With the week coming to an end, Bitcoin has traded at a loss for the second consecutive time this week. What began as a strong bullish pattern at the beginning of the week has quickly bowed to a bearish pattern, BTC price almost hitting the June lows.
Weak trading sentiments amid a rising number of new second wave coronavirus infections in the US have dealt a blow to the crypto markets, which were eyeing a recovery.
Major altcoins have recorded significant price falls. ETH is down by 1.30% to trade at $229.32, LTC is down 1.49% to trade at $41.68, XLM is down %1.47 trading at $0.0664 while XRP is down 1.24% to trade at $0.1790.
BTC Price Analysis
BTC price started the day on a bearish trend recording an early morning intraday low of $9, 011.0 before finding support at $9, 121.37 to rise to a late morning high of $9, 346.6.
However, the bulls did not pick up momentum, causing the coin to fall back to under $9, 200 levels before finding support again to rise to a late intraday high of $9, 349. At the time of press, Bitcoin is trading at $9, 205.19, with the first major resistance level at $9, 593.47, and the day’s pivot level at $9, 400.
Despite falling below $9, 500, BTC remains bullish. This is well signaled by the price being above the 100-day moving average and above the 23.6% FIB of $8, 900.
On the downside, a break below the current crucial support now at $ 9, 080 could send the price tumbling towards $8890. Intense bears pressure could push the price further down towards $8, 340.
On the upside, a break past the first resistance at $9, 289 could see the price recover past $9, 422- the current 50-day MA.
ETH Price Analysis
Ethereum started the day at $232.41, rising to an early morning intraday high of $235.2 before hitting a reverse to sub-230 recording a morning intraday low of $227.96. The price has since recovered, trading $231.92 at the time of the press.
At the start of the week, Ethereum displayed a strong bullish trend rallying the price towards $250, hitting $246.86 on June 22. However, market uncertainty leading to intense selling pressure disrupted the bulls pulling the price downwards towards $230. Ethereum now needs to hold on to the crucial support at $225.66 for hopes of a significant uptrend.
The rest crypto market is generally bearish as uncertainty looms. Apart from Bitcoin Cash ABC and Bitcoin Cash SV, which recorded gains of 0.35% and 0.46% respectively, other major altcoins are negative. Major altcoin losers today were Stellar’s Lumen (-1.90%), Tezos (-1.53%), Cardano’s ADA (-1.06%), and Ripple’s XRP (-1.02%).