Analyst: “The situation in Ethereum is worse than Bitcoin! ETH Urgently Needs to Break This Level to Rise!”
As Bitcoin and altcoins continue to trend downward despite incoming positive economic data, analysts are predicting a deeper Bitcoin (BTC) price correction in the coming weeks due to selling from miners and general profit-taking.
Speaking to Coindesk, FxPro senior market analyst Alex Kuptsikevich stated that there is a new wave of strengthening of the dollar and increasing demand for stocks, “The demand for risky assets is gradually decreasing, which causes Bitcoin to fall.” said.
“Bitcoin continues to test the strength of the 50-day moving average, but fails to find sufficient reason to move lower.
“Such persistent testing of the lows sets the bears up for quick success towards their next target of $60,000.”
Japanese crypto exchange BitBank analysts also evaluated #BTC movements. Pointing to miners for the decline in BTC, analysts said, "Bitcoin's potential to rise remains limited due to miners' demand for cash and sales. "Since May, the net position of Bitcoin miners (BTC in – BTC out) has been gradually decreasing, indicating that the Bitcoin network's operations have tightened after the halving in April." said.
“From a technical perspective, both Bitcoin and Ethereum are trending downwards, but #ETH looks worse than BTC.
If ETH does not regain the $3,700 level soon, we may see more downside in the coming days and weeks.
“$67,000 remains the critical level for #BTC , but my long-term bullish expectation continues.”$
