Bitcoin is unstable and Ethereum hits a new high

• The price of bitcoin managed to climb to the $ 22,000 zone yesterday, but just short term, because a new pullback to $ 21,000 followed.
• The price of Ethereum formed its two-week maximum at $ 1280 yesterday.
• Bitcoin was recently under sale pressure after the cryptocurrency lender Celsius suspended the withdrawal.

Bitcoin chart analysis

The price of bitcoin managed to climb to the $ 22,000 zone yesterday, but just short term, because a new pullback to $ 21,000 followed. We already see a break below $ 21,000; as bearish pressure increases, BTC could fall to the $ 20,000 support zone. For now, we are holding above $ 20,750 with the help of the MA200 moving average. We will continue the bearish trend if the moving average does not support us. For the bullish option, we need a jump above $ 22,000 because that way, we would form better support and move far away from this year’s minimum.

Ethereum chart analysis

The price of Ethereum formed its two-week maximum at $ 1280 yesterday. After that, the price started a new pullback, fell below $ 1200, and we are now at $ 1180. The bearish cloud is hovering over the price chart again, and now our target is $ 1100. At the $ 1150 level, potential support can be sought in the MA200 moving average. For the bullish option, we need a new positive consolidation and a return now above $ 1250. Then the conditions for the formation of a new higher low would be created in the chart. Our next bullish target is the $ 1300 resistance zone. A break above that level would take us back to the movement zone at the beginning of June.

Market overview

Bitcoin was recently under sale pressure after the cryptocurrency lender Celsius suspended the withdrawal. Also, the cryptocurrency fund Three Arrows Capital suffered heavy losses after the collapse of LUNA. In the previous week, the market capitalization started the week at 867 billion dollars and ended at 955 billion dollars. After the revival of technology stocks and the stock index amid comments from Federal Reserve Chairman Jerome Powell, bitcoin also showed some signs of recovery after a sharp drop of 22.9% during the previous week. Powell also said that he thinks that economic growth will increase in the second half of the year. In July, the Fed is expected to increase the rate by another 50-75 basis points.