Top cryptocurrencies Bitcoin and Ethereum are trading in a tight range for a couple of days. BTC price is struggling at the psychological level of $20k whereas ETH price is fluctuating just above the $1,000 level. Likewise, major altcoins are struggling to hold the recovery.
After many attempts, Bitcoin Price is now above $20K in the past 24 hours. However, with options expiry set on June 24th, traders can likely expect BTC to drop below $20K. At present, the major resistance is at $21K, If Bulls stay above this level for a longer time the flagship currency can rally towards the next resistance level at $22.5K.
On the downside, if the bitcoin price falls below the crucial level at $20k, it might test the major support at $19K. However, dropping below this level can indicate BTC Price will restest the recent bottom at $17.7K.
Bitcoin and Ethereum To Hit New Lows Soon!
Local bottom formation between $16k-17k pic.twitter.com/VwT2av5ONK
— il Capo Of Crypto (@CryptoCapo_) June 22, 2022
As per the popular crypto analyst, Capo, Bitcoin (BTC) Price is forming a bottom at nearly from current price. He Expects the flagship currency to drop at $16k-17k in the coming days before surging up into an accumulation phase.
Based on the funding rates at different exchanges, the analyst confirms that :
“The $30k support was very similar to the $6k support in 2018. Once it broke, capitulation phase started, but if we compare both we can clearly see that it’s not over yet. Funding rates also validate this.”
Overall, by observing the technicals and charts Capo believes that the crypto market looks ready to hit new lows before the end of the week.
Coming to Ethereum Price, As per Capo, Ethereum Price is all set to plunge to $700 level dropping from current levels.
“Main target reached, bounced from there, but no bottom formation yet. Eyes on $700-800 as new support zone, which would complete the 5th of the 5th wave.”