7
Jun
2022

BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

After nine successive weeks of red weekly candles, Bitcoin (BTC) printed a green weekly candle on June 5. Leading into this week, buyers kept up their momentum with a strong weekly open that boosted BTC price to $31,800.

Going forward, traders might keep a close eye on the Consumer Price Index (CPI) data for May, which is due on June 10. Depending on the figures, this could keep the volatility elevated as investors digest the report and speculate on the next possible move of the United States Federal Reserve.

Daily cryptocurrency market performance. Source: Coin360

Analysts are divided about the next directional move for Bitcoin. While some believe a bottom has been made, others anticipate another leg down. For analyst Bob Loukas, the price action in the summer could remain uninteresting and he expects the new cycle to begin late in the year.

Could bulls sustain higher levels or will bears sell aggressively and pull the price down? Let’s study the charts of the top-10 cryptocurrencies to find out.