Proactive Investors
Published Jun 05, 2023 08:48
Cryptocurrencies focused on correction and consolidation
Proactive Investors - Most cryptocurrencies were in freefall over the weekend as the theme for the upcoming week is all about consolidation and correction.
Bitcoin, the largest crypto by market cap, lost 1.4% in the last 24 hours to US$26,782, currently trading at its lowest level since Friday.
Ethereum on the other hand lost 1.52% to US$1,871, also trading close to lows seen on Friday.
According to Joe DiPasquale, CEO of BitBull Capital, a blockchain and crypto investment firm, the theme for the market this week is correction and consolidation before the next FOMC minutes are released on 14 June.
“We had been expecting a correction and consolidation between US$25,000 and US$27,000 levels, and that’s what we have been witnessing over the last month,” he told CoinDesk in a note.
“While we haven’t had a major test of US$30,000 another attempt of the key resistance level would not be surprising.”
Among some altcoins, Cardano fell 1.24% to US$0.3756, Dogecoin lost 1.72% to US$0.07167 and Litecoin shed 2.07% to US$93.51.
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