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BTC Records Losses for a 4th Consecutive Trading Session

Umair Younas by Umair Younas
June 27, 2020 - 6:34 am
in altcoins news, bitcoin news, ethereum news
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BTC Records Losses for a 4th Consecutive Trading Session
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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%). 

Tags: ADABTCETHXRP
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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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