The crypto market is gearing up for an eventful week as key factors come into play soon. Bitcoin has been treading sideways with low volume, which is a signal that the market is preparing for the vital fundamental data.
With the crucial level of $26,000 yet to be breached, the market awaits a clear direction. Meanwhile, the upcoming announcements from the Federal Reserve regarding interest rates and economic projections hold significant implications for the crypto market. How will that affect the price? Let’s see what the charts show.
BITCOIN
With little volume, BTC has been gliding sideways through the weekend. Little to no action can be recorded in the BTC Dominance Indicator too. The vital level of $26 000 has not been flipped and that is why no upside followed.
Minor Selling Pressure has formed between $26 000 – $26 350. The importance of the zone is notable, as it has appeared during the days off. In circumstances like this no bull power means lower levels are awaited. This selling pressure has to be liquidated quickly otherwise it will weigh down on BTC and send the price down.
The Small Support remains inconsistent and lacking congested orders. In a move down the level of $25 350 is essential to be a support for BTC. Currently, a large portion of long positions are situated, so it can be played as a retracement trade. It is good to bear in mind that a sharp move down eliminates the possibility of a bounce trade.
BTC is lacking volume, which is a result of the wicks from the past week. There is liquidity in the market, just awaited to be executed. The S&P500 is still climbing, which puts the pressure on BTC bulls. The “lag” in the correlation will have to even out in the future, but for now it is quiet in the bulls’ office.
FUNDAMENTAL
All eyes are on the Federal Reserve as it sets interest rates and shares economic projections – a pause is suggested in rate increases after 15 months of upward adjustments. The market’s reaction to the Federal Reserve’s announcement will depend on how closely it aligns with expectations. If the central bank confirms the anticipated pause in rate increases, it could boost investor confidence and potentially lead to increased demand for crypto investments and vice versa.
Dates to look out for:
Tuesday June 13: The U.S. Department of Labor releases its Consumer Price Index for May. This key gauge measures the rate of inflation, or average change over time, in the prices of consumer goods.
Wednesday June 14: The U.S. Department of Labor releases its Producer Price Index for May. The gauge measures the change over time in prices charged by domestic producers for their output.
Wednesday June 14: The Federal Reserve announces interest rates and economic projections for the year, and Chair Jerome Powell holds a press conference.
Thursday June 15: The U.S. Department of Labor will release initial jobless claims for the previous week. The report, a proxy for layoffs, tracks the number of people filing for unemployment benefits.
Thursday June 15: The U.S. Commerce Department releases its Retail Sales report for May. The data measures purchases by consumers of items such as food, clothing and furniture, in stores and online.
Trading during the current week holds risk of high volatility. Looking to see how the market plays out with no major trades placed.
SOLANA
The price bled through the weekend, thus reaching the Support Zone with a bounce. The area has been further supported with buying orders.
Minor Resistance is located between $15.70 – $16.20. Looking to see SOL crab around the two areas until we receive news from the week.
More liquidity has flown in the price of both BTC and altcoins, which is overall healthy for the market. However, with so much fundamental data to be released it is only desired to map out the important levels.
