Bitcoin (BTC<\/a>) faced continued selling pressure before the June 13 Wall Street open as Ether (ETH<\/a>) revisited\u00a0multiyear lows.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0showed BTC\/USD eclipsing its 10-month lows<\/a> set in mid-May.<\/p>\n The largest cryptocurrency<\/a> faced bearish triggers on multiple fronts, these coming from both within and beyond the crypto sphere.<\/p>\n Fintech protocol Celsius appeared on the brink of meltdown after operations were halted, turning billions of dollars in collateral into new risk for crypto markets. In an event ironically similar to that which caused the May rout, Bitcoin and altcoins kept falling as fresh uncertainty filled the air.<\/p>\n Macro conditions were hardly better, with Asian markets selling off and Wall Street futures looking set to continue the downtrend that set in last week.<\/p>\n Inflation concerns likewise remained ahead of crucial comments from the United States Federal Reserve due June 15.<\/p>\n \u201cI call it.. the long bear,\u201d popular analyst Crypto Chase\u00a0summarized<\/a>:<\/p>\n \u201cFor real though, we do not know when Fed will change tune, developments of war in Ukraine, US presidential election on horizon, supply chain issues, etc. Markets do NOT like uncertainty. I can be a trader of bounces sure, but investor? Not yet.\u201d<\/p><\/blockquote>\n Others were more confident, both on longer and shorter timeframes.<\/p>\n Here is your smart money. Since our Wave 3 peak at 65k they have increased $BTC<\/a> holdings from approx. 11M to over 13M. This is a re-accumulation range, not distribution. Look at the comments below- most say “they must be selling” or “they already sold”. Nah, the data doesn’t lie. https:\/\/t.co\/LVLhiNWNxM<\/a> pic.twitter.com\/2QqXEKWmDY<\/a><\/p>\n \u2014 CrediBULL Crypto (@CredibleCrypto) June 13, 2022<\/a><\/p><\/blockquote>\n \u201cThe expectations are that the FED will hike on next week\u2019s meeting,\u201d Cointelegraph contributor Micha\u00ebl van de Poppe added<\/a>:<\/p>\n \u201cNormal, and highly expected. However, this expectation is overshooting towards extensive hikes (75bps). I don\u2019t see that. Probably 50bps and that\u2019s it. Markets always overreact.\u201d<\/p><\/blockquote>\n The overall cryptocurrency market capitalizatio, meanwhile, fell under the $1 trillion mark for the first time since February 2021.<\/p>\n Continuing the bearish theme, altcoins looked even more primed to hemorrhage value on the day.<\/p>\n Related:\u00a0Lowest weekly close since December 2020 \u2014 5 things to know in Bitcoin this week<\/a><\/em><\/strong><\/p>\n Ether, fresh from dropping below its realized price<\/a> over the weekend, is now trading below its all-time highs set during Bitcoin\u2019s previous halving cycle.<\/p>\n This is the last time $ETH<\/a> went oversold on the weekly (hasn\u2019t confirmed here yet). <\/p>\n I had no followers, but macro bottom ticked it. <\/p>\n Note, you can push way lower on weekly rsi, not trying to catch a bottom. https:\/\/t.co\/kLCynTKTcS<\/a><\/p>\n \u2014 The Wolf Of All Streets (@scottmelker) June 12, 2022<\/a><\/p><\/blockquote>\n ETH\/USD fluctuated near $1,230 at the time of writing, a level last seen in January 2021. The old cycle\u2019s peak, set in January 2018, was around $1,530.<\/p>\n \u201cThings getting so bad so fast that the 200W SMA for $BTC & $ETH will both be severely tested,\u201d crypto venture capital fund Placeholder founder Chris Burniske concluded<\/a>:<\/p>\n \u201c$ETH likely breaks it cleanly & heads to bigger psychological test of $1K, $BTC will put up a bigger fight but given the clouds on the horizon hard to see it not toying w\/ $20K & below.\u201d<\/p><\/blockquote>\n The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/59fbd4b5-e041-4262-8455-6934d8c1aab1.png\")
Bitcoin battles for $24,000<\/h2>\n
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Ethereum faces $1,000 price target<\/h2>\n
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