Cryptos trade flat to end an enforcement-heavy week, Bitcoin holds $26,500

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2023-06-09 20:42:11  • 3 mins

(Kitco News) - Friday brought little change to the overall picture of the cryptocurrency markets as prices traded sideways following a week of enforcement actions by the Securities and Exchange Commission, rampant FUD (fear, uncertainty and doubt) on social media, and a dip-buying opportunity for those who remain optimistic on the long-term outlook of the market.

Equities edged higher to close out the week as the majority of investors are anticipating a pause in interest rate hikes at next week's Federal Open Market Committee (FOMC) meeting, with the market pricing in a 70% chance that the Federal Reserve will halt its aggressive rate hiking campaign.

At the market close, the S&P, Dow and Nasdaq were all in the green, up 0.11%, 0.13%, and 0.16%, respectively.

Data provided by TradingView shows that the price range for Bitcoin (BTC) continues to tighten, increasing the likelihood of a spike in volatility that will put the top crypto back on an uptrend or force it back into bear market territory. At the time of writing, BTC is holding above support at $26,500.

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