ETH and BTC are trading at extreme levels of market pessimism amid continued bearish market action on the crypto markets. This has been one of the most bearish trend lines in Bitcoin’s history. The cryptocurrency markets remain extremely fragile and are vulnerable to an abrupt reversal away from the current bearish trend.
The weekend has come to an end, and as of now Bitcoin and Ethereum are both still trading below their 200 day moving averages, which is a bearish sign. This could mean that the longer term bullish momentum has run out of steam, and that we are now finally entering the phase where the market is getting ready to start heading upwards.
After the recent market recovery, which was mostly driven by fresh capital inflow, various cryptocurrency markets have remained relatively quiet. Since the crypto markets are highly correlated with each other, a strong move in one will most likely be followed by a downtrend in the other.. Read more about will crypto recover 2021 and let us know what you think.Ranging weekend for Bitcoin and Ethereum as ‘bearish’ inflows threaten market recovery
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Edge › Bitcoin · Ethereum › Analysis
Bitcoin and Ethereum fell back down to lower supports followed by weekend volatility.
Rohan Jethi · June 27, 2021 at 8:00 pm UTC · 2 min read
Bitcoin and Ethereum prices fell by almost 15% going into the weekend as BTC faced rejection at the $35,000 region once again.
CryptoQuant, a popular on-chain data analysis tool for cryptocurrencies, pointed out a concerning number of inflows of Bitcoin into exchanges during the weekends. Large numbers of inflows are often seen as a bearish sign and ‘bears’ take advantage of such movements and drive the price lower.
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As an independent organization in the blockchain industry, we are guided by a strict editorial policy that emphasizes objectivity and transparency in our coverage.After a strong weekend, Bitcoin and Ethereum seem to be making a strong comeback. The two leading cryptocurrencies registered gains, as the bears are taking control of the market. However, the bearish outlook is temporary, and the bulls have an opportunity to take control of the market.. Read more about the graph price forecast and let us know what you think.
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