Halfway through June, crypto markets have been rocked by several macro factors, which have brought bears to return to action. Bitcoin has moved below $25,000 for the first time since March, as the Security and Exchange Commission (SEC) sued both Binance and Coinbase. The Federal Reserve has also paused its rate hike policy, with traders still unsure of what this could mean for markets.
Current Market Status
The action taken by the SEC earlier this month has been the main source of bearishness, with the regulator moving to crack down on operators in the space.
Following this, inflation in the United States fell to lower than expected, coming in at a low of 4%, briefly boosting the U.S. dollar.
However, with the Fed opting to keep rates unchanged for now, market uncertainty has heightened, with traders processing the potential long-term impacts of tighter monetary policy.
June Outlook
Bitcoin (BTC) rose back above $25,000 on Friday, as traders moved to buy the recent dip in price.
The world’s largest cryptocurrency plunged to its weakest point since March 16 earlier this week, triggered by the latest Federal Reserve interest rate decision.
Bulls that have returned to BTC in recent days would have done so due to prices being oversold, with the relative strength index (RSI) hovering below the 30.00 mark.
Looking at the chart, the index has now broken out of a ceiling at 43.00, and is tracking at 43.26, which has prompted a rise in momentum.
The next visible point of resistance is at the 50.00 mark, and 57.00 thereafter. Should bulls move beyond both of these, BTC will likely be trading above $27,500 in the next few weeks.
Where will bitcoin end the month? Let us know your thoughts in the comments.
via Eliman Dambell
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