Despite a strong start to the week, bitcoin fell below $30,000 on Thursday, as crypto bears returned to action. After an uncertain trading day yesterday, bearish momentum has taken over the markets, with ETH also in the red.
After a strong start to the month, BTC fell below $30,000 on the second day of June.
Bitcoin hit a nearly three-week high earlier this week, though fell to an intraday low of $29,501.59 on Thursday.
The decline came less than 24 hours after BTC/USD hit a high of $31,848.82. However, as we get closer to yesterday’s NFP report, market uncertainty has weighed down the prices.
Today’s move has seen the price decline below the recent resistance at $30,500 and it is now poised to move towards the $28,600 floor.
The bulls have resisted any further downside so far, with the $29,500 point acting as interim support, although should bearish pressure build up, we will see this decline extended.
One reason for interim support is likely the 14-day RSI of the holding firm at 44 on its own support.
Following its recent highs, ETH fell below $2,000 on Wednesday, although this decline has only worsened as the week progressed.
ETH/USD fell below $1,800 on Thursday, reaching an intraday low of $1,776.05 in the process.
Similar to bitcoin, ETH has broken below a range as prices declined, with the $1,715 support now a potential target for bears in the market.
As can be seen from the chart, the 10-day and 25-day moving averages have moved closer, which is still a positive sign for the bulls despite today’s selloff.
This is due to the fact that the chances of an uptrend have increased once again, which means we could be in for a huge price jump.
The 14-day RSI is also on a floor here, and if it holds, the bullish hopes for a strong month in June may not be completely over.
Could a Stronger NFP Report Send Crypto Prices Higher? Give your thoughts in the comment below.
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