- Bitcoin price falls into the 200-week moving average, liquidating $348 million in the process.
- Ethereum price did not find support at the 2017 all-time highs at $1427.01.
- Ripple price falls from a triangular pattern in nearly a straight line.
The crypto market needs to turn soon, or summer will be a very disappointing time for investors. Here’s a June recap of Bitcoin, Ethereum and XRP prices.
Bitcoin price shatters optimism
Bitcoin price currently trades at $21,800. The 200-week moving average is being tested as support, and it could be the catalyst before a reversal occurs. Coinglass has reported that $348 million have already been liquidated. Despite the severe loss in value for the peer-to-peer cryptocurrency, someone is making out as a big winner. If the bulls do not provide support soon, a break into the 2017 all-time highs at $19,798 will be the next probable target.
Invalidation for traders willing to participate in a high-risk high-reward trade setup is a breach and close above $25,500 on the daily chart. Said price action could be the catalyst to send Bitcoin price back to $28,000, resulting in a 20% increase from the current BTC price.
BTC/USDT 1-Day Chart