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The leading cryptocurrency is trading at $66,623, while altcoin sales have weakened. BTC is still not in a safe zone. Significant losses are normal amid weak risk appetite and long-term investors selling. What levels can be tested in the coming days? What awaits investors at this stage? Current price predictions for Bitcoin and Ether.
Bitcoin (BTC)
Bitcoin, searching for a short-term bottom, continues to close above $66,000 for now. The loss of the key support level in BTC price triggered stop levels in altcoins, creating new lows. If BTC can initiate a recovery, abnormal demand for altcoins may be seen at current levels.
BTC price fell below $66,147 but reclaimed the region representing the 50-day SMA. Now, $67,863, which corresponds to the EMA20, needs to be reclaimed. While the RSI is negative, the 20-day EMA has turned downward, which is discouraging. If the 50-day SMA level is lost, we could see a deeper correction in Bitcoin price down to $60,000.
In the bullish scenario, either the EMA20 will be reclaimed from the current level, or a bounce from around $65,000 will be expected. The only trigger for a jump to $70,000 would be details favoring risk markets in the Fed’s monetary market report to Congress this coming Friday.
Ethereum (ETH) ETF
While everyone expected approval in June, SEC Chairman Gensler gave a broad timeline until the end of summer for S-1 Form approvals. Bloomberg ETF experts say the normal process is being followed, and the SEC could approve exchange listings on July 2. On June 14, the ETH price bounced from the 50-day SMA level of $3,415, partly for this reason.
Here, the 20-day EMA level, which needs to be closed above, corresponds to $3,612. Beyond this, the rally could extend to $3,730 and $3,977. In the opposite scenario, losing $3,415 could see ETH price drop to $2,850. Below $3,362, there is a risk similar to BTC’s $60,000 risk, with a potential drop to $3,000.
