BTC dips below $29,000 as weekend kicks off – Market Update Bitcoin News

Bitcoin bears re-entered the market on Saturday as prices started the weekend near multi-week lows. bitcoin fell below $29,000 again, while Ethereum Continuing lower, it is now hovering around $1,750.

bitcoin

After a brief rebound on Friday, bitcoin Prices were lower again and the weekend started below the $29,000 mark.

saw yesterday bitcoin/USD hit an intraday high of $29,335.03 but fell to a low of $28,326.61 earlier in the day as bears re-entered the market.

Today’s move took Bitcoin below its current support at $28,800 and pushed the price to a 16-day low below $27,700.

Bitcoin, Ethereum Technical Analysis: BTC falls below $29,000 over the weekend
bitcoin/USD – daily chart

comprehensive, bitcoin Down more than 1% over the past seven days, the market has mostly consolidated during this period.

Many now believe that we may have seen the worst sell-off in cryptocurrencies after a bearish period in April and May, with the potential for a modest rebound in June.

The 14-day RSI is currently tracking the bottom of 35. If this breaks, we could see more declines until the bulls decide to really recapture sentiment.

Ethereum

Ethereum It fell for the fourth straight session as bears refused to give way to any incoming bulls trying to stabilize prices.

So far on Saturday, Ethereum It has fallen to a low of $1,721.26, its lowest since May 12, and comes as another floor is broken.

Despite the recent dip, the $1,750 level appears to be Ethereum/USD acts as a support point, but the bottom was tested earlier today.

Bitcoin, Ethereum Technical Analysis: BTC falls below $29,000 over the weekend
Ethereum/USD – daily chart

Although it failed the initial test, we have seen some pushback, currently at $1,776.19.

comprehensive, Ethereum Now down nearly 10% in the past 7 days, some expect a rise to $1,600 in the next few weeks.

Will June be another bearish month for cryptocurrencies? Leave your thoughts in the comments below.

Elijah Danbell

Eliman brings an eclectic perspective to market analysis, having served as a brokerage director, retail trading educator and market commentator for cryptocurrencies, stocks and foreign exchange.




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