Following the expiry of 1 billion Bitcoin futures on Friday last week, Bitcoin price has exhibited intense volatility. Last week alone, Bitcoin saw a 3.4% price decline falling from upwards of $9700 to now hover around $9, 100. Over the weekend, Bitcoin recorded a price low of $ 8826 following plummeting stock prices.
Today, BTC has recovered by 0.18% to trade at $9, 082 at the time of press. Crucial support level lies $9, 000 and a downward break may send the coin tumbling to the lows of $8000.
Like Bitcoin, Ethereum has displayed a significant price fall following a successful week with prices rallying towards $250. The coin is currently on a bearish trend recording a 0.49% drop in price in the past 24hrs to trade at $223.05 at press time. In the past weekend, Ethereum recorded a June low at $215.79, breaking below the crucial support level at $222.
Bitcoin Price Analysis
Bitcoin recorded a 3.4% price fall last week, touching a low of $8, 826 on Saturday. Bitcoin’s price decline in the past week is mostly attributed to the crumbling stock market. Nonetheless, the stock market has started showing some signs of stabilization today-the reason why Bitcoin is finding strong support at $9000.
Also, the expiry of the quarterly and monthly options last Friday created short-term volatility, which saw Bitcoin price drop further. Currently, the coin is trading below a rising trend line formation that has been in force since mid-March 2020-a signal for further price fall. A break below the already formed acute symmetrical triangle would see the price head towards $8000
Nonetheless, Bitcoin still has some very strong support levels located at the 100-day EMA and the 200-day EMA. These two support levels are crucial for holding the coin until a strong bullish rally comes about. Key support level lies at $9, 000, $8, 952, $8, 800 and $8, 692. $9, 363, and $9, 600 remain as essential resistance levels.
Ethereum Price Analysis
Ethereum has also recorded a substantial price fall currently seeking support at $220. The strong bears attributed to increased selling pressure hindered the price rally towards $250. The coin is currently on a bearish trend, and buyers must hold the coin above $222 to continue the resistance towards $235. A break below the $220 support would see the bears pull the price to the psychological mark of $200.
In the long-term, however, Ethereum displays a bullish trend. The Moving Average Divergence Convergence (MACD) and the Relative Strength Index (RSI) indicator lies in the bullish zone plus the trading volume supports a price recovery. For now, the price should continue holding at $220 for a price run towards $215.
Other major altcoins that are in the red today are USDT(-0.18%), XRP(-0.99%), EOS(-0.76%), BAT(-3.71%)
