Bitcoin, Ethereum Edge Higher, Dogecoin Slips: Why Crypto Is Set For A Summer Of Discontent
Benzinga
Published Jun 06, 2022 02:25
Updated Jun 06, 2022 03:10
Bitcoin, Ethereum Edge Higher, Dogecoin Slips: Why Crypto Is Set For A Summer Of Discontent
Bitcoin and Ethereum were trading slightly in the green at press time on Sunday evening as the global cryptocurrency market cap edged 0.2% higher to $1.2 trillion.
| Bitcoin (CRYPTO: BTC) | 0.4% | 1.8% | $29,934.96 |
| Ethereum (CRYPTO: ETH) | 0.3% | -0.2% | $1,807.24 |
| Dogecoin (CRYPTO: DOGE) | -0.8% | -1.7% | $0.08 |
| Huobi Token (HT) | +5.3% | $7.5 |
| Moonbeam (GLMR) | +4.7% | $1.40 |
| Hadera (HBAR) | 3.8% | $0.094 |
Why It Matters: Cryptocurrencies remained under pressure following last week's U.S. data that showed the country added a better-than-expected 390,000 jobs in May, although fears over tighter monetary policy lingered.
The employment “report showed slower job growth and potentially softening inflation, but still keeps the door open for the Fed to continue with its rate-hiking campaign well beyond the summer,” said Edward Moya, a senior market analyst at OANDA.
“Bitcoin remains anchored and is following the move lower in equities. Fed rate hike expectations need to come down for Bitcoin to stabilize further and today’s job’s report did not help,” said Moya in a note seen by Benzinga.
Equity futures traded nearly flat after yet another week of losses on Wall Street, with S&P 500 and Nasdaq futures down 0.2% and 0.15%, respectively, at press time.
Going forward into the new trading week, investor sentiment continues to be marred by “Extreme Fear,” according to Alternative.me’s “Crypto Fear & Greed Index.”
Michaël van de Poppe said the price action in cryptocurrencies was “boring” and made a note of the anemic trading volumes.
“The play from $29.3Kish is still the primary one. However, if we want to continue, I'd prefer to see $29.75K hold as support here,” the cryptocurrency trader said on Twitter (NYSE:TWTR).
Kind of boring price action on #BItcoin, as the volume drains down too.Chartist Ali Martinez said the upside potential for Ethereum in the current scenario is limited at $2,150 to $2,550 levels. The analyst pointed to the chart of the second-largest cryptocurrency and said it broke out of a symmetrical triangle that projects a 65% correction to $900.The play from $29.3Kish is still the primary one.
However, if we want to continue, I'd prefer to see $29.75K hold as support here.
If that's lost, CME gap is next.
If we hold, green week coming. pic.twitter.com/LQMHoSV25S
— Michaël van de Poppe (@CryptoMichNL) June 5, 2022
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“Still, the $1,700 support is holding strong. Only weekly close below it will further validate the pessimistic outlook for #ETH,” tweeted Martinez.
Read Next: This Crypto Analyst Predicts Price Rebounds For Bitcoin And Ethereum: Here's How High They're Going
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