. Daily Crypto Analysis - Bitcoin Defends $67,000 Amid Hawkish Fed Tone

Daily Crypto Analysis – Bitcoin Defends $67,000 Amid Hawkish Fed Tone

Daily Crypto Analysis – Bitcoin Defends $67,000 Amid Hawkish Fed Tone

29 May 2024

Introduction

Bitcoin bulls defend the $67,000 level as BTC regains traction despite hawkish Fed remarks and strong US economic data reducing the likelihood of a rate cut. Traders will monitor the Fed’s Beige Book, John Williams’ speech, and the US Core PCE release for further price cues. Ethereum and Dogecoin show mixed movements, while XRP faces resistance at $0.55 amidst ongoing legal uncertainties.

Markets In Focus Today – BITCOIN

Bitcoin Bulls Defend $67,000 level.

Despite hawkish remarks from Federal Reserve officials and stronger-than-expected U.S. economic data, which have reduced the likelihood of a Fed rate cut, Bitcoin (BTC) has managed to regain some traction. The cryptocurrency edged slightly higher, reaching around $67,785 and hitting an intraday high of $68,848. Looking ahead, traders will closely monitor the Fed’s Beige Book and John Williams’ speech, along with the upcoming US Core Personal Consumption Expenditures Price Index (Core PCE) release, for further cues on Bitcoin price movements.Federal Reserve Hawkish Comments and Consumer Confidence Weigh on BTC. Hawkish comments from Federal Reserve officials and better-than-expected economic data have reduced the likelihood of a Fed rate cut in September, strengthening the US dollar and limiting gains for Bitcoin (BTC).

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 68110.2138 | Negative Crossover | Bearish
  • MA 20 : 67022.9531 | Positive Crossover | Bullish
  • MA 50 : 65512.8387 | Positive Crossover | Bullish

Simple :

  • MA 10 : 68868.1570 | Negative Crossover | Bearish
  • MA 20 : 66397.3570 | Positive Crossover | Bullish
  • MA 50 : 64971.5496 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 54.4364 | Buy Zone | Bullish

Stochastic   Oscillator : 24.69 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 69274.0151 R2 : 72498.3816
  • S1 : 58835.8116 S2 : 55611.4451

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 66989.45 | Take Profit : 70926.67 | Stop Loss : 64528.39

ETHEREUM

Ethereum price started a downside correction below the $3,880 support.

Ethereum started another downside correction below the $3,880 zone. ETH is now testing the $3,760 support and might aim for a fresh increase. Ethereum price failed to test the $4,000 resistance zone and started a downside correction, like Bitcoin. ETH dipped below the $3,920 and $3,880 support levels. Ethereum bulls seem to be stepping on the brakes as they await more clarity on S-1 applications. Ethereum bulls are setting their sights on the $4,500 mark as the recent approval of the Ethereum Spot ETF injects renewed optimism into the market. This development has sparked significant interest among investors, potentially paving the way for a strong upward momentum in ETH/USD prices.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3702.7821 | Positive Crossover | Bullish
  • MA 20 : 3519.2101 | Positive Crossover | Bullish
  • MA 50 : 3343.3655 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3783.0400 | Positive Crossover | Bullish
  • MA 20 : 3384.3510 | Positive Crossover | Bullish
  • MA 50 : 3235.1934 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 67.5095 | Neutral Zone | Neutral

Stochastic   Oscillator : 88.7952 | Sell Zone | Bearish

Resistance   And Support Levels :

  • R1 : 3533.0374 R2 : 3737.0193
  • S1 : 2872.6893 S2 : 2668.7074

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 3717.00 | Take Profit : 3985.59 | Stop Loss : 3582.70

DOGECOIN

Dogecoin (DOGE) Breakout Slows Down but Still Has Momentum.

Dogecoin is currently encountering significant resistance levels, posing a challenge for its price to break through and continue its upward momentum. Dogecoin’s price could continue its uptrend since DOGE holders act towards the same. The large wallet holders have consistently accumulated since the beginning of the month. As of the latest data, Dogecoin is trading at $0.160, marking a decrease of 1.78% over the past 24 hours. Despite this recent decline, DOGE has shown resilience over the past month, posting a gain of 10.88%.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1643 | Positive Crossover | Bullish
  • MA 20 : 0.1606 | Positive Crossover | Bullish
  • MA 50 : 0.1574 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1665 | Negative Crossover | Bearish
  • MA 20 : 0.1575 | Positive Crossover | Bullish
  • MA 50 : 0.1560 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 54.1315 | Buy Zone | Bullish

Stochastic   Oscillator : 19.85 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.1956 R2 : 0.2172
  • S1 : 0.1256 S2 : 0.1039

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Stop Buy : 0.164 | Take Profit : 0.184 | Stop Loss : 0.152

RIPPLE

XRP holders incur losses as they offload altcoin holdings, while Ripple faces challenges in breaking through the $0.55 resistance level.

Ripple holders shed their XRP holdings and took $20 million in profits since May 18. XRP social dominance is nearly at the same level, at 1.46%. XRP sustained above $0.52 in previous but is down 1% on the day. Ripple (XRP) holders have consistently realized losses on their XRP holdings on several occasions between May 18 and 28, as seen on the crypto intelligence tracker Santiment. The altcoin’s social dominance remains nearly unchanged, signaling XRP’s relevance among market participants. XRP holders await further developments in the Securities and Exchange Commission (SEC) vs. Ripple lawsuit.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5298 | Positive Crossover | Bullish
  • MA 20 : 0.5271 | Positive Crossover | Bullish
  • MA 50 : 0.5349 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5329 | Negative Crossover | Bearish
  • MA 20 : 0.5215 | Positive Crossover | Bullish
  • MA 50 : 0.5239 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 51.7643 | Buy Zone | Bullish

Stochastic   Oscillator : 54.8124 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.6055 R2 : 0.6558
  • S1 : 0.4428 S2 : 0.3925

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 0.510 | Take Profit : 0.553 | Stop Loss : 0.490

Elsewhere In The Crypto Market

Bitcoin down (0.84%) at 67,752, Ethereum down (0.75%) at 3811.7, Litecoin up (0.24%) at 83.58, Solana down (0.01%) at 168.49, Dogecoin up (0.07%) at 0.165.

Key Economic Events & Data Release Today:

(EUR) German CPI (MoM) (May) Forecast 0.2%, Previous 0.5% at 17:30.