Price analysis 6/7: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, UNI, ICP, BCH

United States Treasury Secretary Janet Yellen defended President Joe Biden’s latest massive spending package while speaking to Bloomberg. Yellen said it would be “a plus” for society even if it resulted in a higher interest rate environment.

If rates inch higher, traders will explore the best possible options to hedge their portfolios. While gold is down about 2.5% year-to-date, Bitcoin (BTC) is still up 22% during the same period, even after the massive plunge in May.

Bitcoin’s outperformance may not go unnoticed and several institutional investors are likely to make it a part of their portfolio along with gold.

Daily cryptocurrency market performance. Source: Coin360

London-based asset management firm Ruffer booked a profit of more than $1 billion on an investment of $600 million in Bitcoin. Ruffer’s investment director Hamish Baillie in an interview with The Times said the company bought in November and sold its “last tranche in April.” Baillie said institutional investors, including Ruffer, are likely to continue buying Bitcoin.

This suggests that Bitcoin is likely to attract huge institutional interest at lower levels, which may act as a strong floor. The larger the purchases by institutions at lower levels, the higher the price is likely to rally during the next bull phase.

Let’s analyze the charts of the top-10 cryptocurrencies to determine their next possible trending move.