Despite a strong start to the week, bitcoin fell below $30,000 on Thursday, as crypto bears returned to action. Following an uncertain day of trading yesterday, bearish momentum has taken charge of markets, with ETH also in the red.
Bitcoin
Following a strong start to the month, BTC fell lower, dropping below $30,000 on the second day of June.
Bitcoin rallied to a nearly three-week high earlier this week, however on Thursday fell to an intraday low of $29,501.59.
This drop comes less than 24 hours after BTC/USD hit a high of $31,848.82. However, as we approach tomorrow’s NFP report, market uncertainty seems to have pushed prices lower.
Today’s move sees prices fall below the recent resistance level of $30,500, and they now look set to move towards a floor of $28,600.
Bulls have so far resisted any further declines, with the $29,500 point acting as interim support, however should bearish pressure intensify, we will likely see this decline extended.
A reason for the interim support is likely a result of the 14-day RSI holding firm at a support of its own, at 44.
Ethereum
After recent highs of its own, ETH dropped below $2,000 on Wednesday, however this decline has only worsened as the week has progressed.
ETH/USD dropped below $1,800 on Thursday, hitting an intraday low of $1,776.05 in the process.
Similar to bitcoin, ETH has broken below a ceiling as prices plunged, with support of $1,715 now a likely target for bears in the market.
As can be seen from the chart, moving averages of 10-days and 25-days have moved closer in proximity, which despite today’s selloff is still a positive sign for bulls.
This is due to the fact that the likelihood of an upward cross has once again increased, meaning we could be set for a huge bounce in price.
The 14-day RSI here is also at a floor, and should this hold, bullish hopes may not be entirely lost for a strong month in June.
Could a strong NFP report send crypto prices higher? Leave your thoughts in the comments below.
