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After a sharp sell-off on Friday, Bitcoin price is trading sideways on Monday. Ethereum and Solana prices are also exhibiting a similar trend as the investors await key CPI data for May. Nevertheless, XMR, QNT and CHZ emerged as the biggest gainers during the first trading session of the week.
The hotter-then-expected US jobs data has jolted the traditional markets. Consequently, at press time, the S&P 500 and Nasdaq 100 index were down 0.10% and 0.15%, respectively. Friday’s report showed that the US employers added $272,000 jobs in May which was much higher than the market expectations.
As a result, BTC price fell below $68,420 before recovering back above $69,600. ETH price also dropped significantly and bottomed out at the fresh monthly lows of $3,600.
All the $200 price predictions for SOL crypto are hanging by a thread after the recent sell-off. Solana price once again failed to clear the resistance above $175 and dropped to $152 last week. After a strong recovery, the digital asset is trading close to the $160 mark on Monday.
Technical analysis reveals that Solana is hovering within the two different ranges. After losing the $166 range lows, the price is now gravitating toward the lower range as shown in the chart below. An acceptance below $155 might signal a bearish continuation toward the $140 level. In this scenario, $137.8 support needs to be held on the daily timeframe to avoid a deeper correction.
A look at the BTC/USD chart on 1D timeframe shows that the pioneering cryptocurrency is struggling to overcome the supply zone which lies just above $71,000. There have been many attempts to absorb this supply in the last 3 months but the selling pressure has always resulted in a rejection.
After another rejection last week, $66,800 support has become very critical for the Bitcoin price prediction. A daily closure below this level will flip the outlook bearish.
Despite the approval of 19b-4 filings, the first-ever spot Ethereum ETF is yet to go live due to pending S-1 approval. The delay in ETF listing has increased the selling pressure on ETH which is now retesting the range lows around $3,650. A breakdown below this level could trigger a strong sell-off toward $3,357.
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
