Bitcoin moved within the range of 68285-70288 during the day
Now the price of the main cryptocurrency is 69212.
Market capitalization 2.5 trillion, dominance index 54.62%, fear index 73.
Stock markets closed slightly higher yesterday - the S&P 500 closed at 5283. At the same time, the dollar index fell to its lows since early April, now around 104.
The index of business activity in the manufacturing sector came out worse than expected. Given the weak GDP that came out last week, the Fed has more and more reasons to move to support the economy.
Today labor market data (JOLTS for April) will be released, which may cause movement in the stock market. The data will be released at 17-00 Moscow time.
Currently, Asian indices are trading in different directions; futures for the S&P 500 are in a slight plus. The dollar index is near a strong support level at 104-103.9, a move lower would be very favorable for all markets.
Bitcoin yesterday made a good leap towards 70K, but did not stay at the achieved levels and returned to its original level - in the small range of 68800-69200.
The reason for the drain was the transfer of some old Bitcoins to the exchange (I have never communicated with a person who would sell his Bitcoins because someone else transferred his to the exchange; but they say there are such people)). But in general, this is just a reason to bounce down from the upper limit of the range.
A resistance area has formed at 70300-70600. Further resistance is at 71500. Then a new ATH.
Given the right reason, all of the above can happen within 24 hours.
When?
Maybe this week, maybe within a month, maybe closer to August. But this is inevitable, the reasons have been discussed many times. Therefore, there is no need to try to guess when it will be. You just have to be ready for it. Same as for the altseason).
I have already said that while Bitcoin is moving in a range, it is actively accumulating in large wallets. And mainly through over-the-counter transactions. In addition, Bitcoins are systematically pulled from the market by ETF issuers (by the way, ETF trading will begin today in Australia).
The alts have sank for now, but the dominance index is growing again. The leaders for the day are KAS, ENA, STX. Memes are weaker than the market, and therefore attractive for purchases.
And we are waiting for broadcast above 4K, of course.
From the news.
- Pavel Durov promises something grandiose on Telegram. It is not known whether the update concerns TON, but just in case, it has grown and is again approaching 7. It’s good when in such a situation you don’t have to rack your brains about whether it’s expensive to buy it at that price, because it was purchased a long time ago, with an average entry price about 2.
- Starting June 30, Binance will stop accessing stablecoins that do not comply with MiCA rules
- There was information that a certain hacker, using the AGRTRADE plugin, was able to gain access to someone else’s account on Binance and withdraw $1 million worth of assets from there. If anyone uses this plugin, I recommend getting rid of it immediately.
