Bitcoin and Ethereum: Seven-day low
- The price of Bitcoin today formed its seven-day low at the $19600 level.
- The price of Ethereum fell below the $1100 level this morning.
- The price of Bitcoin is falling again, and the bulls are seen handing over the $20,000 marker to the bears.
Bitcoin chart analysis
The price of Bitcoin today formed its seven-day low at the $19600 level. Early this morning, we saw a break below $20,000, which added to the bearish pressure. If we do not see a price return above this level, the price of Bitcoin could continue its nine-month bearish trend. We need further negative consolidation, and the price could continue towards the lower support at $19000 from the beginning of July. Failure to stay at this level would push the price towards the next lower support at the $18000 level. We need a positive consolidation above the $20000 level for a bullish option. After that, the price should continue to recover. Our potential next target is the $21,000 level. If the price manages to maintain at that level, a new bullish impulse towards $22000 could result.
Ethereum chart analysis
The price of Ethereum fell below the $1100 level this morning. We found support at the $1050 level. We see a short recovery to $1075, and now we are watching this consolidation. The price could rise to the $1100 level, and if we don’t see a break above, the bearish trend could continue with a target at the $1000 level. The last time we were at the $1000 level was June 30. We need a positive consolidation and a breakout above this morning’s opening price for a bullish option. After that, we get additional support in the MA20 moving average. Based on that, the price could continue up to the $1150 level, where we encounter the MA50 and MA200 moving averages. If we overcome that level, the next target is the $1,200 resistance zone.
The price of Bitcoin is falling again, and the bulls are seen handing over the $20,000 marker to the bears. Not only is the current macroeconomic backdrop unchanged, but it is also getting worse with more blockades in China, an energy crisis in Europe, and continued inflation in the US. At the same time, the labor market remains tight due to rising wages. In addition, bitcoin’s credibility was damaged as a Bloomberg survey on Monday projected $10,000 among institutional and professional traders, meaning more pain is to come for the already shaky bitcoin price.
Investors with less than one bitcoin are collectively adding to their balance at a rate of 60,460 bitcoins per month, the most aggressive rate in history, according to an analysis by Glassnode. Whales with more than 1,000 bitcoins added 140,000 coins per month, the highest rate since January 2021.
“The market is converging on a HODLer-led regime,” Glassnode said in a note.
About 55% of retail crypto investors in the US held their investments in response to the recent selloff. In comparison, about 16% of investors worldwide increased their exposure to retail crypto in June, according to a survey of retail investors by eToro.