On July 3, cryptocurrency investors did not see gains, and BTC price fell to $59,600. Historical data suggested July would bring an increase after June’s declines, but this has not been the case so far. What are the predictions for the two largest cryptocurrencies by market value?
Bitcoin (BTC)
Bears remain strong, and on July 3, BTC tested $60,000 once again. The price fell to $59,600 on the Binance exchange. Sales have not yet continued to the $56,552 support level. However, the risk is not over. Despite investor fatigue with the name Mt Gox, the potential sale of over $9 billion continues to pressure the market.
Spot Bitcoin ETFs need to play a savior role here. If institutional investors and individuals entering from traditional markets can turn billions of dollars in returns into buying opportunities, sales can be met. Since January, there has been a net inflow of $14.8 billion through the ETF channel (the figure has dropped significantly due to ongoing net outflows), and the total assets of all ETFs have exceeded $50 billion.
So, what do the current technical readings indicate for the BTC price? The $60,000 support is a key point, and if we start seeing closures below it, a drop to the $56,552 support could occur. Beyond that, sales could continue down to $50,000.
However, if the BTC price recovers from the $56,552 and $60,000 support levels, it will continue to fluctuate within the current range, with $73,777 as the ceiling. Although the RSI is at low levels, the Coinbase BTC Premium index is at the bottom, and many other indicators point to overselling, the billion-dollar sales potential overshadows them all.
Ethereum (ETH)
Bulls are unable to reclaim the EMA20 at $3,451 for Ether. Despite the possibility of an ETF listing next week, sales remain strong even at these levels. Bears are confident that the general market sentiment will remain negative for a while, and markets usually dislike such confident stances.
The RSI in the negative zone confirms dominant sales, while the falling EMA20 reflects selling strength. The strong support zone is at $3,240, and closures below this could lead to a drop to $3,000. Above, there are targets of $3,730 and $3,887 above $3,451.
