- For the third day, the price of Bitcoin is in the bullish series. For now, the support is at $ 20,000, and we are moving towards the $ 22,000 price.
- The price of Ethereum continues its three-day recovery by jumping above $ 1100, and we are now close to the $ 1200 level.
- The total market capitalization of cryptocurrencies, according to CoinMarketCap, rose 5% to $ 914 billion.
Bitcoin chart analysis
For the third day, the price of Bitcoin is in the bullish series. For now, the support is at $ 20,000, and we are moving towards the $ 22,000 price. Moving averages have accumulated at the point at $ 21,000, from which we have a new bullish momentum. Bitcoin could climb to $ 22,000 by the end of the day and try to stay there. If it succeeds, we could move on to the $ 23,000 resistance zone from June 16. It would be even easier to breathe if bitcoin broke above and opened the door to the $ 25,000 level. We need a new negative consolidation, a drop below $ 21,000, and moving averages for the bearish option. After that, we would test the support again at $ 20,000. Further bearish pressure lowers us to $ 19,000 and $ 18,000, this year’s low.
Ethereum chart analysis
The price of Ethereum continues its three-day recovery by jumping above $ 1100, and we are now close to the $ 1200 level. We have the support in all moving averages, and we can hope for a further recovery in prices. We need to break above $ 1200 and stay at that level in order to consolidate and move on to the $ 1300 resistance zone. Such a scenario would form a good basis on the chart for a longer price recovery above the $ 1,500 level. We need a new negative consolidation and a return below the $ 1100 support zone for the bearish option. A break below would bring us down to another $ 1,000 psychological level test. If we do not find support there either, we will continue towards this year’s minimum at the $ 900 level.
The total market capitalization of cryptocurrencies, according to CoinMarketCap, rose 5% to $ 914 billion. On Tuesday, the index of fear and greed for cryptocurrencies remained unchanged at 9 points, which means extreme fear. Bitcoin managed to stay above the level of 20,000 dollars yesterday in the middle of weak trading activity due to the holidays in the USA. However, it is too early to talk about a long-term turnaround: because all the negative remain on the chart. The return of bitcoin above $ 20,000 does not mean that it has reached the bottom, warned the well-known cryptocurrency critic and supporter of gold, Peter Schiff.
Kraken stock market marketing director Dan Held said bitcoin had chosen the most pessimistic scenario amid rising inflation and an impending recession. According to him, “those who survive will receive the status of Holder.”
Salvador President Najib Bukele called on the cryptocurrency community not to panic as the crypto market falls. He believes that the decline is relatively standard and that market participants must be patient.
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