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- Bitcoin price still respects bearish trendline but refrains from testing support as bulls keep buying.\u00a0<\/strong><\/li>\n
- Ethereum price stays in the distribution zone and sees volume on the buy-side increase even further, set for a breakout.\u00a0<\/strong><\/li>\n
- XRP price loses its monthly pivot from May and June’s pivot is nowhere near in sight as bulls grope for support.<\/strong><\/li>\n<\/ul>\n
Bitcoin price, Ethereum and other cryptocurrencies are in perfect equilibrium, with price action consolidating, forming lower highs and higher lows in the process. Buyers and sellers are getting squeezed into one another as a bearish triangle reaches completion in all three cryptocurrencies, ready for a possible breakout either next week or the week after that. The catalyst needed for that breakout will either be a central bank surprise, or a geopolitical event, so watching the headlines will be crucial to time the exact moment for engaging right.<\/p>\n
Bitcoin price set to jump 15%<\/strong><\/h2>\n
Bitcoin (BTC) price is still respecting the downtrend thus far after prices received a firm rejection against the red descending <\/a>trend line. As price action came back down in search of support, bulls refrained from letting the Bitcoin price slip to $28,695.13 but instead bought earlier to trade around $30,000. From here BTC price will probably go back and forth above and below $30,000, awaiting a significant <\/a>catalyst to light the fuse for the breakout.<\/p>\n
BTC price has seen the Relative Strength Index trading upwards, showing signs that bulls are buying massively and are preparing <\/a>for the summer rally from which they got a preview two weeks ago. Risk appetite is present, but within a narrow window of opportunity as it will all depend on the central banks and how they steer global economies around inflation worries. Expect BTC price to pop above $31,321.98, entering a distribution zone where buyers can get the chance to break the downtrend and pop up towards $32,649.28 to test the 55-day Simple Moving Average whilst booking 15% gains in the process.<\/p>\n
![\"BTC\/USD\u00a0](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/BTCUSD_2022-06-02_10-38-10-637897587875856882.png\")
<\/a><\/p>\nBTC\/USD\u00a0 weekly chart<\/small><\/p>\n
Alternatively, risks to Bitcoin price could come from the current background in global markets where traders are pulling <\/a>and pushing on EUR and USD rates, causing price action to whipsaw in the eurodollar and thus bringing dollar strength on and off. That spills over into cryptocurrencies which are priced in dollars, creating similar wave patterns there. A jump in favour of dollar strength could spill over into BTC price forcing it to drop below $28,695.13 and reach $25,000.<\/p>\n
\n - Ethereum price stays in the distribution zone and sees volume on the buy-side increase even further, set for a breakout.\u00a0<\/strong><\/li>\n