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Bitcoin and Ethereum, the largest two cryptos by market cap, have been smashing price support levels as the crypto market continued to decline in recent weeks. While both cryptocurrencies dropped below key support levels during the weekend, both BTC and ETH managed to bounce back above $20,000 and $1,000 respectively by Monday.
Bitcoin and Ethereum finally fell below their respective key support levels on Saturday, June 18, 2022. At around 3 a.m. on Saturday, BTC fell below $20,000 while ETH fell below $1,000 an hour later, Decrypt reported.
Both cryptos began to show signs of recovery as both BTC and ETH started to slowly inch higher by 5 a.m. However, the upward trajectory was short-lived and both tokens plunged to their lowest levels by Saturday afternoon.
Bitcoin plunged to a low of $17,772 per coin at 4:30 p.m. EST on Saturday afternoon. The 15 percent decline marked a record breaking 12th consecutive daily decline for the crypto, according to Bloomberg data.
Meanwhile, Ether fell to as low as $898 at 4:15 p.m. on Saturday. It was ETH’s lowest price since January 2021 and marked a single-day price drop of around 19 percent.
Analysts have been watching the support levels of $20,000 and $1,000 for Bitcoin and Ether respectively. Many believed that massive selling pressure could resume once these price support levels are breached.
“If these levels break…, we can expect massive sell pressure in the spot markets as dealers hedge themselves,” former BitMEX CEO Arther Hayers said. “We can also expect that there will be some OTC dealers that will be unable to hedge properly and might go belly up.”
Thankfully, both cryptos managed to recover the following day. Bitcoin was trading at $19,075 as of 8:30 a.m. in Singapore Sunday while Ether climbed by around 11% to $1,005 on Sunday morning.
Both cryptos also managed to sustain their gains. At the time of writing, Bitcoin traded at $21,272.14 while Ether traded at $1,160.31 based on Coinmarketcap data.
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