Bitcoin price drops 3% to ten-day lows as Ethereum inches closer to $1K
Bitcoin (BTC) lost 3% in an hour and Ether (ETH) drifted toward $1,000 on June 30 as pessimism took control of crypto markets.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $19,224 on Bitstamp during Asian trading, its lowest since June 19.
A lack of momentum on upticks combined with a failure to reclaim critical support at the 200-week moving average set the scene for fresh weakness on Bitcoin. The largest cryptocurrency thus dived to the support area defined a day prior by Cointelegraph contributor Michaël van de Poppe.
In fresh analysis on the day, meanwhile, traders toyed with the idea of a relief bounce towards $20,000.
I expect more range trading within this prices as breakouts and breakdowns take longer to happen and prices are getting pretty extended from their averages.#BTC using this hourly 50MA for short term retraces of this downtrend, so I'd expect a reversion pretty soon to that mean. pic.twitter.com/ImYg5udA5I
“We're looking for a sweep of the lows and a reclaim before we consider longing because this is a very strong downtrend and we first want to see some strength,” trading platform Cryptop told Twitter followers in part of a new update.
News that the United States Securities and Exchange Commission (SEC) had rejected a request by Grayscale to turn its Bitcoin investment instrument, the Grayscale Bitcoin Investment Trust (GBTC) into an exchange-traded fund (ETF) meanwhile did not help sentiment.
Regulatory pressure had also come from the European Union, which voted to increase restrictions on crypto movements in the bloc.
“The agreement extends the so-called ‘travel rule’, already existing in traditional finance, to cover transfers in crypto assets. This rule requires that
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