Alexander Kuptsikevich
FxPro Financial Services Limited
Market picture
Bitcoin fell on Tuesday amid falling equity indices and a rising US dollar. BTC updated three-week lows below $22K, losing 2% in the past 24 hours. Risky assets fell sharply amid a hawkish speech from Fed chief Jerome Powell, after which markets began to price in the chances of a 50-basis point rate hike later this month.
BTCUSD re-entered the area of the February lows. However, the dynamics in the FX market were much more capitulatory than in cryptocurrencies, where intraday moves continue to mark buying on dips. Touching levels just below $22K took the price back to the 61.8% Fibonacci retracement of the December-February rally. Consolidation below $21.5K would be a strong signal to move lower.
However, more buying is likely at the end of the medium-term correction in such situations, and the bulls will only celebrate victory once the price returns above $22.5K.
News background
According to CoinGecko, Tether's (USDT) share of the stackable coin market has surpassed 54% for the first time since November 2021, when the cryptocurrency market hit all-time highs.
El Salvador's president, Nayib Buquele, said the legalisation of bitcoin had boosted the country's tourism sector by 95%, improving the economy as a whole.
Ethereum co-founder Vitalik Buterin began selling his meme crypto assets MOPS, CULT and SHIK. The sale of tokens severely affected their value, and investors suffered losses.
WeChat, China's largest social network, integrated digital yuan into its payment platform WeChat Pay.
Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts' opinions are for informational purposes only and should not be considered as a recommendation or trading advice.
Recommended Content
Editors’ Picks
Cardano price coils up for a 15% rally as 6.61 million ADA net flow value comes in
Cardano (ADA) price appears to be ready to finally break out from the consolidation after flipping above a crucial roadblock. The optimism comes as the ADA token recorded a massive spike in large transactions nearing 35,000 in 48 hours.
Ripple price eyes 25% breakout as XRP community anticipates June 13
Ripple price is coiling up for a breakout amid revitalized optimism in the community, counting the days to June 13. XRP could explode 25% to new range highs, levels last seen in May 2022. Invalidation of this bullish outlook will occur upon a daily candlestick close below $0.49.
Shiba Inu tests 50-MA despite whales accumulating billions of SHIB tokens
Shiba Inu (SHIB) price has favored the bulls for a week now, extending its gains for the second consecutive session. This comes as sentiment across the crypto market continues to improve, initiated by the crypto king, Bitcoin (BTC).
Ethereum price at catch-22, pressed between this bullish outlook and a waning of momentum
Ethereum (ETH) price is trading with a bullish bias, following Bitcoin's (BTC) heels. The Proof-of-Stake (PoS) token is up a staggering 60% in 2023, which is no mean feat considering the gloomy outlook in the market, characterized by the extended bear market.
Bitcoin: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.