Bitcoin (BTC): Short-Term Support Under Threat as Favorable Sentiment Wanes

The cryptocurrency marketplace is finishing the week at the red after giving back all its earlier gains.

Bitcoin (BTC): Short-Term Support Under Threat as Favorable Sentiment Wanes

A raft of alt-coins are registering double-digit losses and the overall market tone has turned from excited to quiet over the past weeks. Reaction to any positive thing, or tweets, is now more muted than previously and also the market looks set to evaporate still. Eyes turn to recent support levels to find out whether they hold otherwise, the bears will continue to press on the market lower. Buyers don't have any need to rush in the market.

Bitcoin's (BTC/USD) continues to fade lower after running into resistance only under $42,000 earlier in the week. We have been considering a resistance between $42k and $43.5k for the past couple of weeks and this held company at its first effort. A fundamental short-term ascending channel was built over the previous 10 days and the station support is presently coming increasing pressure, leaving Bitcoin vulnerable to additional losses. Support levels around $35k and $32.5per cent before $31k and the significant $30k. As always, weekend-thinned markets leave the cryptocurrency market vulnerable to sharp movements.

The second-largest cryptocurrency by market cap continues to fade making new lower highs along the way. ETH/USD is close to creating a three-week low and the excitement seen in the coin in the end of last season to its summit at only under $4,400 has now disappeared. The May 30 swing-low around $2,180 is under pressure with a confirmed break opening the way to $2,000 or possibly lower.

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