Top cryptocurrencies Bitcoin and Ethereum have been trading in a narrow range for a few days. BTC price is struggling above the psychological level of $20k while ETH price is fluctuating above the $1,000 level. Similarly, major altcoins are struggling to sustain the recovery.
After several attempts, bitcoin price is now above $20K in the last 24 hours. However, with the option expiring on June 24, traders can expect BTC to drop below $20K. Currently, the key resistance is located at $21K, if the bulls hold above this level for a longer period of time, the major currency may rally towards the next resistance level at $22.5K.
On the downside, if bitcoin price falls below the crucial $20k level, it could test the key support at $19K. However, a break below this level may indicate that BTC price will rest the recent lows at $17.7K.
Bitcoin And Ethereum Will Soon Hit New Lows,
According to popular cryptocurrency analyst Capo, the price of Bitcoin (BTC) is almost trading below the current price. He expects the major currency to fall to $16k-17k in the coming days before moving into an accumulation phase.
Based on funding rates on various exchanges, the analyst confirms that:
“The $30k support was similar to the $6k support in 2018. Once it broke, the surrender phase started, but if we compare the two we can clearly see that it is not over yet Funding rates also confirm this.”
Overall, looking at the technicals and charts, Capo believes that the crypto market is set to reach new lows before the end of the week.
Ethereum Price Coming Up, according to capoEthereum price is all set to decline from the current levels to the $700 level.
“Main target reached, bounced off there, but no bottom formation yet. Watching $700-800 as new support zone, which will complete the 5th wave of the 5th wave.”