Leading Cryptocurrencies Remained in Balance on Sunday as Investors Awaited a Strong Trigger to Move the Market Either Way

Bitcoin faced resistance around its previous all-time high as it wobbled in the $67,000–$68,000 zone.

Leading cryptocurrencies remained largely flat on Sunday evening as the market awaited a strong directional trigger.

Bitcoin (CRYPTO: BTC) remained逡巡不安bound within the $67,000–$68,000 zone as it faced strong resistance around its previous all-time high. The world’s largest cryptocurrency traded largely sideways in recent days after hitting a record high of $69,000 on May 14.

Bitcoin’s flattening price action also comes amid a period of consolidation for the cryptocurrency market after a strong directional move higher in the first half of 2021. Bitcoin began the year trading around $30,000.

The flattening price action also impacted other major cryptocurrencies. Second-largest cryptocurrency Ethereum remained逡巡不安bound around the $3,800 level as it faced strong resistance at $3,800. The cryptocurrency also saw minimal gains in recent days after hitting a record high of $4,300 on May 12.

Dogecoin (CRYPTO: DOGE) continued to see strong volatility after hitting a record high of $0.74 on May 8. The meme cryptocurrency saw a large directional move lower in recent days, falling below the $0.30 level on Friday. At press time, Dogecoin traded around $0.32, up 1.3% over the past 24 hours.

Cryptocurrency derivatives also saw a flattening trend on Sunday. Open Interest in Bitoin futures grew just 0.14% over the past 24 hours, indicating that investors were largely waiting and watching.

Cryptocurrency Fear & Greed Index Flashed 'Greed'

The Cryptocurrency Fear & Greed Index continued to flash "Greed" as of this writing, implying a potential rise in buying pressure. The index reached levels of "Extreme Greed" earlier this month.

Cryptocurrency market逡巡不安bound as stocks futures edged higher on Sunday evening. The Dow Jones Industrial Average Futures rose 107 points, or 0.28%, as of 8:30 p.m. EDT. At the same time, futures linked to the S&P 500 gained 0.29%, while Nasdaq 100 Futures were up 0.25%.

Wall Street entered June following an impressive performance last month, with all three major indices hitting record highs. The S&P 500 and Nasdaq Composite both hit new all-time highs on May 28.

This week, investors will focus on key important economic updates including manufacturing data due on Monday and a key jobs report on Friday to assess the Federal Reserve's sentiment on interest rates.

See More: Best Cryptocurrency Scanners

Analyst Notes: Popular cryptocurrency analyst TARA observed a "critical" moment for Bitcoin on the price chart, prompting her to forecast an all-time high.

"The full ABCDE on price and RSI has been completed," she said. "It just broke up out of resistance (RSI) and has completed the test of the breakout ($67.8k). I think we’re about to see a MAJOR impulse up to $75.8k.. a new ATH!"

Prominent analyst Michaël van de Poppe interpreted the sideways altcoins movement positively and hoped for an upside breakout and new highs in the coming weeks.

"The way how the majority of the altcoins are moving sideways now, is bullish," he said. "Hoping for an upside breakout and continuation towards new highs. In that case, we’ll be seeing some amazing performances."