Bitcoin

Ethereum

<ul><li>Following the resolution of the debt ceiling crisis, it is believed that the US Federal Reserve will “skip” the interest rate hike in June.</li><li>The stock markets closed Friday positively. Dow Jones rose by 2.11%, S&amp;P 500 by 1.45%, and Nasdaq by 1.06%, surpassing the April 2022 highs.</li><li>Citigroup strategists predict a pessimistic short-term outlook for Bitcoin and Ethereum, and estimate that cash reserves in the US Treasury have fallen to $22.89 billion.</li></ul>The debt ceiling and uncertainties in the US have limited the movements of Bitcoin and Ethereum prices. Experts have commented on how the cryptocurrency market will move in June.<h2 id="header-0">Bitcoin and Ethereum May Have a Bad Short-Term Outlook</h2><img src="https://en.coinotag.com/wp-content/uploads/2023/04/Bitcoin-and-Ethereum-Technical-Analysis-Will-Prices-Continue-to-Rise.jpg" />Following the passage of the Biden-McCarthy Debt Ceiling Agreement by the US House of Representatives and Senate, positive sentiments began to emerge in global stock and crypto markets, and it is believed that the US Federal Reserve will “skip” the interest rate hike in June.The stock markets closed Friday positively. Dow Jones rose by 2.11%, S&amp;P 500 by 1.45%, and Nasdaq by 1.06%, surpassing the April 2022 highs. Additionally, the May jobs report presented a mixed picture, with higher-than-expected payroll numbers, unexpectedly high unemployment, and a slowdown in annual wage growth.However, challenges for risky assets such as crypto have not yet ended. The US Treasury Department will issue approximately $1 trillion in Treasury bonds after the debt ceiling agreement to replenish depleted cash balances.Citigroup strategists predict a pessimistic short-term outlook for Bitcoin (BTC) and Ethereum (ETH), and estimate that cash reserves in the US Treasury have fallen from $635.99 billion in March to $22.89 billion on June 1. Crypto assets are vulnerable to higher volatility and weak returns. The sale of $1 trillion in Treasury bonds until the end of the third quarter will reduce US dollar liquidity in the financial market and increase recession risks.Senior market analyst Cincotta at City Index stated that Bitcoin’s support level is around $26,500 and falling below $25,000 could cause a collapse:<blockquote>“The problem is the macro backdrop, which is relatively uncertain going forward with recession fears. I think what will make Bitcoin shine is a nice easing signal from the US Federal Reserve. This could be the time when Bitcoin can rise strongly again.”</blockquote><h2 id="header-1">Bitcoin and Ethereum Prices Expected to Drop Significantly in June</h2>For the past 30 days, Bitcoin and Ethereum prices have continued to move in a range due to macro factors, regulatory challenges, and weak technical charts. Additionally, the Bitcoin price is at risk of falling below the key 200-week moving average (WMA) level.US Treasury bonds and the US dollar have started to rise, and DXY has risen above 104 again. This happened after the Senate accepted the debt ceiling agreement and President Biden is preparing to sign it on June 3.The BTC price is currently trading around $27,150 and has been moving sideways for the past 24 hours. The ETH price has risen above $1,900 but continues to be under selling pressure.Source: <a href="https://en.coinotag.com/is-bitcoin-and-ethereum-facing-tough-times-ahead-how-will-june-be/" rel="noopener noreferrer nofollow">https://en.coinotag.com/is-bitcoin-and-ethereum-facing-tough-times-ahead-how-will-june-be/</a>

Is Bitcoin and Ethereum Facing Tough Times Ahead? How Will June Be?

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