The leading cryptocurrency is currently trading at $66,623, with altcoin sales weakening. Bitcoin (BTC) is not yet out of danger, as significant losses persist due to weak risk appetite and long-term investors selling off. What levels can Bitcoin test in the coming days, and what can investors expect at this stage? This article provides current price predictions for Bitcoin and Ethereum (ETH).
Bitcoin’s Price Movements
Bitcoin, in search of a short-term bottom, has been managing to close above $66,000. However, the loss of key support levels triggered stop levels in altcoins, pushing them to new lows. If BTC initiates a recovery, abnormal demand for altcoins may emerge at current levels. The BTC price fell below $66,147 but reclaimed the 50-day SMA region. Now, BTC needs to reclaim $67,863, corresponding to the 20-day EMA. The RSI remains negative, and the 20-day EMA turning downward is concerning. Should BTC lose the 50-day SMA level, a deeper correction down to $60,000 is possible.
What Could Trigger a Jump?
In a bullish scenario, BTC either needs to reclaim the 20-day EMA from the current level or bounce from around $65,000. The only factor that could trigger a surge to $70,000 would be favorable details for risk markets in the Federal Reserve’s monetary market report to Congress this coming Friday.
Ethereum Price Analysis
For Ethereum, an ETF approval was expected in June, but SEC Chairman Gary Gensler extended the timeline until the end of summer. Bloomberg ETF experts suggest that the normal process is being followed and that exchange listings might be approved by July 2. On June 14, ETH’s price rebounded from the 50-day SMA level of $3,415, partly due to these developments.
The 20-day EMA level that ETH needs to close above is $3,612. Beyond this point, the rally could potentially extend to $3,730 and $3,977. On the downside, losing $3,415 could see ETH’s price drop to $2,850. A fall below $3,362 poses a risk similar to BTC’s $60,000 risk, with a potential drop to $3,000.
Investment Tips
– Monitor BTC’s ability to reclaim the 20-day EMA and 50-day SMA levels.
– Keep an eye on Federal Reserve announcements for potential market-moving details.
– For Ethereum, watch for SEC approval of ETFs and the $3,612 EMA level.
– Consider potential downside risks if key support levels are breached.
– Evaluate the impact of long-term investor behavior on market trends.
In conclusion, Bitcoin and Ethereum face critical support and resistance levels that could dictate their short-term movements. Investors should stay vigilant and monitor key indicators to navigate the volatile landscape.