The price of bitcoin (BTC) lost 3% in an hour and that of Ether (ETH) approached $1,000 on June 30, as pessimism took control of the cryptocurrency markets.
Traders eye a ‘sweep low’ for BTC
Data from Cointelegraph Markets Pro and TradingView showed that The BTC/USD pair hit $19,224 on Bitstamp during Asian trading, its lowest since June 19.
The lack of momentum on the upside, combined with the failure to reclaim critical support from the 200-week moving average, set the stage for further bitcoin weakness.. The largest cryptocurrency thus plunged into the support zone defined a day earlier by Cointelegraph contributor Michaël van de Poppe.
In the meantime, traders toyed with the idea of a relief bounce back towards $20,000.
I expect more range trading within this prices as breakouts and breakdowns take longer to happen and prices are getting pretty extended from their averages.#BTC using this hourly 50MA for short term retraces of this downtrend, so I’d expect a reversion pretty soon to that mean. pic.twitter.com/ImYg5udA5I
— pedma (@pedma7) June 30, 2022
I expect more range trading within these prices as rallies take longer to occur and prices are spreading quite a bit from their averages. BTC is using this hourly 50MA for short term retracements of this downtrend so I would expect a reversal to that mean very soon.
“We are looking for a sweep of the lows and a pullback before considering going long because this is a very strong downtrend and we want to see some strength first,” said crypto trading platform to his Twitter followers as part of a new update.
News that the United States Securities and Exchange Commission (SEC) had rejected an application by Grayscale to convert its Bitcoin investment vehicle, the Grayscale Bitcoin Investment Trust (GBTC), into an exchange-traded fund (ETF) did not helped the feeling.
Regulatory pressure also came from the European Union, which voted to increase restrictions on cryptocurrency movements. in the block.
“The agreement extends the so-called ‘travel rule’, already existing in traditional finance, to cover transfers in crypto assets. This rule requires that information about the origin of the asset and its beneficiary travel with the transaction and be stored on both sides. of the transfer”, explains a press release about the move.
“Crypto asset service providers (CASPs) will be required to provide this information to the competent authorities if an investigation into money laundering and terrorist financing is carried out.”
The Cryptocurrency Fear and Greed Index sentiment indicator stood at 11/100, i.e. “extreme fear”, at the time of writing this article.
UNUS SED LEO rises as Bitfinex longs cool
As expected, altcoins continued the depressed mood of the day, with the ETH/USD pair heading towards the $1,000 support for the first time in ten days.
Only major exchange Bitfinex’s UNUS SED LEO (LEO) token continued to buck the trend conspicuously, gaining 3.5% on the day. and expanding the monthly return above 20%.
The platform had previously made headlines for the exponential growth of its BTC/USD long positions, which leveled off in the second half of June.
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