- Bitcoin trades sideways.
- Ethereum/Bitcoin spreads back gains
- Dogecoin pumps following Elon Musk’s tweet.
Over the past few weeks, the cryptocurrency market has been in a rut. This has created a box range for both Bitcoin and Ethereum. The lack of noticeable drivers makes any slight rise or fall susceptible to a pullback, which could lower volatility. These current ranges could hold for the next few weeks. To break these ranges and establish a new trend, the market needs to be motivated in general, whether it is positive or negative. Bitcoin’s current price is $37k. The spot price is still below all three moving averages. This suggests that there is a continuing bearish sentiment. Ethereum, on the other side, is being supported by the 200 day sma. It also shows range resistance at around $2,000.
DAILY PRICE CHART BITCOIN (BTC/USD).
The Ethereum/Bitcoin spread has seen its gains slow down and has reached three lower highs in the past two months. The week’s high of 690 is 700. To gain more ground on Bitcoin, Ether must be taken out at the June 7/8 highs of 775. Spread support looks to be around 550.
