. Daily Crypto - Bitcoin Flat at $67K Amid Rate Cut Cues

Daily Crypto – Bitcoin Flat at $67K Amid Rate Cut Cues

Daily Crypto – Bitcoin Flat at $67K Amid Rate Cut Cues

13 Jun 2024

Introduction

Bitcoin remains flat at $67K amid rate cut cues and softer inflation. Following a volatile session, Bitcoin showed little movement as the Fed’s forecast of prolonged high interest rates overshadowed signs of cooling inflation. Ethereum sees a potential recovery with increased whale activity and significant exchange outflows, while Ripple’s XRP struggles below $0.50 despite expansion efforts. Chainlink signals a potential downtrend after breaching key support levels.

Markets In Focus Today – BITCOIN

Bitcoin price flat at $67k amid rate cut cues, softer inflation.

Bitcoin price moved little on Thursday after a volatile session as a forecast from the Federal Reserve of high for longer interest rates largely overshadowed some signs of cooling near-term inflation.The world’s biggest cryptocurrency rose 0.4% in the past 24 hours .Bitcoin range bound as Fed forecasts only one rate cut this year Traders remained largely averse to Bitcoin and broader cryptocurrencies in the face of high-for-longer U.S. interest rates. While the Fed kept rates unchanged on Wednesday, as expected, Chair Jerome Powell said the central bank now saw the possibility of only one rate cut this year, compared to prior expectations of three cuts. Focus is now on producer price index inflation data for more cues on U.S. inflation. The reading is due later on Thursday.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 68653.5902 | Negative Crossover | Bearish
  • MA 20 : 68442.9210 | Negative Crossover | Bearish
  • MA 50 : 67040.5550 | Positive Crossover | Bullish

Simple :

  • MA 10 : 69345.3830 | Negative Crossover | Bearish
  • MA 20 : 68839.0565 | Negative Crossover | Bearish
  • MA 50 : 65986.5300 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 47.1780 | Neutral Zone | Neutral

Stochastic   Oscillator : 28.1530 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 70744.7096 R2 : 74221.1171
  • S1 : 59490.5771 S2 : 56014.1696

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 68186.34 | Take Profit : 65178.42 | Stop Loss : 70414.42

ETHEREUM

Ethereum poised for recovery folltgggowing increased exchange outflows.

Ethereum whales bought about 240K ETH after its recent price dip.Coinbase Advanced witnessed ETH outflows worth over $1 billion in the past 24 hours.Ethereum is looking to enter into key price range following reduced inflation.Ethereum (ETH) was up more than 3% on yesterday following huge exchange outflows, increased whale buying pressure and the US Consumer Price Index (CPI) for May reporting reduced inflation. After Ethereum’s recent dip, whales who hold between 10K to 100K ETH bought over 240K ETH worth about $840 million, according to data from Santiment.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3631.8847 | Negative Crossover | Bearish
  • MA 20 : 3634.2731 | Negative Crossover | Bearish
  • MA 50 : 3500.2807 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3677.1810 | Negative Crossover | Bearish
  • MA 20 : 3735.8560 | Negative Crossover | Bearish
  • MA 50 : 3394.3184 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 43.7111 | Neutral Zone | Neutral

Stochastic   Oscillator : 18.3396 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 3957.6476 R2 : 4230.4424
  • S1 : 3074.5324 S2 : 2801.7376

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 3556.79 | Take Profit : 3343.69 | Stop Loss : 3718.23

RIPPLE

XRP stuck below $0.50 despite Ripple announcing expansion of 1 billion XRP commitment.

Ripple announced the launch of XRPL Japan-Korea Fund, expansion of the payment giant’s 1 billion XRP commitment. The remittance firm will work with companies in Japan and South Korea to integrate XRPL and fund projects.XRP ranges below $0.50, extending losses to nearly 9% in the past seven days. Ripple (XRP) announced the launch of the XRP Ledger Japan-Korea Fund. The fund is a part of the payment remittance firm’s 1 billion XRP commitment to support developers in integrating XRP Ledger into their projects. Ripple is set to work with firms in Japan and South Korea and boost the development of projects on the Ledger through its fund. XRP is ranging below the key psychologically important level of $0.50 on Thursday.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4986 | Negative Crossover | Bearish
  • MA 20 : 0.5072 | Negative Crossover | Bearish
  • MA 50 : 0.5212 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5019 | Negative Crossover | Bearish
  • MA 20 : 0.5131 | Negative Crossover | Bearish
  • MA 50 : 0.5171 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 37.7332 | Sell Zone | Bearish

Stochastic   Oscillator : 39.5605 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.5573 R2 : 0.5790
  • S1 : 0.4867 S2 : 0.4650

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.479 | Take Profit : 0.443 | Stop Loss : 0.505

CHAINLINK

Chainlink (LINK) Breaks Below Key Support, Signaling Potential Downtrend.

Following a significant 13% correction from last week, Chainlink has broken crucial support levels, causing concern among traders and investors. LINK’s price has turned bearish, notably breaching the $17.40 support. Strong resistance remains at the $16.70 and $18.00 levels. With Bitcoin trading below $70,000, LINK is expected to face difficulty overcoming these resistance points.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 16.2220 | Negative Crossover | Bearish
  • MA 20 : 16.5224 | Negative Crossover | Bearish
  • MA 50 : 16.3511 | Negative Crossover | Bearish

Simple :

  • MA 10 : 16.3659 | Negative Crossover | Bearish
  • MA 20 : 17.2231 | Negative Crossover | Bearish
  • MA 50 : 15.6959 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 41.8564 | Neutral Zone | Neutral

Stochastic   Oscillator : 18.1805 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 19.2775 R2 : 20.8877
  • S1 : 14.0647 S2 : 12.4545

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 15.99 | Take Profit : 14.58 | Stop Loss : 17.09

Elsewhere In The Crypto Market

Bitcoin down (0.5%) at 67,899, Ethereum down (1.6%) at 3501.5, Litecoin up (0.56%) at 78.94, Solana down (2.89%) at 150.72, Dogecoin down (1.35%) at 0.144.

Key Economic Events & Data Release Today:

(USD) FOMC Press Conference at 00:00. (AUD) Employment Change (May) Forecast 30.5K, Previous 38.5K at 07:00. (EUR) Industrial Production (MoM) (Apr) Forecast 0.1% Previous 0.6% at 14:30. (USD) PPI (MoM) (May) Forecast 0.1%, Previous 0.5% at 18:00. (USD) Initial Jobless Claims Forecast 225K, Previous 229K at 18:00.