Markets
Could Bitcoin Price Hit $70,000 This Week As Ethereum, Solana Scream Buy?
Crypto markets have been swimming in a sea of red for the past few days after Bitcoin Price fell to the $66,000 zone. Investors are now scanning the markets for ideal re-entry positions before the next upward move. The main events moving the market this week include the FOMC meeting on June 12th and the Producer Price Index (IPP) data release on June 13. Market analysts predict that Bitcoin will react strongly to these developments.
About that, Ethereum It is Solana are also preparing for their next upward moves. Here is a complete breakdown of how these assets will perform over the next few days.
Bitcoin Price Hits $72,000 as ETF Volumes Hit ATH
Bitcoin Price it traded around $67,405 during European trading hours on Wednesday, down 0.2% in the last 24 hours. Only 9 hours left until the FOMC meeting, Bitcoin is struggling to stay above $67,000.
BTC Price the stock is trending above the 50-day and 20-day simple moving averages (SMA), which is a bullish indicator for Bitcoin investors. The June 12 daily candle also shows signs of struggle and indecision between the bulls and the bears.
The asset has been trending within a consolidation zone over the past four weeks. Despite the drop in price, Bitcoin Fundamentals stay strong, with BTC spot ETF total cumulative flow exceeding US$292 billion. This signals the second round of massive accumulation. For comparison purposes, the first round of Bitcoin ETF Accumulation saw Bitcoin rise from $38,000 to $73,000.
With this important metric in the works and dovish comments from FOMC officials, Bitcoin price could reach and surpass $70,000 this week.
Ethereum Price Prepares to Test $3,600
Ether fell 7.6% to $3,521 in the last 7 days following the market-wide drop. According to the recent Ethereum Price Prediction per CoinGape analysts, previously rose in price after the SEC approved 8 ETH ETFs. However, facts that emerged later about the nature of the approved requests killed enthusiasm. BlackRock is still seeking approval of its S-1 form, which many Ethereum investors view as bullish.
Ethereum Price It came out of a consolidation zone it had been in for about 3 weeks. Initially, the zone was part of a bull flag that generally resolves upwards. However, after the price of Bitcoin fell, the market structure was invalidated.
Ethereum may be preparing to recover, using $3,300 as support. Investors are awaiting the FOMC result to make their decisions today. If optimistic news graces the crypto space, Ethereum price could return to its previous range and reach $4,000.
Solana Price Gives Big Buy Signal, $285 Target Underway
Although the recent general market crisis has affected many cryptocurrencies, Solana’s price has prepared for the storm relatively well. Solana Price Prediction shows the staked token trading around $151 during European business hours on Wednesday, a 2% drop in 24 hours and a further 12.9% drop in 7 days. However, SOL Price the stock remains bullish and in an uptrend.
With a market cap of $69.7 billion, Solana has dominated the markets. Currently, the price trend is above the 200-day simple moving average (SMA), but below the 50-day moving average.
SOL price has been hitting higher lows for 275 consecutive days, an impressive bullish streak. The asset is now in a symmetrical triangle, which can resolve in any direction. However, as Solana price is in an uptrend, the chances of an upward resolution may be higher than otherwise.
A break above the symmetrical triangle could result in a 59% increase in price that will define the SUN price around $285. This will also be the highest price ever for the asset. The Solana network has performed exceptionally well, with nearly half a million tokens launched in May 2024.
On its rise, SOL price may encounter resistance around $196, $228 and $267. On the other hand, $132, $126 and $110 may provide robust support for the asset.
Conclusion
Crypto investors are eagerly awaiting the FOMC announcement in less than 10 hours (at press time). Experts’ forecasts do not point to increases or cuts, but authorities’ comments could hurt or boost cryptocurrency prices. Investors expect peaceful comments from Jerome Powel and its counterparts to prevent further bleeding into the crypto markets.
Related articles