After the relatively optimistic close of the last trading week, many traders expected good news about the bullish prospects, which did not materialize. The market continued to stall, and Bitcoin completely “dived” to the level of June 18, reaching the bottom at the position of $18,743 (according to CoinMarcetCap). The key media of the crypto community have already thundered that the last quarter for BTC was the most unprofitable in 11 years, as the flagship lost 56.27% of its value over the past 3 months. But no less dramatic was the closing of the monthly ETH candle, which marked the loss of more than 40% of its value by the cryptocurrency. In a global context over the past quarter, the crypto market has lost a huge share of capitalization, falling from $2.173 trillion to $864 billion at the time of writing. This outflow has become one of the largest in the history of the crypto, so many experts are forced to quickly change their forecasts and clarify that it may take more than one year to restore last year's quotes of key assets, if this is an achievable goal at all. We do not subscribe to these forecasts, but we propose to discuss in detail the current performance of coins in order to better navigate the state of the market at the moment.
After a recovery wave earlier in the week, Bitcoin struggled to overcome the resistance at $20,500, but ended up topping at $20,632 at the beginning of today's trading day and falling below the current support at $20,000. Moreover, crypto-gold plunged below the $19,500 mark in a matter of hours and headed towards the main support around $18,800. With the BTC price jumping from $18,743 to $20,632 in less than a day of swings before falling back to $19,264 (at the time of writing), the market has clearly plunged into massive uncertainty. However, there is no catastrophic increase in fear or greed in the BTC market, and this is perhaps the first case of mass apathy against the backdrop of a dramatic fall in the crypto.
At the same time, the RSI on the Bitcoin chart indicates a re-crossing and remains in the 29-30 range, which indicates moderate selling pressure and continued buying potential. However, the Bollinger Bands have started to become clearly narrower, which indicates consolidation among market players. BTC will most likely continue to fall to at least $18,800. However, if by some miracle the bulls manage to take the initiative, the next powerful resistance will be $19,500. After it’s overcome, it will be possible to think about recovering above $20,000.
Ethereum managed to gain a foothold above the support of $1,000, but now the token periodically drops below $1,050. It is noteworthy that over the past 24 hours it has bounced twice from the $1,009 and $1,012 levels, but has not come close to $1,000, so market analysts talk about strong support for the coin in this area. As it has been throughout June, ETH is up 3% on the day and down 8% on the week. With such dynamics, the strong resistance of the coin formed at $1065 in just a few days.
The RSI on the coin chart continues to indicate a relatively even presence of buyers and sellers given the bear market. If there is no upside breakout, the price could drop below the $1,000 support zone. The next major support is near $920, below which the price could test the $880 position or start an uncontrolled decline.
This is one of the few coins that managed to achieve a relatively stable growth in June, which made traders optimistic. But once the price of the altcoin reached key resistance at $44, the price action reversed and SOL lost 13% of its value in the last seven days. At the moment, the crypto is trading at $32.37 and, despite a slight increase, its outlook is still bearish.
At the moment, the price of the token has not yet fallen below $30, so the critical support remains around $27, which may still indicate the presence of intermediate levels of support. However, if the July market continues its bearish trend, testing of key support can be expected as early as next week. The best option for SOL at this stage, experts consider entering the range and consolidating between $27 and $44. Otherwise, the price of the altcoin will continue to decline.