Cryptos Today: Bitcoin Supports $21K, Ethereum Stays Above $1,200 Ahead of US Data

Despite fears that Bitcoin (BTC) could have a new weekend of sharp decline, the world’s largest cryptocurrency by market cap has sustained the $21,000 level in recent days, helping to keep the price of altcoins, with Ethereum (ETH) above $1,200.

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Investors are still trying to find optimism about the recent weaker signals from the US economy and whether they would be able to ease the Federal Reserve’s monetary rigidity.

With Bitcoin increasingly correlating with traditional market and macroeconomic data, tracking this data has been important. This week, investors are on the lookout for the release of the US Gross Domestic Product (GDP).

Despite this, the Bitcoin Fear Index, which measures market sentiment, remained within the “extreme fear” level over the weekend.

After holding steady, analysts predicted that Bitcoin could drop below $20,000 over the weekend, with forces pushing prices to oscillate around that level. That volatility is likely to continue without a sizable rally anytime soon, said Joe DiPasquale, CEO of cryptocurrency fund manager BitBull Capital.

“We saw some volatility in BTC prices this week, which was expected; however, BTC struggled to capitalize on any momentum above $20K, which kept the chances of a rally at bay,” DiPasquale wrote to CoinDesk.

Other major altcoins have seen mixed moves in recent days, with memecoin Dogecoin (DOGE) up more than 10% at one point, while Monero ([ativo=XRM]) increased by almost 6%. Gala (GALA) and DEcentraland (MANA) fell another 7%.

Polygon (MATIC), which rose more than 25% last Wednesday after the launch of a new privacy product for decentralized autonomous organizations (DAOs), dropped slightly over the weekend.

Cryptocurrency’s performance followed stock indices, which regained ground on Friday from the weaker days at the start of the month. The S&P 500 rose 3.1% on Friday, its best day in two years, and ended the week up more than 6%, although the index still remains in a bear market.

A review of the University of Michigan’s monthly consumer sentiment index now shows lower inflation expectations than the first report in May. Preliminary data from the June Market Price Managers’ Index for manufacturing showed a weakening in consumer demand that reduced sales and production.

Meanwhile, existing home sales fell in May, while mortgage applications fell for the week, both trends underscoring the impact of rising interest rates.

For the next few days, investors will study durable goods orders and consumer confidence reports for more signs of the Fed’s success in taming inflation without throwing the US economy into recession.

BitBull’s DiPasquale sees Bitcoin test levels below $20K in the coming days as investors continue their cautious approach to riskier assets.

“It is a good sign that BTC is still holding the $20K level, but next week is likely to be more decisive, and we may see a successful test of recent lows, which could further consolidate the range. $17,000 to $18,000 as strong support, or witness another price collapse,” he said.

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Check out the performance of the main cryptocurrencies at 7:10 am:

cryptocurrency Price Change in the last 24 hours
Bitcoin (BTC) US$ 21,422.69 +0.02%
Ethereum (ETH) US$ 1,231.10 -0.74%
Binance Coin (BNB) US$ 239.71 +0.29%
XRP (XRP) US$ 0.3643 -0.63%
Cardano (ADA) US$ 0.5062 -1.78%

Cryptocurrencies with the biggest gains in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
Stacks (STX) US$ 0.5083 +22.50%
Dogecoin (DOGE) US$ 0.07796 +11.50%
Tron (TRX) US$ 0.06901 +6.55%
Ethereum Classic (ETC) $17.32 +5.39%
Uniswap (UNI) $5.88 +6.08%

Cryptocurrencies with the biggest drops in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
The Graph (GRT) US$ 0.1136 -6.76%
Storj (STORJ) US$ 0.8079 -6.65%
Gala (GALA) US$ 0.06353 -6.48%
THORChain (RUNE) $2.23 -6.09%
The Sandbox (SAND) $1.24 -5.09%

Check out how cryptocurrency ETFs closed on the last trading session:

ETF Price Variation
Hashdex NCI (HASH11) BRL 18.70 +1.02%
Hashdex BTCN (BITH11) BRL 25.80 -1.13%
Hashdex Ethereum (ETHE11) BRL 18.94 +8.28%
Hashdex DeFi (DEFI11) BRL 18.95 +1.71%
Hashdex Smart Contract Platform FI (WEB311) BRL 18.81 -1.98%
QR Bitcoin (QBTC11) BRL 7.00 +0.28%
QR Ether (QETH11) BRL 4.59 +10.33%
QR DeFi (QDFI11) BRL 3.84 +11.30%

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