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Bitcoin (BTC) returned above $26,000 on June 13 as analysts eyed resistance overhead. 

Bitcoin price inches between trend lines

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD attempting to reclaim $26,000 support after the daily close.

The pair had seen a curiously uneventful start to the week despite ongoing fallout from United States legal action and markets preparing for a slew of macroeconomic data releases.

Thus, Bitcoin remained in a narrow range, which has been in place since midway through the weekend.

“Risky day for any deep trades,” popular trader Crypto Tony wrote in part of the day’s Twitter analysis, considering upside potential should the support flip occur.

Ava Labs CEO Emin Gün Sirer will be calling on United States officials to “nurture” and “support” responsible blockchain innovation, warning that they face “disastrous consequences” if they don't.

Gün Sirer’s comments in defense of what he describes as a “revolutionary technology” is part of a testimony that he is scheduled to give to the U.S. House Financial Services Committee on June 13 — the audience will include Chair Patrick McHenry, Ranking Member Maxine Waters and other members in the House Committee.

Gün Sirer’s testimony aims to explain how blockchain can “transform society” by making digital services “more efficient, reliable and accessible to all.”

It comes amid a slew of regulatory enforcement actions by the U.S. Securities Exchange Commission (SEC) and U.S. Senator Elizabeth Warren’s indicated plans to build an “anti-crypto army.”

But Gün Sirer fears that such action may backfire with “disastrous consequences” on the country’s economy:

Bitcoin’s on-chain data provides evidence that Bitcoin miners are offloading their holdings. The factors influencing the selling pressure could be reduced earnings from a cooldown in Ordinals activity as well as mining difficulty and hash rate reaching an all-time high. 

According to on-chain analytics firm Glassnode, “Miners have been sending a significant amount of coins to exchanges.”

Glassnode data shows Bitcoin (BTC) miners’ inflows to exchanges spiked to a three-year high on June 3 to levels last seen during the bull market of early 2021.

Coin Metrics data also shows a decline in the one-hop supply metric of miners, which measures the quantity of Bitcoin stored in addresses that receive coins from mining pools.

The metric recorded a consistent uptrend in miner holdings since May 2023; however, the miners reversed their accumulation trend in the second week of June.

After the tough sell-off seen in the past week, the cryptocurrency markets will be looking for some support from the macroeconomic data this week. The all-important United States consumer price index report on June 13 will be followed up by the Federal Reserve’s policy decision on June 14. 

Both these events could trigger a sharp response from the equities and crypto traders. While a knee-jerk reaction is expected, it will be interesting to note if there is any follow-up to it. Traders may remain cautious as market volatility is likely to pick up over the next few days.

Although the lawsuit by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase has weakened sentiment, Bitcoin (BTC) whales are using this opportunity to increase their holdings. Behavior analytics platform Santiment said in a recent report that Bitcoin whales accumulated 57,578 Bitcoin since April 9 even as Bitcoin’s price fell by roughly 10% during the period.

What are the important support levels in Bitcoin and the major altcoins that need to hold for the recovery to start? Let’s study the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index (SPX) reached the overhead resistance at 4,325 on June 9 but the long wick on the day’s candlestick shows that the bears are trying to stall the up-move at this level.