. Daily Crypto Analysis - Bitcoin Dips, Ethereum Derivatives Surge.

Daily Crypto Analysis – Bitcoin Dips, Ethereum Derivatives Surge.

Daily Crypto Analysis – Bitcoin Dips, Ethereum Derivatives Surge.

06 Jun 2024

Introduction

Bitcoin dips slightly after a surge, but remains near record highs as expectations for a Fed rate cut grow. The approval of spot Bitcoin ETFs continues to buoy the market, with altcoins also showing gains. Ethereum experiences a surge in derivatives interest despite a delay in spot ETF approval, while XRP and Dogecoin see modest gains.

Markets In Focus Today – BITCOIN

Bitcoin price today edges down to $70k with rate cuts in focus.

Bitcoin price fell slightly on Thursday, steadying after breaking out of an over two month trading trough as weak U.S. economic data fueled expectations that the Federal Reserve will cut interest rates. Bitcoin near record highs as ETF inflows surge The world’s biggest cryptocurrency was now about $3,000 away from a record high hit in March, benefiting from weakness in the dollar as traders priced in interest rate cuts by the Fed. The approval of spot Bitcoin ETFs in U.S. markets was a key point of support for the token this year, with Bitcoin hitting a record high on the back of increased institutional inflows. This trend appeared to be gaining momentum once again, especially in the face of lower U.S. interest rates, which present a more accommodative environment for crypto markets. Broader altcoins were mixed, but were sitting on gains this week as a swathe of weak U.S. economic data saw traders increase their bets on a September rate cut.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 69325.0546 | Positive Crossover | Bullish
  • MA 20 : 68301.7791 | Positive Crossover | Bullish
  • MA 50 : 66514.1445 | Positive Crossover | Bullish

Simple :

  • MA 10 : 68860.0210 | Positive Crossover | Bullish
  • MA 20 : 68712.1055 | Positive Crossover | Bullish
  • MA 50 : 65473.5480 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 63.2678 | Buy Zone | Bullish

Stochastic   Oscillator : 90.00 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 70751.8229 R2 : 74228.2304
  • S1 : 59497.6904 S2 : 56021.2829

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 69693.44 | Take Profit : 72442.01 | Stop Loss : 68139.89

ETHEREUM

Ethereum open interest surges by 50%, SEC Chair says ETH ETF launch will take more time.

Ethereum ETFs ‘will take some time’ before they launch, according to SEC Chair.ETH’s open interest on exchanges surged 50% to a new all-time high after SEC’s U-turn towards ETH ETFs.New accumulating addresses holding 10-10K and 10K-100K ETH have grown steadily after ETH ETF 19b-4 approvals.Ethereum (ETH) price hovered around $3,840 following Securities & Exchange Commission (SEC) Chair Gary Gensler expressing his opinion that the launch of spot ETH ETFs may be delayed. Meanwhile, Ethereum derivatives products on exchanges have seen a surge in open interest (OI).

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3790.6585 | Positive Crossover | Bullish
  • MA 20 : 3675.8653 | Positive Crossover | Bullish
  • MA 50 : 3467.7491 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3800.6870 | Positive Crossover | Bullish
  • MA 20 : 3718.5740 | Positive Crossover | Bullish
  • MA 50 : 3329.4004 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 65.4258 | Buy Zone | Bullish

Stochastic   Oscillator : 92.18 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 3958.0910 R2 : 4230.8857
  • S1 : 3074.9757 S2 : 2802.1810

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 3717.86 | Take Profit : 3959.03 | Stop Loss : 3583.88

RIPPLE

XRP Price Faces Hurdles.

XRP price is slowly moving higher above the $0.5100 zone. It is now facing hurdles near $0.5320 and might correct lower in the near term.XRP price remained well-supported above the $0.5120 zone and extended its increase like Bitcoin and Ethereum. The price was able to clear the $0.5200 and $0.5250 levels.There was a clear move above the $0.5300 resistance and the price tested the $0.5320 zone. A high was formed at $0.5325 and the price is now correcting gains. It traded below the 23.6% Fib retracement level of the upward move from the $0.5080 swing low to the $0.5325 high. SEC chatter and crypto-spot ETF market-related news influenced buyer appetite for XRP.SEC vs, crypto case-related updates and SEC activity warrant investor attention on Thursday (June 6).

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5235 | Positive Crossover | Bullish
  • MA 20 : 0.5237 | Positive Crossover | Bullish
  • MA 50 : 0.5309 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5217 | Positive Crossover | Bullish
  • MA 20 : 0.5258 | Positive Crossover | Bullish
  • MA 50 : 0.5220 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 51.6759 | Buy Zone | Bullish

Stochastic   Oscillator : 41.8433 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.5573 R2 : 0.5791
  • S1 : 0.4868 S2 : 0.4650

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Stop Buy : 0.518 | Take Profit : 0.554 | Stop Loss : 0.498

DOGECOIN

Dogecoin Holds Strong Support.

In the past few sessions, Dogecoin price started a steady increase above the $0.1500 zone, like Bitcoin and Ethereum. DOGE bulls were able to push the price above the $0.160 resistance zone.Dogecoin is rapidly gaining traction as whale-tier transactions are on the rise, with 6.52 billion DOGE transacted in the last 24 hours. From a price perspective, Dogecoin is slowly moving in an uptrend. The latest on-chain data from Dogecoin suggests that the pioneer meme coin might be clawing its way back to the top, as it has been found missing in action for the past month.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1615 | Positive Crossover | Bullish
  • MA 20 : 0.1605 | Positive Crossover | Bullish
  • MA 50 : 0.1581 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1610 | Positive Crossover | Bullish
  • MA 20 : 0.1624 | Positive Crossover | Bullish
  • MA 50 : 0.1547 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 52.9672 | Buy Zone | Bullish

Stochastic   Oscillator : 87.46 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.1723 R2 : 0.1853
  • S1 : 0.1303 S2 : 0.1173

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Stop Buy : 0.159 | Take Profit : 0.174 | Stop Loss : 0.151

Elsewhere In The Crypto Market

Bitcoin down (0.26%) at 70,926, Ethereum down (0.43%) at 3847.0, Litecoin down (0.21%) at 85.25, Solana down (0.67%) at 172.42, Dogecoin down (0.77%) at 0.162.

Key Economic Events & Data Release Today:

(GBP) Construction PMI (May) Forecast 52.5, Previous 53.0 at 14:00. (EUR) ECB Interest Rate Decision (Jun) Forecast 4.25% Previous 4.50% at 17:45. (EUR) Deposit Facility Rate (Jun) Forecast 3.75%, Previous 4.00% at 17:45. (EUR) ECB Marginal Lending Facility Previous 4.75% at 17:45. (EUR) ECB Monetary Policy Statement at 17:45. (USD) Initial Jobless Claims Forecast 220K, Previous 219K at 18:00. (CAD) Ivey PMI (May) Forecast 65.2, Previous 63.0 at 19:30. (EUR) ECB President Lagarde Speaks at 19:45.