BTC rally runs into roadblocks above $20,000 despite shifting sentiment
As mentioned in yesterday’s update Bitcoin was on quite a run from \(18,900 and had crossed the \)20,000 barrier.
While there was a sentiment shift toward the Fed being likely to pivot soon, the market could not persist due to underlying weakness. At the time of writing, Bitcoin is back below \(20,000 while ETH is fell below \)1,320 after peaking around $1,370.
From the bulls’ perspective, the current move can be seen as a healthy correction before continuation, but they will need to hold $19,500 on BTC to keep that thesis in play. For the S&P 500, June lows remain key pivot points along with upcoming indications from the Fed.
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BTC Technical Analysis
While BTC price appeared set to target the range between \(21,000 - \)22,000 in this rally, bidding action appeared to exhaust just as it reached the key resistance level at $20,500.
Presently, decreasing volumes and bearish divergences on momentum indicators imply that a cool-down phase is required before another potential leg up. However, it all depends on bulls defending the $19,500 level.
ETH Technical Analysis
While the price of ETH did go up, it hasn’t shown a lot of strength from the beginning of this move. ETH/BTC is stuck in a long-term resistance and a breakdown could violently push ETH price below \(1,200. HTF targets remain the same — at \)1,060 — but currently, we are in a symmetrical triangle and can expect support around $1,280 to form higher lows and protect the structure.
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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.