Bitcoin (BTC) faced continued selling pressure ahead of the Wall Street open on June 13, with Ether (ETH) revisiting multi-year lows.
Bitcoin fights for $24,000
Data from Cryptooshala Markets Pro and trade view showed that BTC/USD is threatening to eclipse its ten-month lows set in mid-May.
The largest cryptocurrency has faced bearish triggers on multiple fronts that have come from both inside and outside the cryptosphere.
FinTech protocol Celsius was on the brink of collapse after operations were halted, turning billions of dollars of collateral into a new risk for crypto markets. In an event ironically similar to what caused the May debacle, bitcoin and altcoins continued to fall as fresh uncertainty filled the air.
Macro conditions were little better, with Asian markets selling off and Wall Street futures appearing to have continued the downtrend of last week.
Inflation concerns also remained ahead of important US Federal Reserve comments due June 15.
“I call it… a long bear,” Popular Analyst at Crypto Chase summarize.
“We don’t really know when the Fed will change tone, war developments in Ukraine, US presidential elections on the horizon, supply chain issues, etc. Markets DO NOT like uncertainty. ? Not yet.”
Others were more confident on both longer and shorter timeframes.
Here is your smart money. Since our wave 3 peak at 65,000, they have risen. $BTS ownership from approx. from 11 million to more than 13 million. This is the range of re-accumulation, not distribution. Look at the comments below – most say “they must be for sale” or “they already sold”. No, the data doesn’t lie. https://t.co/LVLhiNWNxM pic.twitter.com/2QqXEKWmDY
— CrediBULL Crypto (@CredibleCrypto) June 13, 2022
“The Fed is expected to raise its level at next week’s meeting,” Cryptooshala contributor Mikael van de Poppe. added.
“Normal and highly expected. However, this expectation goes off scale towards extensive growth (75 bp). I don’t see it. Probably 50 bp and all. The markets are always overreacting.”
Meanwhile, the total market capitalization of cryptocurrencies fell below the $1 trillion mark for the first time since February 2021.
Ethereum Faces $1,000 Price Target
Continuing the bearish theme, altcoins looked even more poised to lose value throughout the day.
Lowest Weekly Close Since December 2020 – 5 Things To Know About Bitcoin This Week
Ethereum, which just fell below its weekend strike price, is now trading below its all-time high set during the previous bitcoin cycle.
This is the last time $ETH oversold on the weekly chart (not yet confirmed here).
I had no followers, but the macro bottom ticked the box.
Note that on the weekly RSI indicator, you can move much lower without trying to bottom. https://t.co/kLCynTKTcS
— The Wolf of All Streets (@scottmelker) June 12, 2022
At the time of writing, ETH/USD is hovering around $1,230, having last seen this level in January 2021. The old cycle peak, set in January 2018, was around $1,530.
“Things are getting so bad so fast that the 200-watt SMA for $BTC and $ETH is going to be seriously tested,” Chris Berniske, founder of crypto venture fund Placeholder, said. concluded.
“$ETH will likely break it cleanly and head towards a more serious $1,000 psychological test.
The views and opinions expressed here are solely those of the author and do not necessarily reflect those of Cryptooshala.com. Every investment and trading step involves risk, you should do your own research when making a decision.
Credit : cointelegraph.com