Bitcoin investors see sideways trading in June as focus turns to Washington

Markets are nearing the official start of summer, but bitcoin may languish in June. The flagship cryptocurrency jumped 13% in May, according to Coin Metrics, its eighth monthly gain in the past nine months and its best month since February, when it soared 44%. That's thanks to last week's ether-led rally ahead of the SEC's approval of a rule change allowing ether ETFs in the U.S., when ether surged 20% in two days.

As a result, "bitcoin could continue to fluctuate within the descending channel," said Yuya Hasegawa, crypto market analyst at Japanese bitcoin exchange Bitbank. Furthermore, "bitcoin could quickly give up about a half of its gain in the past two weeks and decline to around $65,000." Beyond Fed policy, Washington "will continue to be the center of the world for crypto in June" with investors listening closely to U.S.

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