• The US equities markets rose last week, and the expectation of a pause in the Federal Reserve’s next meeting could have acted as a catalyst for the rally.
• Cryptocurrencies have stopped falling and are trying to start a recovery, with Bitcoin trading near its 20-day exponential moving average ($27,233).
• If the bulls break out of the descending channel pattern, BTC/USDT may rally towards $31,000.
US Equities Rally
The United States equities markets welcomed the debt ceiling deal and the May nonfarm payrolls data on June 2 with strong rallies. The S&P 500 rose 1.8% during the week while the tech-heavy Nasdaq was up 2%. This was the sixth successive week of gains for the Nasdaq, marking its first such occasion since January 2020.In addition to this, expectations that the Federal Reserve will be in a pause mode during its upcoming meeting has potentially served as catalysts for further bullishness in stocks. CME’s FedWatch Tool is showing a 75% probability of a pause at its June 14 meeting, with 25% expecting a 25 basis points hike instead.
Crypto Market Recovery
The positive sentiment seen in traditional markets has failed to trigger an equivalent performance in Bitcoin (BTC) and altcoins however; some minor positives have been seen as several major cryptocurrencies have stopped falling and are attempting to initiate recoveries.
Bitcoin Price Analysis
At present time Bitcoin is trading close to its 20-day exponential moving average ($27,233), which suggests that buyers may be buying dips near $26,500. The 20-day EMA has flattened out and RSI is just below midpoint – indicating an equilibrium between supply and demand forces – which could tilt in favor of buyers if they can drive prices above resistance line of descending channel pattern currently confining it; this could open pathways towards $31,000 levels if achieved. However there is still risk for continued sideways action or even breakdown if support at $25,250 fails to hold up any declines from current levels or lower prices thereafter should bears take control again soon.
Bullish Signals For ADA QNT RNDR & RPL
The chart analysis of Bitcoin appears bullish at present time which could open oppurtunites for other coins such as ADA QNT RNDR & RPL to rally should BTC successfully breakout upside from here on out.
Given current market conditions there may be potential opportunities available across select digital assets if Bitcoin manages to breakout upside from here on out; maintaining support at current levels or higher going forward would be key factor in ensuring continuation uptrend that lies ahead however should support fail then downside risks would increase significantly after that point so caution should remain ongoing regardless outcome from here onwards.