Bitcoin price drops 3% to ten-day lows as Ethereum inches closer to $1K

Bitcoin (BTC), which lost 3% within an hour, and Ether (ETH), drifted towards $1,000 on June 30, as pessimism overtook crypto markets.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

Traders are looking for “sweeps of lows” in BTC

TradingView and Cointelegraph Markets Pro data showed that BTC/USD hit $19,224 during Asian trading. This is its lowest level since June 19.

The new weakness in Bitcoin was caused by a lack of momentum and failure to reclaim crucial support at the 200-week moving mean. Michael van de Poppe, a Cointelegraph contributor, had previously defined the support area for the largest cryptocurrency.

In the meanwhile traders were experimenting with the possibility of a relief rebound towards $20,000.

Pic.twitter.com/ImYg5udA5I I expect to see more range trading within these prices. Breakouts and breakdowns are taking longer and the prices are getting quite extended from their averages. pic.twitter.com/ImYg5udA5I
— pedma (@pedma7) June 30, 2022

Cryptop, a trading platform, said in part to his Twitter followers that they are looking for a sweep at the lows and a recovery before considering longing. This is because there is a strong downtrend and first we want to see some strength.

The news that Grayscale had been rejected by the United States Securities and Exchange Commission in an attempt to convert its Bitcoin investment instrument, Grayscale Bitcoin Investment Trust (GBTC), into an exchange-traded funds (ETF), did not help sentiment.

The European Union also exerted regulatory pressure, voting to raise restrictions on crypto movement within the bloc.

“The agreement extends so-called “travel rule”, which is a standard in traditional finance to include crypto asset transfers. The rule requires that the beneficiary and the source of the asset be known and stored at both ends of any transfer.

“Cryptoassets service providers, (CASPs), will have to give this information to the competent authorities if there is an investigation into money laundering or terrorist financing.”

At the time of writing, the Crypto Fear & Greed Index’s sentiment gauge was at 11/100 or “extreme fear.”

Screenshot: Crypto Fear and Greed Index Source: Alternative.me

UNUS SED LEO gains while Bitfinex remains cool

Altcoins continued to be depressed on the day. ETH/USD was able to target $1,000 support for its first time in ten consecutive days.

Similar: Price analysis 6/29: BTC.ETH.BNB.XRP.ADA.SOOL.DOGE.DOT.SHIB.LEO.

ETH/USD 1-day candle chart (Bitstamp). Source: TradingView

Only major exchange Bitfinex’s UNUS SEED LEO (LEO token) continued to buck this trend, increasing 3.5% on the day and expanding monthly returns to over 20%.

The platform was previously in the news for its rapid growth in BTC/USD long positions. These positions have been stagnating since the second half June.

BTC/USD 1-day candle chart (Bitfinex). Source: TradingViewcom. You should do your research before making any investment or trading decision.

Read more https://cointelegraph.com/news/bitcoin-price-drops-3-to-ten-day-lows-as-ethereum-inches-close-to-1k