Bitcoin has dropped nearly 22% over the past weekend due to China’s recent measures regarding cryptocurrency mining. Most altcoins followed BTC, of course, and volatility showed no signs of waning. Litecoin is also down almost 14% in the last 24 hours.
Bitcoin (BTC) price analysis
Bitcoin price has been bearish for most of the past week. BTC managed to climb to about $ 41,500 on June 14. However, currently, BTC is trading in the red and is finding buyers around $31,600. Bears have been dominant for almost a week and a half. On the 4-hour trading chart, the coin still does not seem to have started its recovery journey.
At the time of writing, Bitcoin’s market value has declined by 3.3% daily. On a weekly basis, this decline exceeded 22%. Bitcoin has been maintaining the support level of $ 32,600 since June 8, but today this level was broken, the cryptocurrency even fell below $ 30 thousand.
The market is showing an increase in selling pressure as the cryptocurrency hovers near the 30 level on the Relative Strength Index. The Awesome Oscillator is giving mixed signals, mostly bearish, with prices rising and falling a bit over the past week.
Regarding price fluctuations, Bollinger Bands pictured expansion. This is interpreted as a sign that price volatility can be expected in the next few trading sessions.
Litecoin (LTC) price analysis
Litecoin has been mostly horizontal on the charts for most of this month. However, the last few days did not feel very good for LTC as it dropped below the $131 support level. At the time of this writing, LTC is priced at $120.62. We are at the lowest point crypto has seen since the cryptocurrency crash in May.
If Litecoin’s current price remains stable for a while, the coin may start to see some price corrections. The Bollinger Bands moved upwards with a slight divergence, indicating that there may be some price volatility.
The MACD’s histogram turned bearish on June 16 and has been moving with bearish momentum ever since. We can also see that there are a lot more sellers than buyers as the Relative Strength Index indicator is below the 30 mark.