Macroeconomic Events and Bitcoin Volatility

This week, two significant macroeconomic events are poised to influence Bitcoin's stability. The Federal Reserve's post-rate decision press conference and the release of the Consumer Price Index (CPI) data on June 12 might trigger a breakout for Bitcoin from its current narrow trading range.

Investors are hopeful for an upward breakout, supported by robust buying activity observed in the previous week. The weekly fund flows report by CoinShares on June 10 revealed an influx of over $2 billion into digital asset investment products, driving the five-week total inflows to $4.3 billion.

Daily cryptocurrency market performance. Source: Coin360

Bitcoin's Market Performance

During the first week of June, Bitcoin ETFs accumulated 25,729 Bitcoins, slightly lower than May's acquisition of 29,592 Bitcoins. This accumulation in early June equaled approximately two months' worth of mining supply, indicating a surge in demand surpassing the available supply.

S&P 500 and U.S. Dollar Index Analysis

The S&P 500 Index recorded a new all-time high in the previous week, signaling bullish control. On the other hand, the U.S. Dollar Index fell below the ascending channel on June 3 but rebounded above key moving averages on June 7, indicating potential short-term bearish traps.

Bitcoin, Ether, BNB, Solana, XRP, Toncoin, Dogecoin, and Cardano Price Movements

Bitcoin has managed to hold above the 20-day EMA but is facing resistance around the $72,000 to $73,777 zone. Ether is striving to find support at the 20-day EMA and faces resistance near $3,730. BNB, Solana, and XRP are experiencing fluctuations around critical support and resistance levels, shaping the market sentiment.

Investment Considerations

It's important to note that this analysis does not constitute investment advice or recommendations. Every investment decision involves inherent risks, and individuals should conduct thorough research before making any financial moves.

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