- Bitcoin price continues its sideways movement in the $21000-22000 range.
- During the Asian trading session, the price of Ethereum found support at $1600 and started a new bullish trend.
- Crypto market activity has weakened following the recent May-June crypto market crash.
Bitcoin chart analysis
The price of bitcoin continues its sideways movement in the $21000-22000 range. There have been no major movements on the chart for five days; even the MA20 and MA50 are in the middle of this channel, showing us the neutrality of their movement. For a bullish option, we need a positive consolidation and growth of the bitcoin price to the resistance at the $22000 level. We then need to see a break above and for the price to hold at that level in order for it to try to move on. Potential higher targets are $22500 and $23000 levels. We need a negative consolidation and pullback to the $21000 support zone for a bearish option. A price break below would intensify the bearish pressure, which could continue further price pullback. Potential lower targets are $20500 and $20000 levels.
Ethereum chart analysis
During the Asian trading session, the price of Ethereum found support at $1600 and started a new bullish trend. The price is now at the $1650 level and could continue towards the $1700 level. Additional resistance at that level is in the MA200 moving average. A price break above would break that barrier, and it would be easier for the price to continue on to the next resistance at the $1800 level. We need a negative consolidation and a return to the $1600 support level for a bearish option. A price break below would increase bearish pressure, which would negatively affect Ethereum. Potential lower targets are $1550 and $1500 level.
Crypto market activity has weakened following the recent May-June crypto market crash, with traders in many countries losing interest in investing in the crypto market. According to Arcane Research, traders from 20 countries account for 52.4% of all crypto exchange visits. They showed data on visits to crypto exchange websites in the last 90 days. This also indicates increasing interest among traders in the price of cryptocurrencies falling to lower levels. The first three countries are the USA with 14.33% of traffic, followed by South Korea with 6.51%, and Russia with 4.87%.
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