Cryptocurrency Prices on June 6: Bitcoin holds near $71K, Altcoins trade flat

 

Major cryptocurrencies were trading flat on Thursday amid rising expectations that the U.S. Federal Reserve will likely cut interest rates in September.

At 12:14 PM, Bitcoin ( BTC) was trading 0.25% lower at $70,898, while Ethereum surged 0.7% to $3,843. Meanwhile, the global cryptocurrency market cap fell by 0.22% to around $2.63 trillion in the last 24 hours.

"Bitcoin hovered around the $71,000 level with increasing inflows in the Bitcoin spot ETFs and rising open interest in the futures market. The $72,000 level continues to be a significant resistance," said Edul Patel, CEO of Mudrex.

"Ethereum also saw a surge and is trading above the $3,800 level. A break above the $4,100 can suggest resumption of the uptrend," Edul added.

Other popular altcoins including BNB, Solana, XRP, Dogecoin, Toncoin, Cardano, Shiba Inu, and Chanilink fell up to 5%, while Tron, Bitcoin Cash, Litecoin and Kaspa surged up to 1%.

"Top altcoins are mirroring Bitcoin with BNB testing its 2021 highs around $700. Bitcoin needs a weekly close above $71,000 to fuel a sustained rally," said Vikram Subburaj, CEO of Giottus.

The volume of all stablecoins is now $78.96 billion, which is 13.58% of the total crypto market 24-hour volume, according to CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, rose to $1.398 trillion. Bitcoin's dominance is currently 53.11%, according to CoinMarketCap. BTC volume in the last 24 hours fell 24.6% to $28.13 billion.

Tech view on BTC by Sathvik Vishwanath, Co-Founder & CEO, Unocoin

The pivot point at $70,600 is crucial for today's bullish outlook. The immediate resistance levels are $71,800, $72,500 and $73,100, while the support levels are at $70,600, $69,650 and $68,500.

A recent symmetrical triangle break above $70,600 supports Bitcoin, with the 50-day EMA at $69,000 and RSI of 66 indicating a buying trend. A double top pattern near $71,800 is creating resistance, but increased buying could push Bitcoin to $72,500. Therefore, consider buying above $70,600, targeting $71,800 and $72,500. A break below $70,600 could signal a bearish trend.

(Disclaimer: The views expressed by experts are their own and do not necessarily reflect those of The Economic Times)

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Originally published at https://valuemarketschain.blogspot.com.