Bitcoin and Ethereum: Uptrend finally
- Late last night, the price of Bitcoin fell to $18800, after which we had a jump to almost $21000.
- Ethereum’s price jumped from $1000 to the $1100 level yesterday.
- During this bear market, Bukele announced the purchase of 80 BTC at a price of around $19,000 per BTC.
Bitcoin chart analysis
Late last night, the price of Bitcoin fell to $18800, after which we had a jump to almost $21000. Bitcoin did not have the strength to stay at that level, and we saw a new pullback to $19000. The pressure has again moved to the lower support zone, and if we continue to move at this level, a break below and the formation of a new lower low could occur. Our next target is the $18,000 level; if we don’t find support here either, the next target is the $17,000 level. We need a return above the $20000 level for a bullish option. A positive consolidation at that level could push the price higher towards the $21000 level. Our maximum target is $22,000, last week’s resistance zone.
Ethereum chart analysis
Ethereum’s price jumped from $1000 to the $1100 level yesterday. At that level, the price finds a new resistance and makes a pullback again towards $1000. Today’s minimum is at the $1030 level, but the price is still in bearish consolidation. If the pressure on the previous support zone increases, a break below and a further pullback to the $900 level could occur. We need a positive consolidation and a return above the $1100 level for a bullish option. Further bullish consolidation could send the price towards the $1200 resistance zone. Last week high awaits us at the $1275 level.
El Salvador bought 80 BTC
During this bear market, Bukele announced the purchase of 80 BTC at a price of around $19,000 per BTC. It is the best price for Bitcoin since it became legal tender in September 2021. The president was among the few figures in the crypto ecosystem to show his public support for Bitcoin. El Salvador bought 480 BTC for $10 million on June 29, at an average price of $20,817.
El Salvador’s previous purchase of Bitcoin was on May 9, when it bought 500 BTC. At the time, Bukele posted on his Twitter account that the average purchase price was $30,744 in a transaction valued at $15 million.
The bear market caused problems for exchanges, which had to lay off staff, and questions about the sustainability of cryptocurrencies. However, El Salvador proactively showed its enthusiasm. Finance Minister Alejandro Zelaya said on June 14 that the Central American country “had no losses” due to the collapse of bitcoin and stressed that the financial risk was extremely minimal.