Bitcoin bears re-entered the market on Saturday, as prices near multi-week lows to start the weekend. BTC dropped below $29,000 once again, while ETH continued to decline and is now hovering around $1,750.
Bitcoin
After a brief rally on Friday, BTC turned lower once again, with the price falling below $29,000 to start the weekend.
BTC/USD traded at an intraday peak of $29,335.03 yesterday, although the price declined to a low of $28,326.61 earlier today as bears re-entered the market.
Today’s move saw bitcoin fall below its current $28,800 support, pushing the price closer to a 16-day low below $27,700.
Overall, BTC is down more than 1% over the past seven days, with the market largely consolidating during that period.
Many now believe that after the bearish period in April and May, we may have seen the worst selloff in crypto, with the potential for a slight rebound in June.
The 14-day RSI is currently tracking a floor of 35. Should this break we see some further downside until the bulls decide to really regain the market sentiment.
Ethereum
ETH dropped for the fourth straight session as bears refused to give way to any incoming bulls who attempted to stabilize the price.
So far on Saturday, ETH has dropped to a low of $1,721.26, its weakest point since May 12, with another floor break.
Despite the recent decline, it appears that the $1,750 level on ETH/USD was acting as a support point, although that level was tested earlier today.
Although it failed the initial test, we have seen a bit of a fightback, with the price now trading at $1,776.19.
Overall, ETH is now down close to 10% over the past seven days, with some expecting a move towards $1,600 in the coming weeks.
Will June be another bearish month for crypto? Give your thoughts in the comment below.
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