Bitcoin moved within the range of 68562-71275 during the day
Now the price of the main cryptocurrency is 70860
Market capitalization 2.56 trillion, index 54.58%, fear index 75.
Stock markets closed slightly higher yesterday, with the S&P 500 at 5,293.
Data on the labor market helped, showing some cooling of the market - the number of jobs in April was less than in March. This is in favor of the Fed's speedy transition to supporting the economy, but key data will be released on Friday, June 7 (Non-Farm Payrolls).
There is also interesting data on American banks. It turns out that 63 of them have an FDIC CAMELS rating of 4 or 5.
Which means they are on the verge of insolvency. The reason is high rates, that is, the actions of the Fed. This is the same thing that has been said many times - the Fed has no alternative to lowering the rate.
Currently, Asian indices are trading in different directions; futures for the S&P 500 are in positive territory.
The dollar index has not yet been able to go below the support level at 104-103.9, but it is still not far from it and there are chances for success.
After yesterday’s evening surge, Bitcoin has been holding above 70K for more than 12 hours. The resistance area at 70300-70600 has been overcome, there is consolidation above 70600. The next resistance area is at 71500. Consolidation above opens the way to ATH
But resistance still needs to be overcome. So far the price is at the upper limit of the large range where Bitcoin has been since the end of February.
Alts are still lagging behind Bitcoin. Ether is about 3800, the dominance index is high, but some are already doing well.
Also among the growth leaders are BNB, UNI, STX. Memes (except Floki) are still lagging behind. So are Ether and related assets. Provided that Bitcoin stays above 70600, they will inevitably shoot too.
Of the conditions for the onset of the altseason that I spoke about, the first one has been fulfilled - consolidation of market capitalization above 2.5 trillion. It remains to work out the remaining 3.
The priority option for today is Bitcoin in a range with a lower limit at 70500-70000 and an upper limit at 71500-72000
Alternative - consolidation above 72000.
