Cryptocurrency Market Overview
Monday, June 17, 2024
Bitcoin fluctuated between $66.1k and $67.0k throughout the day.
- Market Capitalization: $2.37 trillion
- Dominance Index: 55.21%
📉The dollar index at these levels is negative for the market. However, this is balanced by the anticipation of an imminent rate cut.
Election News
The date for the debates between Trump and Biden is set for June 27. The rules prevent the use of recordings, prompts, or communication with their campaign staff. It will be interesting to see how Biden will be prepared to stay alert and focused.
Expect a surge in memes post-debates and a sharp increase in the PolitFi sector within the crypto market.
Bitcoin failed to sustain above $66.5k, but Ethereum saw some growth. Overall, the crypto market shows signs of weakness.
📈Potential Catalysts for Market Strength:
- Positive news regarding the start of ETH-ETF trading.
- The Fed beginning active monetary stimulus immediately.
- A decline in the dollar index to 104-103.9, which could push Bitcoin to $69.0k - $70.0k.
Should the dollar index break the support at 104-103.9 and fall below, Bitcoin might quickly rise above $72.0k.
📉Factors That Could Push Bitcoin to Support Levels ($65.0k - $64.8k) or Lower:
- An increase in the dollar index to 106.
- FUD or significant negative news for the crypto market (hacking, scams, regulatory actions).
- A stock market crash.
💡It is important to remember that any decline (even to $65.0k or lower) is temporary and short-lived. The next movement towards $72.0k could be more decisive.
Interesting Developments
☝️ Toncoin has surpassed Ethereum in the number of active addresses.
The main advantage of the TON ecosystem is its ease of entry for new users. This advantage might still significantly impact the markets.
Today's Priority Outlook:
Bitcoin within the range of $65.2k - $64.8k at the lower end and $67.2k - $67.5k at the upper end. Alternatively, consolidation above $67.5k.