Bitcoin (BTC) failed to successfully kick off the new month, emphasizing that the cryptocurrency bears have not yet had the final say. Wednesday’s session saw a decline of over 6% and a return below $30,000, triggering stronger downward moves in altcoins.
- A strong dollar, US bond yields and weakness on Wall Street negatively impacted results for Bitcoin and other cryptocurrencies on Wednesday
- BTC is back below $30,000, and some of the biggest altcoins are down around a dozen percent in the past 24 hours
- However, the main support levels for Bitcoin and Ethereum have been maintained.
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Bitcoin did not hold local highs. And after?
Bitcoin reached local resistance at $32,440 on May 31, but the bulls failed to overcome this hurdle. Tuesday’s one-candle reversal suggested a possible return to bearish activity, and it did.
On June 1, the strengthening of the dollar and the falling of the dollar, combined with the unfavorable technical situation, pulled the price below the 20-day exponential moving average (EMA) and thus the $30,000 level. If the price stays below this 20-day EMA, your next stop could be $28,630. Buyers are expected to do their best to defend this level.
Bitcoin is trading nearly 55% off its all-time high of $69,000. for nearly a month now, and whales and big institutions have remained wary and haven’t jumped into the market with increased enthusiasm, according to BlockTrends analyst Caue Oliveira.
If Bitcoin repeats the historical patterns seen after previous downturns, there could be a bottom between $14,000 and $21,000 in the next six months. Then Bitcoin could hover around $28,000-40,000 for most of next year and hover around $40,000 in the boom, said CryptoQuant contributor Venturefounder.
My goal has been $22,000-$24,000 for almost two months now and it’s not changing thanks to this little pump. Zoom back on what has changed.. Nothing 👍 pic.twitter.com/eKNayT2pO3
-Crypto Tony (@CryptoTony__) June 1, 2022
The cryptocurrency bear market hasn’t stopped Goldman Sachs from exploring the possibility of integrating its derivative products with its FTX.US derivative offering. This suggests that the investment bank expects an increase in demand for such instruments in the future.
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Ethereum is back in strong support. ETH/USD down 6.4% on Thursday
The bears halted the rally of the Ethereum (ETH) release off the 20-day EMA average (around $2,000) on May 31, indicating that they are not allowing the bulls to take advantage. Wednesday’s session saw further depreciation, and ETH lost 6.4% during it, closing the day at $1,817. On Thursday, however, it deepens the depreciation.
Currently, the supply will attempt to pull the price towards support at $1700. This is an important level for bulls, and when it breaks, the ETH/USD pair could see a panic sell, reverting to a downtrend and heading towards $1,300.
Alternatively, if the price rebounds from the $1,700 level, it suggests that the bulls are actively buying at these levels and getting into a resistance zone above the $2,150 level.
Cryptocurrencies are clearly red. Solana and Polkadot as depreciation leaders
In the group of the 20 largest cryptocurrencies by capitalization, depreciation has prevailed over the past 24 hours and the entire order chart is lit in red. Solana (SOL) lost the most over this timeframe, dropping 12.4% and falling to below $40. It is followed by Polkadot (DOT) dropping 9% and currently costing 9.45%.
Stronger declines also apply to Litecoin (LTC), Cardano (ADA), XRP or Shiba Inu (SHIB), as shown in the heatmap of major market assets below:
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