The stock markets in the United States experienced a drop on June 10 influenced by the consumer price index report indicating an 8.6% inflation increase from a year ago, the highest since 1981. Bloomberg reports that investors are anticipating a 3% key interest rate by the end of the year, reflecting concerns over rising inflation levels.
Bitcoin (BTC) closely mirrored the downward trend of the S&P 500, dipping below $30,000 on June 10. Market analysts hold differing views on the short-term price movement, with Fundstrat co-founder Tom Lee suggesting that Bitcoin may have hit its low. He also mentioned that Bitcoin’s value could remain flat for the year or see some modest gains.
Despite the prevailing negative sentiment, there was a glimmer of positivity from Bloomberg’s extended coverage of cryptocurrency data on its Bloomberg Terminal featuring 50 digital assets. This move signifies growing institutional interest in the crypto market.
BTC/USDT
Aiming to break past the 20-day exponential moving average ($30,365) on June 9 failed as selling pressure persisted on June 10, pushing Bitcoin below the ascending triangle trendline. The negative divergence of the relative strength index (RSI) and the downtrend of the 20-day EMA favor sellers. A sustained price below the trendline could lead to a drop to $28,630 and further to $26,700. Alternatively, a bounce off $28,630, propelling the price above the 20-day EMA, may spark an upward move to $32,659.
ETH/USDT
Ethereum (ETH) faced significant selling pressure on June 10, pushing it below the critical support at $1,700. Maintaining below this level might initiate a downward trend towards $1,500 and potentially $1,300. However, a breakout above the 20-day EMA could fuel a rally towards $2,159. The conflicting signals from the moving averages and RSI hint at a potential relief rally in the near term.
BNB/USDT
Binance Coin (BNB) has been trading below the symmetrical triangle support line but a lack of selling momentum suggests a potential reversal scenario. Re-entering the triangle might trigger short-covering, pushing the price above the resistance line. Conversely, a decline below $273 could pave the way for a drop towards critical support at $260 or $211.
ADA/USDT
Cardano (ADA) briefly rose above the 50-day moving average but failed to sustain higher levels, leading to a potential decline towards $0.53 and $0.44. A bounce off current levels may signal bullish sentiment, targeting the 50-day SMA level at $0.74. Mixed signals from the indicators hint at a possible relief rally.
XRP/USDT
Ripple (XRP) struggled to break above the downtrend line, resulting in a drop to strong support at $0.38. A rebound from this level could push the price to $0.46, while a sustained break below $0.38 may lead to further downside towards $0.33.
SOL/USDT
Solana (SOL) oscillated between the 20-day EMA and $37, with conflicting signals from the RSI and moving averages. A break below $35 could resume the downtrend towards $30, whereas a move above the 20-day EMA might propel the price to $50 and $60.
DOGE/USDT
Dogecoin (DOGE) struggled to hold above $0.08, resulting in a breakdown and a potential test of the crucial support at $0.07. Reclaiming the 20-day EMA could spark a surge to $0.10, while a breach below $0.07 might signal further downside momentum.
Disclaimer: The analysis and opinions provided are solely the author’s and not endorsed by Cointelegraph. All investments involve risks, and individuals should perform thorough research before making decisions.
Market data source: HitBTC exchange.
Image Source: Mc_Cloud / Shutterstock
