Bitcoin bears returned to the market on Saturday as prices neared multi-week lows earlier in the weekend. BTC fell below $29,000 again, while ETH continues to move lower and is now hovering around $1,750.
Bitcoin
After a brief rebound on Friday, BTC moved lower again, with prices dipping below $29,000 earlier in the weekend.
Yesterday, BTC/USD made an intraday high of $29,335.03, but as the bears reentered the market, prices dropped to a low of $28,326.61 today.
Today’s move takes bitcoin below its current support level of $28,800 and pushes the price closer to a 16-day low below $27,700.
BTC/USD daily chart
Overall, BTC is down over 1% over the past seven days, with markets mostly consolidating over this period.
Many now believe that after bearish stints in April and May, we may have seen the worst selling in crypto, with the potential for a slight recovery in June.
The 14-day RSI is currently hovering around a floor of 35. If it breaks, we could see more downsides until the bulls decide to really recapture market sentiment.
ether
ETH fell for the fourth straight session as bears refused to give way to incoming bulls attempting to stabilize prices.
So far on Saturday, ETH has fallen to a low of $1,721.26, which is its weakest point since May 12 and comes as another bottom is being broken.
Despite the recent declines, ETH/USD seemed like $1,750 was acting as a support point, however, this floor was tested earlier today.
ETH/USD daily chart
Although it failed the initial test, we’ve seen some form of resistance, with prices now trading at $1,776.19.
Overall, ETH is now down nearly 10% over the past seven days, with some expecting moves towards $1,600 in the next few weeks.
Will June be another bearish month for crypto? Leave your thoughts in the comments below.
Elijah Dambell
Eliman brings an eclectic perspective to market analysis, having worked as a broker director, retail educator, and market commentator for crypto, stocks, and forex.
Photo credits: Shutterstock, Pixabay, Wiki Commons
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