Bitcoin started to dip below $69,500, and such movements are not good. Recent news does not indicate anything bad. Biden will not use his veto right for FIT21, and the process for the ETH ETF is progressing. However, profitable investors’ profit-taking has been pushing prices down for a few hours. It is uncertain how long this will continue.
Bitcoin (BTC)
On May 20, the BTC price surged sharply, led by ETH. However, investors see the general resistance area as a better selling opportunity after the last major drops. This makes it difficult for the BTC price to hold at a high range. The ETH ETF approval could be a good catalyst for a stable rise in the short term. But the risk of a possible rejection and the sell-the-news scenario is motivating for sellers.
According to Farside Investor data, there was a net inflow of around $500 million into Spot Bitcoin ETFs in the first 2 days of the week. This is motivating, but profit-taking is likely to attract interest here as well. Normally, the price of NVIDIA exceeding $1,000 with the arrival of its earnings report would support the US stock markets (there is a positive correlation), so the current decline in crypto could be a bear trap.
Indeed, the liquidation of short positions up to $1.4 billion around $74,000 forces bears to resist. Some experts say that one should not be too optimistic in the short term. For example, John Bollinger expects consolidation or a pullback, while Material Indicators argue that one should not be confident in the rise unless $71,500 is surpassed and turned into support.
CHZ Coin Predictions
CHZ Coin price has recovered from $0.11103 but cannot overcome the barrier at $0.12700. Despite the strong recovery in BTC price, the lack of interest from bulls is noteworthy. If the resistance level cannot be surpassed, we may see the price testing the same region again. A stronger jump in BTC price or a continued rise led by ETH during its consolidation phase could target new peaks up to $0.23 with closures above $0.158.
CEEK Coin Comments
For years, it has been said that Binance would list the altcoin, but it still hasn’t been listed. It has lost a significant portion of its investors but remains above its ATL level. If the sales from $0.057 can be repelled by CEEK Coin bulls, there could be a test of $0.064. Otherwise, the last stop before the always-mentioned ATL support could be tested.
