United States 10-year Treasury yields hit their highest level since 2007, raising concerns about a potential recession. The spread between the 2-year and 10-year Treasury yields has narrowed significantly, indicating a bear steepener that could lead to economic collapse. This has led some investors to believe that a cryptocurrency bull market may be triggered.
Institutional investors are also showing increased interest in cryptocurrencies, with $21 million flowing into digital asset investment products for the first time in six weeks.
Bitcoin (BTC) is facing resistance at $28,143, but the bulls have the upper hand with the support of the 20-day exponential moving average ($26,903). A close above $28,143 could complete a short-term double bottom pattern with a target of $31,486.
Ether (ETH) is struggling to break through the overhead resistance at $1,746. If it fails to do so, it may continue to consolidate within the range of $1,531 to $1,746.
BNB (BNB) failed to sustain its breakout above $220 and may fall to the uptrend line. A rebound from this level could push the price above $220 and signal an up-move.
XRP (XRP) broke out of a symmetrical triangle pattern and could start a new uptrend if it surmounts the resistance at $0.56. Otherwise, it may remain range-bound between $0.56 and $0.41.
Solana (SOL) is forming an inverse head and shoulders pattern within a range between $14 and $27.12. A break above the neckline could lead to a rally towards $32.81.
Cardano (ADA) is testing support at the 20-day EMA ($0.25). A rebound from this level could push the price towards resistance at $0.27.
Dogecoin (DOGE) is facing strong selling pressure and may slump to the support at $0.055 if it fails to hold above $0.06.
Toncoin (TON) is struggling to reclaim the 20-day EMA ($2.09) and may drop to the 50-day SMA ($1.86). A break above the 20-day EMA could signal a rejection of lower levels.
Polkadot (DOT) faced resistance at the 50-day SMA ($4.24) and broke below the 20-day EMA ($4.10). Strong buying at lower levels suggests that the bears may be losing their grip.
In this uncertain macro environment, it is important to closely monitor these cryptocurrency charts to determine the next potential move.
Hot Take: Cryptocurrency Market Faces Resistance Amid Rising Treasury Yields
By
By
By
By
By
By