What Changed in Crypto Markets While You Were Sleeping — June 7

BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.

Bitcoin update

Bitcoin experienced some volatility last week, moving from a low of $34,153 to a high of $39,476. However, both the opening and close prices were near $35,700, creating a doji candle in the weekly time frame.

Technical indicators in the weekly time frame are bearish. The MACD has fallen into negative territory for the first time since November 2019. The RSI has also just crossed below 50 and the Stochastic oscillator has made a bearish cross (red icons). 

Currently, BTC is trading at the 0.5 Fib retracement support level at $34,340. The next support is at $27,125, which is the 0.618 Fib retracement support level.

BTC Weekly Outlook
BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap moved mostly sideways over the weekend and is sitting at $1.65 trillion at the time of press. This is still slightly lower than last week’s high of $1.76 trillion.

Tether (USDT) has reclaimed the third rank in a move to $62 billion in market cap. Tezos (XTZ) is the biggest altcoin gainer of the day and the only asset in the top-100 seeing double-digit percentage gains today. XTZ is trading for $3.92 in an 11% gain on the day, is up 15% in the past week.

UNUS SED LEO (LEO) is the biggest loser of the day, down nearly 5% in a move to $2.48. However, several other cryptocurrencies like KLAY, SUSHI, and AVAX aren’t far behind. All three are experiencing losses of more than 3% on the day.

In other crypto news

  • Ethereum network fees have fallen to their lowest levels this year as the crypto markets continue to consolidate.
  • Data from CryptoTreasuries shows that 32 companies hold nearly $12 billion in BTC, while 11 companies hold roughly $470 million in ETH.
  • The non-fungible token (NFT) market seems to be in a bit of a lull, as several metrics show that interest in the space has dropped since the peak a few months ago.