Cryptocurrencies are preparing for the lazy, hazy days of summer without clear catalysts to steer big price movements.
Bitcoin is already in the lazy days of summer as June trading kicks off. The benchmark cryptocurrency is coming off its first down month of the year – shoved to the side by investors who were more focused on new developments in artificial intelligence , the possibility that the U.S. government could default on its debt and yet another interest rate hike from the Fed in May and the possibility of one more in June or July. The crypto market leader finished May down 7.
The $30,000 level, where bitcoin's early 2023 rally seemed to hit a wall, could be a "tough psychological level" for the crypto asset to break through, she said. Joel Kruger, market strategist at LMAX Group, highlighted this year's high of about $31,050 and the May low of $25,810 as key levels to watch on the upside and downside.
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