H1: Bitcoin Drops Below $27K as Resistance Remains Strong
Bitcoin (BTC) recaptured $27,000 on Friday morning, but resistance around $27,250 proved too strong. Bitcoin was rejected again on Saturday night after peaking at $27,450. However, this time, the $27,000 support level failed to hold, resulting in a drop to $26,836 on Binance and $25,105 on Bitvavo at the time of writing. This puts the bitcoin price down 1.2% today.
H2: Quiet Week for Macroeconomic Data
This week is expected to be a quiet one for macroeconomic data, with no speeches from Federal Reserve members scheduled. The most important macroeconomic data for the week includes factory and durable goods orders on Monday, consumer credit on Wednesday, and jobless claims on Thursday. Earnings reports for GME, DOCU, PLAY, and NIO are also scheduled.
H3: Potential for a Big Movement in Prices Next Week
While this week may be quiet, analysts believe next week may see significant movement in prices. The US consumer price index is set to be published on June 13, followed by the interest rate decision of the US central bank on June 14.
H2: OPEC+ Takes Action to Boost Falling Oil Prices
Yesterday, OPEC+ announced a major cut in production in July, on top of a broader OPEC+ deal to limit supply until 2024. This move comes as the group aims to boost falling oil prices.
H3: Rising US Dollar May Lead to a Risk-Off Situation
Despite OPEC+’s efforts, there are concerns that the rising US dollar may cause a risk-off situation, which may not bode well for bitcoin. In recent years, bitcoin has become a risk-on asset traded in tandem with the stock market.
H2: Bitcoin Support and Divided Analysts
According to analyst Ali Martinez, there is currently a lot of support between $26,360 and $27,170, as 1 million BTC has been bought here. It wouldn’t be surprising if bitcoin hangs between these prices next week. However, investors should keep in mind that the 200-week moving average is now around $26,450, which, if the price falls through, may signal a bearish trend.
While investors are still very cautious, analysts remain divided over bitcoin’s future direction. Some, such as Mikybull, see a bullish signal with the MACD on the daily timeframe indicating bullish momentum is about to set in. Others, such as Crypto Tony, maintain a short position as long as the price remains below $27,500.
H2: Bitcoin Ordinals Launches New Version
Bitcoin Ordinals, a platform that indexes Bitcoin transaction data, launched a new version over the weekend. With this new version, many previously unrecognized inscriptions are now indexed by the Ordinals Protocol as “Cursed Inscriptions”.
The hype around BRC-20 memecoins led to a huge spike in transaction costs last month, according to analytics firm IntoTheBlock. Since then, these costs have fallen sharply, but are still ten times higher than before.
H2: Looking for More Insight into Crypto Prices?
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