Cryptocurrencies Price Prediction: Bitcoin, 1INCH & Altcoins – European Wrap 31 May

FXStreet Team FXStreet

Bitcoin Weekly Forecast: BTC likely to provide another buying opportunity

Bitcoin (BTC) price looks weak on the lower timeframes, which might provide opportunities to accumulate. The daily and weekly charts retain their bullish outlook and suggest that the continuation of the 2023 bull run is not a question of “if” but “when.”

1INCH price likely to provide buying opportunity before a 20% rally

1INCH (1INCH) price falls on Friday, and it is likely to face a further pullback after rallying 15% since Tuesday. However, a price decline towards $0.471-$0.443 could provide an opportunity for sidelined buyers as on-chain metrics and open interest data suggest that this area is a major support zone from which prices could rally by 20%.

The gloom of old Altcoins

The cryptocurrency market increased modestly by 0.35% in 24 hours to $2.53 trillion. Bitcoin rose by 0.7% in that time, Ethereum changed a little, and many altcoins came under slight pressure.

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Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades.

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Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.

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