Weekly market recap (from Jun 7th to Jun 13th)
The SEC accused Binance and Coinbase have crashed the market. The top exchanges in the crypto market have faced regulatory challenges. And the SEC listed 19 tokens, which are defined as securities. These tokens will be banned in the United States, which means the liquidity will be significantly reduced. On Tuesday, the U.S. House of Representatives will hold a hearing on crypto to discuss clearer market rules.
In addition, the market will usher the U.S. CPI of May and FOMC. If nothing else, the CPI will continue to decline, and FOMC will not change interest rates. U.S. stocks will keep rising ahead of new U.S. Treasury bond issuance. And for crypto, regulation, and funding are more important.
BTC
BTC’s performance was stronger than most ALTS last week. The price did not effectively break through 26000, which is far from the given support level. Although the price was barely maintained around 26000, the bulls did not strengthen but only defended this level. On trading volume, bears dominated. Even on Saturday, the decline was accompanied by high volume. This is a bearish signal.
Conclusion: Mostly fluctuation, and there is a certain possibility that the price will fall. The power of bulls and bears began to shrink on Sunday. The gap between them is low. However, the bulls at a large level have not increased and the price has retested the low point. This increases the probability of a fall. We maintain last week’s resistance level at 28000 and support level at 25000.
ETH
ETH did not effectively break through the given support level, but the increase of the bulls was frustrating. The long red candle on Saturday turned ETH from bullish to neutral on a large scale. The decline in last week was accompanied by obvious trading volume and the bears dominated in the short term.
Conclusion: Mostly fluctuation, and there is a certain possibility that the price will fall. Like BTC, although the decline has temporarily stopped, the key level has been repeatedly tested and become vulnerable. Based on the current gap between bulls and bears is not obvious, we retain the possibility of shock. However, on the large level, the trend has turned neutral, and the bears are stronger on the small level, so it is possible that the price will continue to fall this week. We maintain last week’s given resistance level at 2000 and the given support level at 1700.
SOL
As we expected, the price of SOL fell last week, but the loss was greater than we expected. The price went down and broke the given support level. Being defined as security puts SOL in a tough situation. The rise in January 2023 did not establish strong support levels. Prices have risen so quickly that they are now falling just as quickly. Bears are dominant, even strong.
Conclusion: Mostly falling. The rate of decline has slowed down, but the bulls have not increased, and it is hard for the bulls to strengthen at the current price level. We downgrade the resistance level to 19 and the support level to 14.
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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