Bitcoin (BTC) price dropped below the support level of $64,602, increasing the risk of deepening sales to $60,000. At the time of writing, the king cryptocurrency is lingering at $64,160. BTC has not yet managed to break free from the region it has been stuck in for a long time. What is the reason for this? What are the medium-term targets and current comments?
Will Bitcoin Price Rise?
BTC has been stuck between $56,552 and the ATH level of $73,777 for several months. While gradually falling, Glassnode chief analyst James Check warned about boredom, mini rallies, and declines in his assessment two days ago. According to him, these movements should not be so discouraging.
On the other hand, analysts at Bernstein revised their BTC targets up by $50,000 for the end of next year. The 2025 target, updated to $200,000, is predicted to be the peak of the bull market. Although most analysts are turning bearish, the trend continues to remain upward. At the same time, MicroStrategy announced that it bought 11,931 BTC at an average price of $65,883 despite the negative atmosphere.
On June 20, BTC failed in its upward attempt. On June 21, it violated the key support level of $64,602. Investors might be much more eager to buy if it closes above this level. This is the level that needs to be maintained in the medium term. The next key point is the 20-day moving average of $66,736. The targets of $70,000 and $72,000 are the subsequent hurdles.
Ethereum (ETH) Commentary
On June 20, ETH struggled to surpass the 20-day EMA. However, at the time of writing, it could not remain above it despite the incoming S-1 Form updates. Bears believe that Germany’s billion-dollar BTC sale will continue to pressure the markets in the short term.
If the price falls below the SMA50 ($3,458), it will pave the way for larger losses. A drop to $3,000 is technically possible. If bulls want to make a comeback on the eve of ETF approval, they must stay above $3,458 and maintain $3,575 as solid support. In this case, $3,730 and $3,977 can be targeted.
