The Consumer Price Index (CPI) has dropped to 3.3%, surprising analysts with a lower-than-expected figure. Bitcoin is pumping because of this news. 🚀

GALA tested the support area, and the price bounced from there. If you have opened a long position, increase your stop loss and hold the position. We may see a bounce towards the resistance area.

Resistance Area: $0.0337-$0.0364

Educational Post

What Are Index Funds?

An index fund is a type of investment fund designed to replicate the performance of a specific index of financial markets, such as the S&P 500 or the FTSE 100. These indexes represent a collection of stocks or bonds, and the index fund aims to mirror their performance by holding a similar portfolio of securities.

How Index Funds Work

Index funds typically work by holding a portfolio of securities that closely matches the composition and weightings of the index they aim to track. For example, an S&P 500 index fund will invest in the 500 companies included in the S&P 500 index, with each holding proportionate to its market capitalization within the index. This approach ensures that the fund's performance closely aligns with the index.

Benefits of Index Funds

1. Diversification: Index funds can provide diversification by investing in a range of securities within a single fund. This diversification spreads risk across different sectors and companies, reducing the impact of any single stock's performance on the portfolio.

2. Lower costs: Index funds often have lower expense ratios compared to actively managed funds. Since index funds do not require frequent buying and selling of securities by fund managers, the operational costs are minimized, resulting in lower fees for investors.

3. Consistent performance: The goal of an index fund is to match the performance of its underlying index, not to outperform it. While this means the fund won't beat the market, it also ensures that it won't significantly underperform. Over time, this can provide investors with consistent and reliable returns.

4. Ease of investing: Index funds are straightforward to buy and sell, making them suitable for both novice and experienced investors. They can be bought through brokerage accounts, retirement accounts, and various other investment platforms.

NEAR analysis:

Price has rebounded from the support area, indicating a potential upward movement. Consider opening a long position near the support area with a tight stop loss.

Support Area: $5.80-$6.15

Resistance Area: $8.00-$8.50

Bitcoin once again tested the $70,000 level and was rejected. The price dropped after the FOMC meeting. The support levels remain the same, and a possible test of the support area is likely.

SOL moved toward the local resistance area but was rejected from there. The price is now moving towards the support trendline. You can consider opening a small long position at the support area with a tight stop loss.

Support Area: $145-$147

GALA currently trades at the support area, presenting an opportunity to accumulate with a tight stop loss. There might be some accumulation before the next move.

Support Area: $0.0337-$0.0364

Resistance Area: $0.050-$0.0525

Bitcoin miner balances have been steadily declining since late 2023, hitting multi-year lows as sell-offs increased after the April 2024 halving.

According to Glassnode data, balances dropped from 1.84 million BTC in early 2023 to 1.8 million $BTC by May 2024. This trend highlights miners' need to cover operational expenses following reduced block rewards.

NEO analysis:

The price has broken below a major support area and is currently trading below it. We might see a retest of this area. If the price cannot break above this level, then we could expect a continuation of the downtrend towards the lower support area. It's advisable to wait for some time before considering new entries.

Support Area: $9.80-$10.40

Resistance Area: $13.80-$14.65

Nothing has changed in the market, and Bitcoin is once again moving sideways. We still expect a test of the $64,500-$65,000 support area before the next move. Have some spare USDT to buy the dip.

ETH broke below the support area and also retested it. The price is finding support around the $3420 level. ETH dropped due to BTC volatility, but we may see a quick recovery once BTC stabilizes in a range.

On June 11, exchanges recorded the largest cumulative outflow of BTC for the month, according to Glassnode data. This significant movement suggests growing confidence among investors and a potential shift towards long-term holding strategies.

Wallet Maintenance for BNB Smart Chain (BEP20) - 2024-06-17
https://www.binance.com/en/support/announcement/153d3ec2872f4ab48d46a6b8cf3e19d8

TAO analysis:

Price is currently trading within a significant downtrend channel on the daily timeframe. As of now, there are no indications of strength. A candle closing below $300 would be considered bearish and likely trigger more selling pressure. Try to grab some around the support area.

Support Area $280-$290

Finally, Bitcoin has dropped to the support area and grabbed liquidity. The price bounced from the support area and is now moving upward. We may see some sideways movement below the $67,000 resistance level for the next 2-3 days.

The altcoin market cap (TOTAL2) tested the trendline support and bounced from there, as expected. We already suggested accumulating some altcoins during the dip. A bounce in altcoins may occur when BTC stabilizes.

The rally in Bitcoin is just getting started, and it's looking incredibly promising! According to Glassnode's BTC charts, the current phase (in black) of development since the last halving shows slow upward rally.

Historically, we could be entering the euphoria phase in the next few months.