Decentral Block Post

Ethereum's native token Ether (ETH) is showing signs of bottoming out as ETH price bounced off a key support zone. Notably, ETH price is now holding above the key support level of the 200-week simple moving average (SMA) near $1,196. 

The 200-week SMA support seems purely psychological, partly due to its ability to serve as bottom levels in the previous Bitcoin bear markets.

Independent market analyst "Bluntz" argues that the curvy level would also serve as a strong price floor for Ether where accumulation is likely. 

He notes:

"BTC has bottomed 4x at the 200wma dating back to 2014. [Probably] safe to assume it's a pretty strong level. Sure we can wick below it, but there [are] also six days left in the week."

Bitcoin (BTC) crept higher after the June 14 Wall Street open as analysts hoped that long-term support had been preserved.

Hopes for "relief" from FOMC meeting

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it traded above $22,500 at the time of writing, having hit local highs of $23,300 on the day.

The pair had seen a strong bounce after nearing $20,800, with traditional markets likewise recovering after panic set in over United States inflation.

Eyeing where Bitcoin could go next, on-chain analytics resource Material Indicators noted that the market had reclaimed the 200-day simple moving average (200 SMA), an important feature of Bitcoin bear markets that acted as support throughout previous price cycles.

Nonetheless, it was "too early to tell" if the 200 SMA would continue to provide an attractive zone, a tweet stated, with the Federal Reserve due to provide inflation cues on June 15.

Bitcoin (BTC) megahodler MicroStrategy can ride out further BTC price declines, even if it falls to just $3,500, its CEO confirms.

In a tweet on June 14, Michael Saylor sought to allay fears that his firm's BTC exposure may be about to cost it dearly.

Saylor stays calm as MSTR dips further

With the largest corporate Bitcoin treasury, MicroStrategy has felt the pain of this year's BTC price declines — at least on paper.

According to the monitoring resource Bitcoin Treasuries, the firm's 129,218 BTC stack is currently being held at a net loss of $1.06 billion — around two-thirds of its total market cap.

This week, rumors over a potential default on a $205 million used to purchase those reserves intensified. Specifically, BTC/USD dropping below $21,000 would trigger a margin call, potentially losing MicroStrategy its position if it did not respond with extra capital.

Bitcoin (BTC) came within $1,000 of its previous cycle all-time highs on June 14 as liquidations mounted across crypto markets. 

Bitcoin price hits 18-month lows

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $20,816, on Bitstamp, its lowest since the week of December 14, 2020.

A sell-off that began before the weekend intensified after the June 13 Wall Street opening bell, with Bitcoin and altcoins falling in step with United States equities.

The S&P 500 finished the day down 3.9%, while the Nasdaq Composite Index shed 4.7% ahead of key comments from the U.S. Federal Reserve on its anti-inflation policy.

The worst of the rout was reserved for crypto, however, and with that, BTC/USD lost 22.4% from the start of the week to the time of writing.

Bitcoin (BTC) came within $1,000 of its previous cycle all-time highs on June 14 as liquidations mounted across crypto markets. 

Bitcoin price hits 18-month lows

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $20,816, on Bitstamp, its lowest since the week of December 14, 2020.

A sell-off that began before the weekend intensified after the June 13 Wall Street opening bell, with Bitcoin and altcoins falling in step with United States equities.

The S&P 500 finished the day down 3.9%, while the Nasdaq Composite Index shed 4.7% ahead of key comments from the U.S. Federal Reserve on its anti-inflation policy.

The worst of the rout was reserved for crypto, however, and with that, BTC/USD lost 22.4% from the start of the week to the time of writing.

Ripple general counsel Stu Alderoty has slammed the United States Securities and Exchange Commission (SEC) for trying to “bully, bulldoze, and bankrupt” crypto innovation in the U.S. in the name of expanding its own regulatory territory:

“By bringing enforcement actions–or threats of potential enforcement–the SEC intends to bully, bulldoze, and bankrupt crypto innovation in the U.S., all in the name of impermissibly expanding its own jurisdictional limits.”

Alderoty shared his views on Monday amid an ongoing lawsuit between Ripple and the regulator, which he says is part of the “SEC’s assault on all crypto in the U.S.” by treating every cryptocurrency as a security:

“Like a hammer wanting everything to be a nail, the SEC is keeping everything murky so it can argue every crypto is a security.”

Ripple Labs has been embroiled in a legal battle with the SEC since December 2020, when the securities regulator filed a lawsuit alleging that Ripple executives had used Ripple (XRP) tokens to raise funds for the company starting in 2013, claiming it was unregistered security at the time.

Bitcoin's (BTC) month-long choppy price action came to an end on June 13 after a deep market sell-off pressed the top cryptocurrency under the $29,000 support. The move took place as equities markets also sold off sharply, hitting their lowest levels of the year. 

Data from Cointelegraph Markets Pro and TradingView shows that the Bitcoin sell-off began late in the day on June 12 and escalated into midday on June 13, when BTC hit a low of $22,592.

Here’s a look at what several market analysts are saying about Bitcoin's drop and whether this is the final capitulation event before the long-awaited price bottom.

Is there solid support at $23,000?

Previous instances of bear market capitulation have seen a solid level of support at Bitcoin’s 200-week moving average, as shown in the following chart posted by market analyst and pseudonymous Twitter user “Rekt Capital.”

Based on the trend from the last two cycles, Rekt Capital suggested that it's possible that BTC could see a “macro double bottom at the 200-week moving average” moving forward if the price action plays out in a similar fashion.