The global crypto markets remain in a slump as Bitcoin price lost its $65,000 support on Tuesday. Ethereum price also followed with a breakdown below the critical $3,400 level. A similar price action was observed in Solana (SOL), which dropped by 4.8% on the same day.
The bearish price action of the leading cryptocurrencies has resulted in a disappointing exchange debut for the much-anticipated ZKsync (ZK) token. The native asset of the popular Ethereum L2 scaling solution was launched yesterday under turbulent market conditions. However, the coin has been in a downward spiral since its exchange listing.
According to the latest data, the Bitcoin exchange traded funds (ETFs) experienced outflows of $566 million in last week. Analysts are attributing the sell-off by the institutional investors to a hawkish FOMC statement and uncertain economic conditions in the US.
The 4H BTC/USD chart depicts a very bearish picture. The price seems to have gained acceptance below the critical $66,800 support which was the previous range high. As a result, bears are now targeting the demand zone which lies below $66,700. If the falling wedge pattern fails to break toward the upside in the next few days, Bitcoin price might also retest the range lows around $60,650.
According to the latest crypto news, the SEC might grant the much-anticipated S-1 approval for spot Ethereum ETF on 2nd July. If this happens, the Ethereum price prediction could become very bullish once the ETF goes live on traditional exchanges. However, the smart contract digital asset needs to break out of the local bearish trend first. This would mean a reclaim of the $3,500 support level, as shown in the following 4H chart.
With a retest of the $127 support on Tuesday morning, Solana price prediction is looking extremely bearish. The price is hanging by a thread as it is trading below the daily support of $137.5. A daily closure below this level would break the bullish market structure which started after its bottom in May.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.