After a strong start to the week, bitcoin fell below $30,000 on Thursday as the crypto bears returned to action. Following yesterday’s uncertain trading, bearish momentum took over the market, puttingalso in the red; ETH
Bitcoin
After a strong start to the month,BTCfell, dropping below $30,000 on June 2.
Bitcoin rose to a nearly three-week high earlier this week, but fell to an intraday low of $29,501.59 on Thursday.
This drop occurs less than 24 hours afterBTC/USD hit a high of $31,848.82. However, as we approach tomorrow’s NFP report, market uncertainty ahead of the NFP report appears to have pushed prices down.
Today’s action appears to have moved the price below the recent resistance level of $30,500 and now moving towards the $28,600 bottom Looks like.
However, this decline is likely to extend as bearish pressure builds.
The reason for this intermediate support is likely the result of the 14-day RSI consolidating support at 44.
Ethereum
After its own recent highs,ETHfell below $2,000 on Wednesday, and this decline will only get worse as the week progresses.
ETH/USD fell below $1,800 on Thursday, hitting an intraday low of $1,776.05 in the process.
Like Bitcoin,ETHhas fallen below its ceiling as prices plummeted, and support at $1,715 is now a prime target for market bears.
As you can see from the chart, the 10-day and 25-day moving averages are close and despite today’s selloff, a positive sign that this is a positive sign for the bulls.
This is because the possibility of an upper cross has increased again, meaning that prices could be poised for a big bounce.
The 14-day RSI is also in bottom territory, and if it holds, bullish expectations for a strong month of June are not entirely lost.
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