After the US Fed meeting announced the continuation of the current interest rates, Bitcoin’s run on an upward curve received a setback and settled on a lower circuit.
The crypto market did not initiate a rally after the US Fed meeting on June 12. Since the central bank maintained the same interest rates until the next meeting, sentiments turned somewhat neutral. As a result, Bitcoin’s run to $70,000 was also interrupted, and it slid on its price range. It held its support firmly at around $67,000, which could remain for the next few days.
Another interesting development emerged amongst Bitcoin whales. A crypto analytics firm revealed how whales had invested heavily in Bitcoin in the last two days. Prior to the US Fed meeting, they had picked up BTC worth over $1 billion. At the same time, BTC supply in exchanges has dipped. However, the reverse was seen in the case of Ethereum.
Bitcoin’s movements in its current trading range have been broadly the same for over two months. Although there have been regular spikes and dips, BTC has continued in a ‘consolidation phase.’ The upper end of this range stands at around $73,000. On the other hand, $60,000 has acted as its support for a long time.
There is speculation in the markets that a breakout from this range could stage a huge rally in crypto.
BTC/USD 1D price chart
Bitcoin is currently trading at around $67,500 on June 13, 2024, with BTC/USD trading lower by a margin of 0.02% in the last 24 hours. Bitcoin’s market cap was trading at around $1.33 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (68,839.09), as BTC’s 24-hour volume was at around $36.03 billion. The global crypto market cap increased by around 0.32%, trading above $2.46 trillion. BTC’s year-to-date returns are at 61.62%
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