The crypto markets have been swimming in a sea of red in the last few days after Bitcoin price crashed to the $66,000 zone. Investors are now scanning the markets for optimal re-entry positions ahead of the next upward move. Key market-moving events this week include the FOMC meeting on June 12 and the Producer Price Index (PPI) data release on June 13. Market analysts anticipate that Bitcoin will react sharply to these developments.
Meanwhile, Ethereum and Solana are also preparing for their next upward moves. Here is a complete breakdown of how these assets may perform in the coming days.
Bitcoin Price Eyes $72,000 as ETF Volumes Hits ATH
Bitcoin price traded around $67,405 during European business hours on Wednesday, a 0.2% drop in the last 24 hours. With just 9 hours to go before the FOMC meeting, Bitcoin is struggling to stay above $67,000.
BTC price action 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 is also showing signs of a struggle and indecision between the bull and the bears.
The asset has been trending inside a consolidation zone for the past four weeks. Despite the slide in price, Bitcoin fundamentals remain strong, with BTC Spot ETF total cumulative flow surpassing $292 billion. This signals round 2 of massive accumulation. For comparison, the first round of BTC ETF accumulation saw Bitcoin surge from $38,000 to $73,000.
With this important metric underway, and with dovish comments from FOMC officials, Bitcoin price may hit and surpass $70,000 this week.
Ethereum Price Prepares to Test $3,600
Ether dropped by 7.6% to $3,521 over the last 7 days, following the market-wide crash. According to the recent Ethereum price prediction by CoinGape analysts, ETH had previously surged in price after the SEC approved 8 ETH ETFs. However, facts emerging later about the nature of the approved applications killed the hype. BlackRock is still pursuing the approval of its S-1 Form, which many Ethereum investors find bullish.
Ethereum price broke downward from a consolidation zone it had been in for about 3 weeks. Initially, the zone was part of a bull flag that usually resolves upwards. However, following Bitcoin’s drop in price, the market structure was invalidated.
Ethereum may be preparing to bounce back upward, using $3,300 as support. Investors are waiting for the FOMC outcome in order to make their decisions later today. If bullish news graces the crypto space, Ethereum price may break back into the previous range and touch $4,000.
Solana Price Flashes a Huge Buy Signal, $285 Target in the Works
Although the recent general market downturn has affected many cryptocurrencies, Solana’s price has braced the storm relatively well. Solana price prediction shows the staking token trading around $151 during European business hours on Wednesday, a 2% decrease in 24 hours and a further 12.9% decrease in 7 days. Nevertheless, SOL price action remains bullish and in an uptrend.
Sitting at a $69.7 billion market cap, Solana has been dominating the markets. Currently, the price action is trending above the 200-day simple moving average (SMA) but below the 50-day moving average.
SOL price has been making higher lows for 275 days straight, an impressive bullish streak. The asset is now in a symmetrical triangle, which may resolve in either direction. However, since Solana’s price is in an uptrend, the chances of resolving upward may be higher than otherwise.
A break above the symmetrical triangle may result in a 59% surge in price that will set the SOL price around $285. This will also be an all-time high price for the asset. Solana network has been an exceptional performer, with nearly half a million tokens launched in May 2024.
On its way up, SOL price may encounter resistance around $196, $228, and $267. Conversely, $132, $126, and $110 may provide robust support for the asset.
Bottom Line
Crypto investors are eagerly awaiting the FOMC announcement in less than 10 hours (at press time). Expert forecasts point to no hikes or cuts, but officials’ comments may either hurt or boost cryptocurrency prices. Investors are hoping for dovish comments from Jerome Powel and his counterparts to avoid further bleeding in the crypto markets.
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