Altcoins
How High Can Bitcoin and Altcoins Fall?
With a 1% drop last night, the price of Bitcoin is struggling to stay above the $66,000 level and the bearish influence on altcoins is increasing. Amid growing supply pressure, the crypto market crash is intensifying, putting further pressure on support zones.
Currently, the total market cap of the crypto world, excluding Bitcoin, has fallen by almost $1 trillion. This indicates a fall of almost 10% in 10 days and suggests a continued inability of the broader market to reverse sentiments.
Additionally, with over $800 million in long liquidations over the past five days, the crypto market is gaining momentum and seeing a decline. Will the crypto market see a resumption of the uptrend this month or will the crash continue for Bitcoin and altcoins?
Check out our crypto market crash analysis to determine how far Bitcoin and altcoins can fall.
Bitcoin, the largest crypto targets $58,165 if supply persists
Moving below the support trendline, the BTC Price is struggling near the $66,000 level at the 23.60% Fibonacci level. With this reversal, the chances of a bullish breakout from an inverse head and shoulders pattern become zero.
According to the trend-based Fibonacci levels, a drop below the $66,000 level could lead to an intense correction phase. In such a case, the downtrend could extend up to the psychological mark of $60,000.
However, the weaker rejection in Bitcoin price points to a potential bullish return this week. If buying pressure resurfaces to overcome the bearish influence, then the crypto could reach $71,392.
Ethereum Double Top Prevents Fall
As the broader market turns red as Bitcoin descends to the $66,000 mark, Ethereum’s market price takes a bearish turn. However, with a morning star pattern and an intraday rise of 1.60%, the ETH Price could soon exceed $3,600.
Moreover, with a bullish crossover of the MACD and the signal line, the chances of Ether rising increase. In the weekly chart, the uptrend lacks momentum to break above the $3,842 barrier, leading to a double top pattern.
With a neckline at $2,807, the crypto’s downside potential is substantial should the broader market rally fail.
Failed Reversal in Binance Prevents $600 Split
With a new record formation at $724, the BNB Price The trend shows a rounded lower trend in the weekly chart. The uptrend forms a neckline at $662 but fails to secure a weekly close above.
Amid a broader market correction, BNB price fails to break above the neckline with a weekly decline of 9.69%. This undercuts the 11.65% bullish engulfing candle from a week ago.
Currently, the fall takes support at the psychological mark of $600 and portends a reversal for a breakout. However, a downward trend in the crypto below $600 would put the $564 level at risk.
Solana under $150 soon to be tested at $125
With a bearish reversal from the $190 mark, the higher price rejection leads to a fall below the psychological $150 mark. The 10% drop this week forms a bearish engulfing candle, continuing the long wick candles of recent weeks.
The bearish crossover of the MACD and signal lines with the decline in the market price of Solana portends a bearish continuation. Moreover, according to the Fibonacci level, the fall approaches the 50% Fibonacci level.
However, crypto price action hints at a double reversal at the crucial support level for a price return to $200.
Will the crypto market rebound?
As the broader market correction persists, buyers remain strong at a crucial support level, preparing for a bullish reversal. Therefore, the crypto market’s double-edged stance could end on an optimistic note with a recovery in late June.