Bitcoin and major altcoins have faced selling at higher levels, but there are no signs of panic selling at the moment. The United States Securities and Exchange Commission’s actions against Binance and Coinbase have caused volatility in the cryptocurrency markets. Glassnode data shows a decline of 12,600 Bitcoin from exchange balances on June 5 and 6, indicating that traders did not panic as they had done during the FTX episode in November.
– Bitcoin snapped back from the vital support at $25,250 on June 6, indicating that the bulls are trying to fiercely guard the level.
– Ether dipped below the resistance line of the falling wedge pattern on June 5, but the bears could not build upon the strength.
– BNB plummeted sharply on June 5, which yanked the price below the strong support at $280.
– XRP saw traders buying the dip to the 20-day EMA ($0.49) on June 5 and 6.
– Cardano tumbled below the uptrend line of the ascending triangle pattern on June 5, invalidating the bullish setup.
– Dogecoin broke below the immediate support at $0.07 on June 5 but rebounded sharply off the support near $0.06.
– Polkadot collapsed below the crucial support of $5.15 on June 5 but bounced back sharply on June 6 and rose above the breakdown level.
– Litecoin plunged below the moving averages on June 5 and recovered sharply on June 6, but the bulls could not sustain the price above the 20-day EMA ($90).