading. Tomorrow, oil market movements are expected due to the OPEC report, which could impact markets by influencing inflation prospects. Major market events will begin on June 12.
Upcoming Economic Events:
June 12:
🟡US CPI (inflation) data release
🟡 Federal Reserve rate meeting and press conference
🟡US inflation expectations data
🟡 Germany’s CPI data (minor impact)
Other Notable Events This Week:
🟣Inflation data releases for Russia, Brazil, and Argentina.
🟣Potential movements in Tesla stocks as Elon Musk faces a $56 billion compensation cut, which could lead to his resignation.
Market Outlook:
🔘The Federal Reserve is likely to transition to easing monetary policy soon, as discussed previously. Despite no policy change, money generation has already started, which explains why indices are stable.
🔘High bond yields, stock indices at highs, and geopolitical tensions suggest potential surprises in the markets.
Bitcoin Analysis:
🔘Bitcoin found support between $69,200 and $68,800 after a drop on Friday but struggles to break through $69,800 - $70,000.
🔘Until June 12, Bitcoin is expected to remain within the range of $68,800 - $69,800. After that, it could either drop to $65,000 - $67,000 (short-term) or rise to $72,000 (with a high probability of breaking this level).
Market Sentiment and Activity:
⏺Last week, spot BTC-ETFs saw an inflow of $1.828 billion.
⏺Altcoins remain weak, particularly Ether, which has not consolidated above $3,700.
Today's Bitcoin Trading Range:
⏺Priority: Bitcoin within $68,500 - $70,200
🔴Alternative: Consolidation above $70,200
🔥 — Useful, keep going
❤️ — Phew, reassured