Price analysis 6/14: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC, LTC, DOT
The United States equities markets rose after the Consumer Price Index print on June 13 came in below expectations, but Bitcoin and the altcoins failed to recover. This suggests that cryptocurrency traders are focused on crypto-specific issues and are not buying on favorable macroeconomic news.
However, there is a ray of hope for the bulls because Bitcoin (BTC) is still holding above the $25,000 support. MicroStrategy co-founder Michael Saylor said in a Bloomberg interview on June 13 that the regulatory crackdown by the Securities and Exchange Commission may be bullish for Bitcoin. Saylor expects Bitcoin’s dominance to hit 80% in the future as “mega institutional money” flows into crypto after the “confusion and anxiety” dies down.
Although Saylor’s views may sound comforting to the Bitcoin bulls, traders should keep in mind that MicroStrategy has a large position in Bitcoin; hence, his views may be biased.
Traders hate uncertainty and generally stay on the sidelines until clarity emerges. The same may happen with the cryptocurrency markets in the near term. A trending move is likely to begin only after investors sense some regulatory clarity. During uncertain phases, traders could consider reducing their position size to avoid getting whipsawed.
What are the levels that may act as resistance in Bitcoin and the major altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin climbed close to the 20-day exponential moving average (EMA) of $26,531 on June 13, but the long wick on the candlestick shows that the bears sold at higher levels.
The price has been stuck between the 20-day EMA and the crucial support at $25,250 for the past few days. This suggests that bulls are buying the dips, but the
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