Bitcoin (BTC) faced continued selling pressure ahead of the Wall Street open on June 13, with Ether (ETH) revisiting multi-year lows.

Hourly candlestick chart BTC/USD (Bitstamp). Source: Trading View

Bitcoin fights for $24,000

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Data from Cryptooshala Markets Pro and trade view showed that BTC/USD is threatening to eclipse its ten-month lows set in mid-May.

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The largest cryptocurrency has faced bearish triggers on multiple fronts that have come from both inside and outside the cryptosphere.

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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.

“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.

Candlestick chart of cryptocurrency market capitalization for 1 week. Source: Trading View

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.

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.

ETH/USD Weekly Candlestick Chart (Bitstamp). Source: Trading View

“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.