Bitcoin and major altcoins are experiencing subdued price action due to a lack of buying interest from larger players, according to Coin360. Despite a rally in the US equities markets, the cryptocurrency market remains stuck in a range. Galaxy Digital CEO Mike Novogratz attributed the lack of enthusiasm in the crypto markets to an absence of institutional buying.
Key points:
– Bitcoin has been trading inside a descending channel pattern for the past few days.
– Ether has rebounded off the 20-day EMA, indicating a change in sentiment from selling on rallies to buying on dips.
– BNB has been consolidating in a tight range between $300 and $317 for the past few days.
– Buyers are trying to arrest XRP’s pullback above the 38.2% Fibonacci retracement level of $0.49.
– Sellers tried to sink Cardano below the uptrend line of the ascending triangle pattern on June 1, but the bulls held their ground.
– The bulls again managed to sustain Dogecoin above the horizontal support at $0.07, but they are finding it difficult to push the price above the 20-day EMA.
– Polkadot has been consolidating in a tight range between $5.15 and $5.56 for the past several days.
– Litecoin dipped below the moving averages on May 31, but the bulls purchased at lower levels.
