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Bitcoin, Ethereum Technical Analysis: BTC Falls Below $20,000 as U.S. Consumer Confidence Plunges 

News Feed - 2022-06-29 10:06:22

Bitcoin, Ethereum Technical Analysis: BTC Falls Below $20,000 as U.S. Consumer Confidence Plunges 


Bitcoin fell below $20,000 during Wednesday’s session, as markets reacted to yesterday’s weaker-than-expected consumer confidence report. The expectation for economic growth also fell to a nine-year low. This resulted in ETH also dropping, with prices hitting a six-day low. Bitcoin


The world’s largest cryptocurrency fell below $20,000 on hump day, as traders reacted to Tuesday’s consumer confidence report.


Figures from the Conference Board showed that its index went from 103.2 in May, to 98.7 during June.


As a result of weakening expectations for economic growth, traders were anxious on Wednesday, resulting in many liquidating positions in crypto. BTC/USD – Daily Chart


BTC/USD slipped to an intraday low of $19,937.79 earlier in today’s session, which is its weakest point in nearly a week.


Overall, prices have now fallen for four consecutive sessions, with bears seemingly targeting the recent price support at $18,850.


Although currently tracking at 31.50, the 14-day RSI looks to recapture its own floor at 30, and should this happen, we could see BTC below $19,000.


Ethereum


ETH was also lower on Wednesday, as prices of the token fell by nearly 10% earlier in today’s trading session.


After a turbulent session on Tuesday, where ETH/USD managed to stay above $1,200, this level was well broken on Wednesday.


As of writing, ETH has so far fallen to an intraday low of $1,111.20 on hump day, which is over $100 below yesterday’s peak at $1,229.74. ETH/USD – Daily Chart


Like bitcoin, it appears that ethereum is heading to a floor of its own, with bears edging closer to the $1,050 point.


Today’s sell-off has seen ETH/USD fall below recent support at 35.85, which seems to have been the signal bears were waiting for before reentering the market.


Should this downward trend continue, we could see price strength fall below its floor of 30, which could see ETH go under $1,000. Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum


Will we see bulls attempt to buy the dip, and prevent further declines? Leave your thoughts in the comments below. Eliman Dambell


Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Biggest Movers: AVAX, SOL Slip by 14% on Wednesday, as Prices Near 1-Week Low MARKET UPDATES | 8 hours ago Biggest Movers: XTZ, FLOW Reach Multi-Week Highs on Tuesday MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleRussian Parliament Adopts Tax Rules for Digital Assets Next articleFTX CEO Sam Bankman-Fried Warns More Crypto Company Insolvencies Are Coming Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits


As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

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