Bitcoin
How Low Can Bitcoin and Altcoins Go?
With a 1% drop last night, Bitcoin price struggles to stay above the $66,000 level and the bearish influence on altcoins increases. Amid growing supply pressure, the crypto market crash intensifies, placing additional pressure on support zones.
Currently, the total market capitalization of the crypto world, excluding Bitcoin, has fallen close to $1 trillion. This indicates a drop of almost 10% in 10 days and suggests a continuation of the broader market’s failure to reverse sentiment.
Furthermore, with over $800 million in long liquidations over the past five days, the crypto market is gaining downward momentum. Will the crypto market witness a revival of the uptrend this month or will the decline continue for Bitcoin and altcoins?
Check out our Crypto Market Crash analysis to determine how far Bitcoin and altcoins can fall.
Bitcoin, largest cryptocurrency eyeing $58,165 if supply persists
Breaking below the support trendline, the BTC Price struggles near the $66,000 level at the 23.60% Fibonacci level. With this reversal, the chances of a bullish breakout from an inverted head and shoulders pattern become zero.
According to trend-based Fibonacci levels, the fall below the $66,000 level could result in an intense correction phase. In this case, the downtrend could extend to the psychological $60,000 mark.
However, the rejection of the lower price in Bitcoin price triggers a potential bullish return this week. If buying pressure resurfaces to overcome the bearish influence, then the crypto could reach $71,392.
Ethereum Double Top warns of fall
With the broader market turning red as Bitcoin dips towards the $66,000 mark, Ethereum’s market price takes a bearish turn. However, with a morning star pattern and an intraday high of 1.60%, the Ethereum Price it could soon surpass $3,600.
Furthermore, with a bullish crossover in MACD and signal line, bullish chances for Ether are increasing. On the weekly chart, the uptrend lacks momentum to break above the $3,842 barriers, leading to a double top pattern.
At a low of $2,807, the crypto’s downside potential is substantial should the broader market recovery fail.
Binance reversal failure warns of $600 break
With a new all-time high forming at $724, the BNB Price the trend shows a rounded lower pattern on the weekly chart. The bullish pattern forms a neckline at $662 but fails to close weekly above it.
Amid the broader market correction, BNB price fails to surpass the neckline with a weekly drop of 9.69%. This undermines the previous week’s 11.65% bullish engulfing candle.
Currently, the decline finds support at the psychological $600 mark and triggers a reversal towards a breakout. However, a bearish trend in the crypto below $600 will put the $564 level at risk.
Solana below $150 will soon test $125
With a bearish reversal from the $190 mark, rejection of the higher price leads to a drop below the psychological $150 mark. The 10% drop this week forms a bearish engulfing candle, a continuation of the bearish engulfing candles. wick over the last few weeks.
The bearish crossover on the MACD and signal lines with the falling Solana market price provokes a bearish continuation. Furthermore, according to the Fibonacci level, the drop approaches the 50% Fibonacci level.
However, crypto price action triggers a double bottom reversal at the crucial support level for a price bounce back to $200.
Will the crypto market recover?
As the broader market correction persists, buyers remain strong at the crucial support level, preparing for a bullish reversal. Hence, the double-edged position of the crypto market could end optimistically with a recovery at the end of June.