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Bitcoin, Ethereum, Dogecoin Trade Mixed Ahead Of CPI Data: Analyst Sounds 'Mayday' After Crypto Market Slips Below This Key Indicator

Published Jun 13, 2023 03:59 Updated Jun 13, 2023 05:10
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© Reuters Bitcoin, Ethereum, Dogecoin Trade Mixed Ahead Of CPI Data: Analyst Sounds 'Mayday' After Crypto Market Slips Below This Key Indicator

Benzinga - Major cryptocurrencies exhibited mixed trading behavior on Monday evening after a troubling week when the Securities and Exchange Commission (SEC) filed lawsuits against Binance and Coinbase – the crypto exchange behemoths. Adding to the uncertainty is the widespread concern regarding the monetary policy adopted by the U.S. Central Bank, as it attempts to curb inflation.

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EST)
Bitcoin (CRYPTO: BTC) +0.03% $25,947
Ethereum (CRYPTO: ETH) -0.38% $1,739
Dogecoin (CRYPTO: DOGE) +0.32% $0.061

What Happened: Bitcoin briefly rose above the $26,000 mark early Monday, but has since returned to its more familiar levels below this threshold.

Investors are now turning their attention to the upcoming release of the May Consumer Price Index (CPI) on Tuesday and the Federal Reserve’s interest rate decision the following day.

Top Gainer (24 Hour)

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EST)
Sui +18.12% $0.6998
Uniswap +6.21% $4.29
Filecoin +5.77% $3.59

At the time of writing, the global crypto market capitalization stood at $1.06 trillion, an increase of 0.03% over the last day.

The S&P 500 on Monday surged to a 13-month high, as traders anticipated that the Federal Reserve would decide to hold off on raising interest rates.

The S&P 500 added 0.93% with gains increasing steadily throughout the trading day, surpassing its high from last August. The Nasdaq Composite experienced a similar trend, popping 1.53% and reaching its highest levels since April 2022.

See More: Best Crypto Day Trading Strategies

Analyst Notes: "Bitcoin remains heavy as investors pile back into MegaCap tech trades and 5% interest income from CDs. The Cryptoverse is stuck in limbo as regulatory fears run wild and as some investors abandon certain key exchanges. Mainstream acceptance for crypto won't occur with DeFi. While experienced crypto traders move more their trading volumes onto DeFi, this is not good news for long-term growth and for attracting new investors. Ahead of a key CPI report and Fed decision, Bitcoin has key support at the $25,400 region,"said Edward Moya, Senior Market Analyst at OANDA.

“Mayday, mayday!” wrote crypto analyst Michael Van de Poppe on his Twitter handle.

According to Van de Poppe the total cryptocurrency market capitalization has fallen below both the 200-week moving average (MA) and the exponential moving average (EMA). This trend signals potential further downwards momentum for the crypto market.

"Needs to get back above $1.04T during this week to avoid further downwards momentum for Crypto," he said.

On-chain data analytics firm Glassnode said that the evidence suggests that Bitcoin miners have been offloading their holdings, indicating a rise in selling pressure

Glassnode reveals that miners have been transferring a large number of coins to exchanges, with inflows reaching a three-year high on June 3. "Miners have been sending a significant amount of coins to exchanges," Glassnode added.

Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Bitcoin, Ethereum, Dogecoin Trade Mixed Ahead Of CPI Data: Analyst Sounds 'Mayday' After Crypto Market Slips Below This Key Indicator
 

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