The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Bitcoin stabilizes above $7,000
On Wednesday, the number one crypto asset was nearly intact, looking to consolidate profits gained over the last two trading marathons.
In early Wednesday trade, the currency pair BTC/USD came up with an outcome of $7,088.94. The given reading was recorded on the Kraken crypto exchange.
Having broken out of the $6,000-$7,000 range, a great number of crypto enthusiasts are looking at a major technical indicator as the next objective for the most popular cryptocurrency in the world. They told that they currently have a confirmation above the level $7,000 as well as a break of the 50-day moving average. They hope it will bring momentum build.
As for the next mark in the sand, they point to the 200-day moving average that is expected to prove firm resistance, adding that the 200-day moving currently sticks with $7,885. By the way, a moving average turns out to be a closely watched momentum gauge.
A collective name for crypto assets other than Bitcoin, altcoins stayed away from others, sticking with Tuesday’s closing levels. The currency pair ETH/USD, which appears to be the number two altcoin, seems to be braced for regaining $300 for the first time since August 20, soaring by 0.5% ending up with $295.43. Eventually, it has been rather a hard month for Ether holders, notwithstanding the resurgence to start the trading week. As a matter of fact, since the beginning of August Ethereum has edged down by approximately 35%.
In addition to this, the currency pair BCH/USD slumped by about 0.8% hitting $562.90. The currency pair LTC/USD dipped by 0.3% being worth $62.64. The currency pair XRP/USD hit 35 cents, declining by 0.6%.
Having concluded over 5% up on Tuesday, futures are set for rather a quiet start on Wednesday. For instance, September delivery Cboe contract XBTU8 lost 0.2% reaching $7,105. Meanwhile, August delivery CME contract BTCQ8 stood still sticking with $7,080.
Ethereum crossed $3000 recently and is aiming at $3500 already. Is it taking over Bitcoin's place?
Bears finally took over the cryptomarket and pulled the price for BTC down.
Bitcoin has broken above $41,000 for the first time since late May. Follow US Retail Sales at 15:30 MT time!
The United States will release retail sales and producer inflation (PPI index) numbers at 15:30 MT time on June 15.
Gold has plunged amid the stronger US dollar as investors await the Fed’s meeting this week.