Crypto Price Today: Bitcoin Price Trades Below $30,500, Driving Down the Markets!

Key Takeaways

• The markets continued with a narrow consolidation as the BTC price slumped below $30,500 with a depleted volume and volatility.
• Other altcoins in the space also maintain a notable descending trend but hold above the crucial support. 
• Despite the prevailing bearish action, the bulls continue to hold some strength and may quickly lift the price with a slight change in the market conditions.

CRYPTO MARKET TODAY AT A GLANCE

*As of 06-July-2023, 09:15 am

Bitcoin Prices Drop Marginally, Appears Poised to Rebound 

Source: TradingView

• With the ongoing consultation, the Bitcoin price is repeating the same consolidated pattern, which may result in a minor bullish push.
• The price continues to hover within a bullish pennant and is trying to bounce back from the lower support. 
• Meanwhile, the RSI continues to trade within the upper band, just below the resistance, indicating the bulls continue to hold strength and may trigger a rebound soon.
• However, if the previous pattern repeats, the BTC price may witness a slight upswing after the breakout but could undergo significant bearish price action and shed 8% to 10% of gains.

Read More: Bitcoin Price Prediction

Ethereum Price to Rise Above $2000 Anytime From Now!

Source: TradingView

• The Ethereum price is trading within a decisive symmetrical triangle and again failed to surpass the triangle’s upper resistance.
• However, the price is holding the interim support, which raises the possibility of a bullish rebound in the coming days.
• The RSI continues to remain incremental, which may offer the required boost to propel prices higher.
• On the other hand, if the prices undergo a minor pullback, they may drop slightly, and after a brief consolidation, they may revamp the bullish trend and break above the pattern.

Read On: Ethereum Price Prediction

Latest Updates of the Crypto Market

• Nasdaq filed a proposed rule change with the US SEC that may clear the path for a spot Bitcoin ETF. In its refiling of the spot Bitcoin ETF, this move came after BlackRock said the filings with Nasdaq and Cboe were ‘not sufficiently clear and comprehensive.’
• The prevailing consolidation is expected as an outcome of the MoM of the FOMC meeting to understand its position on interest rates.

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