Bitcoin and Ethereum Prices See Major Declines Amidst Market Turmoil

By: Eva Baxter

The cryptocurrency market is witnessing significant volatility as Bitcoin and Ethereum both experience major price declines. Bitcoin, the leading cryptocurrency, has fallen below 63,000 as markets continue to tumble. Over the past 24 hours, Bitcoin has declined by over 3% and is now testing the $60,000 support level.

The CoinDesk 20 index, which tracks major tokens excluding stablecoins, has slumped by more than 4%, indicating a broader market downturn. Analysts suggest that Bitcoin's recent double top could signal a further drop, possibly down to $50,000. Adding to the market pressure, the defunct crypto exchange Mt. Gox is set to begin repayments in July, potentially releasing over 140,000 Bitcoin into the market, which could drive prices even lower.

Ethereum has not been spared from this bearish trend. After struggling to climb above the $3,550 resistance, Ethereum trimmed its gains as Bitcoin slumped. ETH/USD traded below $3,500 and is currently facing key support levels at $3,385 and $3,350. If it fails to maintain these levels, Ethereum could be on track for deeper declines toward $3,220 or even $3,100. Key technical indicators, including the hourly MACD and RSI, are currently in the bearish zone, signaling more potential downsides.

The immediate cause for these sharp declines can be attributed to a mixture of technical market patterns and large-scale liquidations. Crypto traders have seen up to $150 million liquidated, further exacerbating the price drops. The markets are closely watching Bitcoin to see if it can hold the $60,000 support, a key psychological and technical level. The continuation of these bearish trends could determine the market's direction in the coming days.

For more on Bitcoin, visit Kraken.

For more on Ethereum, visit Kraken.