With a 1% drop last night, Bitcoin price struggles to hold above the $66,000 level and the bearish influence over the altcoins increases. Amidst the increasing supply pressure, the crypto market crash intensifies putting additional pressure on the support zones.
Currently, the total market cap of the crypto world excluding Bitcoin taken a dip close to $1 Trillion. This indicates a downfall of almost 10% within 10 days and hints at a continuation of the broader market’s failure to reverse the sentiments.
Further, with more than $800 million in long liquidations over the last five days, the crypto market is gaining momentum on a downhill. Will the crypto market witness a bullish trend revival this month or will the crash continue for Bitcoin and altcoins?
Check out our analysis of the Crypto Market Crash to determine how low can Bitcoin and altcoins drop.
Breaking below the support trendline, the BTC price struggles near the $66,000 level at the 23.60% Fibonacci level. With this reversal, the bullish breakout chances of an inverted head and shoulder pattern turn to zero.
As per the trend-based Fibonacci levels, the downfall under the $66,000 level could result in an intense correction phase. In such a case, the bearish trend could extend to the psychological mark of $60,000.
However, the lower price rejection in the Bitcoin price teases a potential bullish comeback this week. If the buying pressure resurfaces to overcome the bearish influence, then the crypto could reach $71,392.
With the broader market turning red as Bitcoin steps down to the $66,000 mark, Ethereum market price takes a bearish turn. However, with a morning star pattern and intraday rise of 1.60%, the ETH price may soon surge beyond $3,600.
Moreover, with a bullish crossover in the MACD and signal line the upside chances for the Ether is increasing. In the weekly chart, the bullish trend lacks momentum to surpass the $3,842 barries, leading to a double top pattern.
With a neckline at $2,807, the downside potential in the crypto is substantial is the broader market recovery fails.
With a new all-time high formation at $724, the BNB price trend shows a rounding bottom pattern in the weekly chart. The bullish pattern forms a neckline $662 but fails to get a weekly closing above it.
Amidst the broader market correction, the BNB price fails to surpass the neckline with a weekly drop of 9.69%. This undermines the bullish engulfing candle of 11.65% a week prior.
Currently, the downfall takes support at the $600 psychological mark and teases a reversal for a breakout. However, a downtrend in the crypto under $600 will put the $564 level at risk.
With a bearish reversal from the $190 mark, the higher price rejection leads to a drop under the $150 psychological mark. The 10% drop this week forms a bearish engulfing candle, a continuation of the long-wick candles over the past few weeks.
The bearish crossover in the MACD and signal lines with the downfall in the Solana’s market price teases a bearish continuation. Further, as per the Fibonacci level, the downfall approaches the 50% Fibonacci level.
However, the crypto price action teases a double bottom reversal at the crucial support level for a price jump back to $200.
As the broader market correction persists, the buyers stand strong at crucial support level preparing for a bullish reversal. Hence, the double edged position of the crypto market might end on an optimistic note with a recovery in June end.
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