Despite a strong start to the week, bitcoin fell below $30,000 on Thursday, as crypto bears returned to action. Following an uncertain day of trading yesterday, bearish momentum has taken charge of markets, with ETH also in the red.
Following a strong start to the month, BTC fell lower, dropping below $30,000 on the second day of June.
Bitcoin rallied to a nearly three-week high earlier this week, however on Thursday fell to an intraday low of $29,501.59.
This drop comes less than 24 hours after BTC/USD hit a high of $31,848.82. However, as we approach tomorrow’s NFP report, market uncertainty seems to have pushed prices lower.
Today’s move sees prices fall below the recent resistance level of $30,500, and they now look set to move towards a floor of $28,600.
Bulls have so far resisted any further declines, with the $29,500 point acting as interim support, however should bearish pressure intensify, we will likely see this decline extended.
A reason for the interim support is likely a result of the 14-day RSI holding firm at a support of its own, at 44.
After recent highs of its own, ETH dropped below $2,000 on Wednesday, however this decline has only worsened as the week has progressed.
ETH/USD dropped below $1,800 on Thursday, hitting an intraday low of $1,776.05 in the process.
Similar to bitcoin, ETH has broken below a ceiling as prices plunged, with support of $1,715 now a likely target for bears in the market.
As can be seen from the chart, moving averages of 10-days and 25-days have moved closer in proximity, which despite today’s selloff is still a positive sign for bulls.
This is due to the fact that the likelihood of an upward cross has once again increased, meaning we could be set for a huge bounce in price.
The 14-day RSI here is also at a floor, and should this hold, bullish hopes may not be entirely lost for a strong month in June.
Could a strong NFP report send crypto prices higher? Leave your thoughts in the comments below.
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