BTC Drops Below $29,000 to Start the Weekend – Market Updates Bitcoin News

Bitcoin bears returned to the market on Saturday as the prices fell to an all-time low of $1,750. BTC dropped below $29,000 once more, while ETH is still moving lower and currently hovers around $11,750.

Bitcoin

After a short rebound Friday, BTC prices fell again, falling below $29,000 to begin the weekend.

BTC/USD set an intraday record of $29335.03 yesterday. However, bears entering the market today caused prices to plummet to $28,326.61.

Today’s move sees bitcoin fall below its current support level of $28,800, and push price closer to a 16-day low below $27,700.

BTC has fallen more than 1% over the past seven days. Markets have been consolidating in that time period.

Many people believe that we have now seen the bottom of the crypto market after bearish spells in May and April. However, there is still the possibility of a minor rebound in June.

The 14-day RSI currently tracks at a floor level of 35. We could experience further declines if this happens.

Ethereum

ETH plunged for the fourth session in succession as bears refused any incoming bulls. They tried to stabilize prices.

ETH’s current low point is $1721.26, as of Saturday. It is now at its lowest level since May 12.

It appeared that the $1,750 support level for ETH/USD had been acting as a resistance point despite recent falls, but this floor was actually tested today.

Although the test failed, there has been some resistance and now prices trade at $1776.19.

Overall, ETH has fallen by close to 10% over the past seven days. Some expect ETH will move towards $1,600 within the coming weeks.

Could June prove to be another bearish crypto month? Please leave your comments.

Eliman Dambell

Eliman has a unique perspective on market analysis, having been a broker director, educator in retail trading, and commentator on Crypto, Stocks, and FX markets.