Weekly market recap (from Jun.11th to Jun.17th)
After the CPI data released by the Labor Department last week showed that inflationary pressures further eased in May, BTC and US stocks rebounded significantly, covering the decline caused by the previous employment data.
However, in the subsequent FOMC, the dot plot showed that the median number of interest rate cuts this year was one, which was lower than the market expectation of two. And at a later press conference, Powell said that inflation had further eased, but was still higher than planned. This takes into account the CPI. The markets fell on the news
High market sentiment was cooled. In the next half month, crypto continued to fall as the main trend, and during this period, there may be a rebound due to the listing of the ETH ETF. The trend will remain until the economic data for June is released.
BTC
BTC has fallen with fluctuation in the past seven days and missed the opportunity to refresh ATH, but its performance was stronger than most tokens. It can be seen from the WTA indicator that after the CPI data was released, blue columns representing whales participated in transactions. The rate of decline slows down. Trading volume is consistent with the past. The ME indicator maintains a bullish trend, and the wavy area further narrows.
To sum up, we believe that BTC will continue to lead the market correction in the short term and remain fluctuating in the medium term. We maintain our original resistance level of 74000 and support level of 61000.
ETH
While ETH bulls resisted over the weekend, on Monday, it gave back its gains on the weekend. From the WTA indicator, you can see that almost no blue columns appear, unlike BTC. This shows that whales are more inclined to BTC. However, ETH has not decreased significantly in terms of trading volume, and retail investors still choose ETH.
In summary, ETH will continue to correct in the short term. However, if the ETH ETF is officially launched, it will slightly encourage the market and rebound. We maintain our original resistance level of 4000 and support level of 2800.
Disclaimer: Nothing in the article constitutes investment advice. The article objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions based on the information contained in the article are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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