BTC Price Holds At $27k, ETH Price Under $1900: What’s Ahead Of June Fed Meet?

KEY TAKEAWAYS

1. Top crypto tokens by market cap – Bitcoin price is down 1%, trading around $26,800, Ethereum price is trading at $1870, down about 1.2% in the past 24 hours.
2. Global crypto market cap is down about 0.8% in the past 24 hours, currently at about $1.13 trillion, according to data from CoinMarketCap.

CRYPTO MARKET TODAY AT A GLANCE

Additional Read: Bitcoin Price Prediction

TOP CRYPTOS TODAY BY MARKET CAP

As we can observe from the chart above, the overall market has slightly tended towards the bearish side, but nothing too much. The overall crypto market has sustained at the $1.1 to $1.14 trillion market cap level and is refusing to budge. Bitcoin, with a nearly 47% dominance over the total crypto market capitalization, also has displayed a similar picture, with BTC price swaying around the $27,000 mark, between $26,800 to $27,400 for the past three weeks almost. Ethereum, too followed a similar path for most of the past week, only towards the end managed to show some bullishness, rising up from $1800 levels to sustain near $1900.

Among other altcoins, Ripple’s XRP has shown strong performance over the past 24 hours, the biggest jump amongst the top 15 cryptos by market cap. In fact, XRP has been one of the best performers in this list of top cryptos by market cap, rallying over 26% in the past three weeks – going from $0.42 to currently trading near $0.53.

BITCOIN PRICE TODAY

BTC/USD | Source: TradingView

Bitcoin experienced a strong bullish performance at the beginning of 2023, with substantial gains of over 80% at its peak and still holding strong with a near 60% increase as of writing this article. However, recent market movements have indicated some weakness on the upside since the month of May. Currently, Bitcoin is trading below the crucial resistance region of $27,500 to $28,500, indicating a temporary pause in the bullish momentum.

Additionally, as mentioned earlier – BTC price is hovering around the $27,000 mark, unable to break past the $27,500 mark for the past three weeks, indicating there is strong resistance and supply pressure at higher levels. A breakout beyond $27,500 would be imperative for a recovery in bullish momentum.

Technical indicators reveal that the BTC price is also trading below the 50-day exponential moving average (EMA), which would bring about further bearishness in the price of the king coin. It indicates that there might be a short-term bearishness that traders can expect, with the price struggling to find footholds at higher levels. Currently, it can be agreed that Bitcoin is trading within a consolidation zone as bulls are trying to absorb all the selling pressures coming in at higher levels before making its upward move. Traders need to closely monitor critical support and resistance levels on the charts, along with market developments like the upcoming US Federal Reserve meeting in the middle of June, to navigate the dynamic crypto market successfully.

ETHEREUM PRICE TODAY

ETH/USD | Source: TradingView

Ethereum has displayed a comparatively stronger performance than Bitcoin, exhibiting notable gains over the past week and a half. However, its price currently lingers just shy of the $1900 mark. Providing a breakout above this level holds great significance as breaching it could potentially trigger a more significant pullback rally in ETH price.

Similarly to Bitcoin, Ethereum had dipped below the 50-day exponential moving average (EMA) and is hovering around it as of writing this article. Nonetheless, it is important to highlight that Ethereum continues to trade above the long-term 200-day moving average, indicating a relatively healthier position in the longer term. This offers some reassurance to investors, suggesting that the ongoing price movement might be a temporary correction rather than a substantial bearish trend.

At present, the Relative Strength Index (RSI) for Ethereum stands at 51, implying that the market sentiment is not excessively bearish and leaving room for potential bullish reversals or pullback rallies in the near future. Therefore, closely monitoring the key support levels will enable traders and investors in the crypto market to make informed decisions.

Read More: Ethereum Price Prediction

Values as on June 5, 2023.