Altcoins
Altcoins are likely to rebound due to the short-term bullish wave
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- Bitcoin’s bullish price action will likely have a ripple effect on altcoins.
- Nonfarm payrolls at the end of the week is an important macroeconomic event to keep an eye on.
- AI-powered altcoins could make a comeback ahead of Apple’s event next week.
Last week was a disappointment with Bitcoin (BTC) price consolidation, and altcoin movements showed confusion in their directional bias. Some altcoins have seen bullish and impulsive moves, but most have trended sideways or slipped lower.
To know more: Bitcoin sets the stage for potential “fiat currency destruction”
Bitcoin will set the tone this week
At the time of writing, BTC is up 1.26% in the Asian session, and if this outlook continues, it could be a positive for the entire cryptocurrency market. However, as noted in a previous publication, the $63,000 support level is key. Due to the consolidation seen over the past two weeks, the highest price level of traded volume moved from $63,000 to $67,700, making it a key support level. Considering this data, it makes sense for BTC to rebound from here, and it wouldn’t be surprising if it continues to rise, setting the tone for the market.
As a result, altcoins could expect some relief as they dance to BTC’s bullish beat.
BTC/USDT 4-hour chart
To know more: Bitcoin Weekly Forecast: BTC will likely offer another buying opportunity
Crypto and macroeconomic events this week
3 June
- Dusk (DUSK) – €3.5 million (Euro) bond offering.
June 4th
- Berkeley update of the Mina protocol (MINA).
June 5th
- Cosmos (ATOM) V17 Update
7 June
- Non-Farm Payrolls (NFP) as of 12:30 GMT
Spotlight on Altcoins
Due to upcoming events, DUSK, MINA and ATOM may see increased volatility and liquidity.
In addition to these altcoins, Render (RNDR) and Fetch.ai (FET) will have major events next week and may preemptively rally.
The same can be said for Arweave (AR), which could also prompt a shift into its contemporary storage token sector, Filecoin (FIL).
Additionally, the upcoming Chiliz (CHZ) event could boost the gaming sector and trigger moves for Gala (GALA) and The Sandbox (SAND).
The 3 best reads
- Bitcoin’s bullish price action will likely have a ripple effect on altcoins.
- Nonfarm payrolls at the end of the week is an important macroeconomic event to keep an eye on.
- AI-powered altcoins could make a comeback ahead of Apple’s event next week.
Last week was a disappointment with Bitcoin (BTC) price consolidation, and altcoin movements showed confusion in their directional bias. Some altcoins have seen bullish and impulsive moves, but most have trended sideways or slipped lower.
To know more: Bitcoin sets the stage for potential “fiat currency destruction”
Bitcoin will set the tone this week
At the time of writing, BTC is up 1.26% in the Asian session, and if this outlook continues, it could be a positive for the entire cryptocurrency market. However, as noted in a previous publication, the $63,000 support level is key. Due to the consolidation seen over the past two weeks, the highest price level of traded volume moved from $63,000 to $67,700, making it a key support level. Considering this data, it makes sense for BTC to rebound from here, and it wouldn’t be surprising if it continues to rise, setting the tone for the market.
As a result, altcoins could expect some relief as they dance to BTC’s bullish beat.
BTC/USDT 4-hour chart
To know more: Bitcoin Weekly Forecast: BTC will likely offer another buying opportunity
Crypto and macroeconomic events this week
3 June
- Dusk (DUSK) – €3.5 million (Euro) bond offering.
June 4th
- Berkeley update of the Mina protocol (MINA).
June 5th
- Cosmos (ATOM) V17 Update
7 June
- Non-Farm Payrolls (NFP) as of 12:30 GMT
Spotlight on Altcoins
Due to upcoming events, DUSK, MINA and ATOM may see increased volatility and liquidity.
In addition to these altcoins, Render (RNDR) and Fetch.ai (FET) will have major events next week and may preemptively rally.
The same can be said for Arweave (AR), which could also prompt a shift into its contemporary storage token sector, Filecoin (FIL).
Additionally, the upcoming Chiliz (CHZ) event could boost the gaming sector and trigger moves for Gala (GALA) and The Sandbox (SAND).
The 3 best reads