Bitcoin is showing early signs of reclaiming $70,000 this week as it awaits today’s FOMC meeting and Thursday’s PPI release. On the other hand, Ethereum and Solana are flashing fresh entries for investors to make their entry.
After Bitcoin fell to the $66,000 level, crypto markets have painted red, which has seen investors look for profitable points to re-enter before the next bull run. Some important events scheduled for the week include the FOMC on June 12 and the Producer Price Index (PPI) on June 13, where analysts expect strong responses from Bitcoin.
On the other hand, Ethereum and Solana will likely follow their next leg up soon. Here is how they are likely to fare in the days to come.
Bitcoin Price Aims for $72000 As Record Trading Volumes For ETFs Rise
With the FOMC meeting scheduled in the next 9 hours, Bitcoin struggles to hold above $67,000, trading around $67,405, up slightly by a measly 0. 2% downtrend in the previous 24 hours during European business hours on Wednesday.
BTC has positioned itself with a bullish break above the 50-day and 20-day SMAs; however, the June 12 daily candle shows that both bulls and bears are engaged in a struggle.
BTC spot ETF has seen total cumulative inflows crossing $292 billion, proving that fundamentals remain strong and bitcoin is entering a new accumulation phase from $38,000 to $73,000 again.
As critical indicators go up and down and FOMC officials adopt a more dovish approach, the BTC/USD exchange rate may reach and surpass $70,000 this week.
Ethereum Price Set for Fresh Attempt at $3,600 Hurdle
Despite a recent 7. Dropping from 6% to $3,521 over the last week due to a market meltdown, Ethereum’s outlook depends on the aftermath of SEC-approved ETH ETFs coupled with more interest from BlackRock, as CoinGape explains bearishly.
Following a three-week range, Ethereum formed a bull flag, but due to Bitcoin’s declining price, the structure shifted, causing the price to fall downward.
Ethereum appears to be ready for a rebound at around $3,300, with investors keeping their fingers crossed on the FOMC result today; positive market news could bring Ethereum back to its prior range and aim for $4,000.
Solana Price Shows Strong Buy Signal, Aims at $285
However, Solana appears to have weathered the storm, as it is currently priced at $151, down only 2% from a day ago and a 12. yet it has a bullish trend, although it has dropped to a 9% reduction within one week.
The company has a market capitalization of $69. 7 billion, Solana continues to be dominant in the market price while its price pattern is located above the 200-day SMA and below the 50-day MA.
Solana has a pattern of establishing higher lows for 275 straight days, which demonstrates how bullish the crypto asset is, and its current symmetrical triangle formation, which is helpful in exerting a breakout in favor of the uptrend, increases the odds of upward resolution.
Breaking above the symmetrical triangle will likely take Solana to $285, which is 59% higher than the current price, and create a new all-time high spurred by the performance of the network that saw the launch of nearly 500k tokens in May 2024.
Solana has the potential of reversing at $196, $228, and $267 when moving upwards while reversing at $132, $126, and $110 when on the downward trend.
