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Bitcoin at Crucial Support Level Following Futures Expiry

Umair Younas by Umair Younas
June 30, 2020 - 7:28 am
in altcoins news, ethereum news
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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%) 

Tags: BTCETH
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Umair Younas

Umair Younas

Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.

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