Coin Price Today Jun 12: Bitcoin closes week in the red below $26,000, altcoins rebound slightly as traders await latest inflation data and Fed policy meeting

Tap Chi BitcoinPublicado em 2023-06-12Última atualização em 2023-06-12

Resumo

Despite showing slight signs of recovery from the plunge, Bitcoin closed the week in the red just below $26,000.

Despite showing slight signs of recovery from the plunge, Bitcoin closed the week in the red just below $26,000.

BTC Price Chart – 1 week | Source: TradingView

S&P 500 futures were little changed on Sunday night as traders awaited the latest inflation data and this week's Federal Reserve policy meeting.

S&P 500 futures contract up 0.14%; Dow Jones futures rose 19 points, or 0.06%, and Nasdaq 100 futures edged up 0.27%.

Investors are having a positive week for the market, with the S&P 500 posting its fourth straight weekly gain and hitting its highest level since August 2022. On Friday, the index gained 0.11% to close at 4,298.86, the Dow Jones gained 43.17 points or 0.13% and the Nasdaq Composite added 0.16%.

Many investors point to the lack of participation in some large- Capital tech stocks as a reason for distrust of the recent stock market rally. However, signs of falling inflation have some investors hoping that the rally could continue.

“I think this week is almost going to be one of the key moments because if the Fed admits that there has been progress in fighting inflation, interest rates will likely pause in June and even July. This will be a positive signal,” said Tom Lee of Fundstrat.

According to the CME FedWatch Tool, the probability that the Fed will pause rate hikes at the June meeting is currently around 70%.

Investors will also keep an eye on the consumer price index on Tuesday, as well as the Federal Open Market Committee meeting.

According to Maartun, an analyst at CryptoQuant, a decrease in Bitcoin reserves on exchanges is a positive indicator.

When holders withdraw their coins from exchanges and store them in personal wallets, it shows confidence in the future of Bitcoin and reduces selling pressure.

Source: CryptoQuant

Also, the percentage of Bitcoin held by long-term holders is similar to previous cycles. This similarity indicates the stability of the top asset.

As a result, the majority of investors adopted a long-term view and held their assets. These long-term holders are also less likely to engage in short-term trading or sell-offs, contributing to the overall stability of cryptocurrency prices.

Source: CryptoQuant

Bitcoin's hashrate continues to hit ATH levels, showing strong computing power and network security.

However, it is worth noting that the high hashrate means that the mining power consumption of the BTC network also increases.

Source: Blockchain.com

A drop in mining revenue could increase selling pressure on miners, which could affect the overall price of BTC.

At the moment, BTC is trading close to $26,000, up more than 1% over the past 24 hours, although the market has continued to close the week in the red. Traders are increasingly bullish on Bitcoin's future, as demonstrated by BTC's put to call ratio, at 0.46.

A ratio below 1 indicates higher demand for call options, which are commonly used by traders to speculate on an asset's uptrend.

Source: TheBlock

The altcoin market is recovering slightly from the last week's plunge.

Projects in the top 100 such as Polygon (MATIC), Aptos (APT), ZCash (ZEC), ApeCoin (APE), Cosmos (ATOM), BitTorrent (BTT), Render Token (RNDR), Klaytn (KLAY), Gala ( GALA), XRP (XRP)… all increased slightly by 2-5% during the day.

However, on the weekly timeframe, most large Capital projects are in the red, with many altcoins recording losses of over 30%.

Source: Coinmarketcap

Ethereum (ETH) officially recorded the second consecutive week of closing in the red after the plunge over the weekend. The 2nd largest asset by market Capital has evaporated more than 7% for the week to close at $1,752 and is currently trading around the $1,750 area.

ETH price chart – 1 week | Source: TradingView

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