NewsletterBitcoin Price Prediction For The Week Amid Binance & Coinbase Saga, Dormant BTC Move
Bitcoin Price Prediction: Crypto adversary Gary Gensler-led US Securities and Exchange Commission’s action against the two largest crypto exchanges Binance and Coinbase put Bitcoin price approaching an inflection point.
Traders expect Bitcoin (BTC) and Ethereum (ETH) prices to continue sideways movement for at least a week. Bitcoin is set to have bullish summer despite the Coinbase and Binance lawsuits, looming CPI, PPI, and US Fed Interest Rate Decision next week, and US Treasury issuing T-bills.
BTC Price Approaching Inflection Point
In the weekly timeframe, Bitcoin price is bouncing from the weekly 200-EMA. Moreover, the diagonal resistance and horizon support are forming a triangle and the BTC price moves closer to the apex for a bullish breakout.
It indicates BTC price to have mostly sideways movement in the coming weeks. Bullish action will start as the price approaches the apex of the triangle, which is expected in July or early August.
In the daily timeframe, BTC price retests the bottom of the cloud. Bitcoin is expected to also bounce from daily 200EMA. Until then, the price action will mostly depend on market activities and macro factors. However, BTC price is unlikely to cross $30,000 before August.
Whales have already started to buy the dip after the Binance and Coinbase lawsuits. Popular analyst Credible Crypto predicts if Bitcoin reclaims $27.5k, we are continuing on the path to new all-time highs.
Also Read: Crypto Market Defies US SEC; Bitcoin, Ethereum, And Coinbase (COIN) Rally
Bitcoin and Ethereum Price Prediction for the Week
Bitcoin and Ethereum prices will remain under pressure as the US Treasury Dept is expected to issue $1 trillion in treasury bills by the end of the third quarter. US dollar liquidity drain out due to T-bills will primarily impact stock markets more than the crypto market.
The CPI, PPI, and US Fed Interest Rate Decision on June 13 and 14 could help traders determine market reaction for the next few weeks. The US Federal Reserve looks to “skip” rate hike in June. The CME FedWatch Tool shows a 70% probability of the Fed keeping its policy rate unchanged.
Meanwhile, a dormant wallet transferred 1,432.93 BTCs worth $37.8 million to a new address after more than 10 years of inactivity.
BTC price fell 2% in the past 24 hours, with the price currently trading at $26,410. ETH price currently trades at $1,839. The 24-hour low and high are $1822 and $1874, respectively.
Also Read: Prosecutors Track Crypto Worth Millions Belonging To Do Kwon And Terra
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Bitcoin Risks Deeper Fall on $20 Billion Crypto Hedge Fund Redemptions
- Crypto Attack of the Century? Solana Network Resists Historic DDoS With Zero Downtime
- Shiba Inu News: SHIB Scores Major Win With U.S. Regulated Derivatives Launch
- Strategy’s mNAV Slips to Lowest Ever as MSTR Stock Falls 8%, Will Michael Saylor Sell Bitcoin?
- Breaking: Bitwise Solana Staking ETF (BSOL) Records First Outflow as Institutions Panic
- Here’s How Dogecoin Price Could Rise After Crossing $0.20
- Is XRP Price Headed for $1.5 as Whales Dump 1.18B XRP in Just Four Weeks?
- Bitcoin Price Weekly Forecast as Gold’s Surge Revives Inverse Correlation — Is $85K Next?
- Ethereum Price Risks $2,600 Drop Despite JPMorgan’s New Fund on its Network
- Analyst Confirm Pi Network Price Could Still Reach $1, Here’s When?
- Is Ethereum Price Set for a Rebound as a Prominent Whale Accumulates $119M After the Dip?
