Price analysis 6/10: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, AVAX, SHIB
The United States equities markets tumbled on June 10 after the consumer price index report showed inflation soaring 8.6% from a year ago, the highest increase since 1981. The latest figures show that talks of inflation having peaked were premature and according to Bloomberg, investors are pricing in key interest rates of 3% by the end of the year.
Continuing its tight correlation with the S&P 500, Bitcoin (BTC) dipped below $30,000 on June 10. Analysts are still divided about the near-term price action but Fundstrat co-founder Tom Lee said in an interview with CNBC that Bitcoin may have already bottomed. However, Lee seems to have toned down his expectations as he said that Bitcoin could “remain flat for the year, possibly up.”
Among the constant flow of negative news, there was a ray of hope from news that Bloomberg expanded coverage of cryptocurrency data on its Bloomberg Terminal to 50 crypto assets. Bloomberg cryptocurrency product manager Alex Wenham, gave positive vibes as he said that institutional interest in digital assets continues to grow.
Now that Bitcoin is trading near swing lows again, is a capitulation-level crisis a threat? Let’s study the charts of the top-10 cryptocurrencies to find out.
The bulls tried to push the price above the 20-day exponential moving average ($30,365) on June 9 but the bears did not relent. The selling continued on June 10 and the bears have pulled the price below the trendline of the ascending triangle.
The 20-day EMA has started to turn down gradually and the relative strength index (RSI) is in the negative territory, indicating advantage to sellers.
If the price sustains below the trendline, it will invalidate the bullish setup. That could pull the BTC/USDT pair down to $28,630
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