As Bitcoin price lost its $65,000 support on Tuesday, the worldwide crypto markets continue to be in a slide. Ethereum pricing also saw a fall below the important $3,400 barrier. Solana (SOL) saw a comparable price movement, declining 4.8% on the same day.
The unfavourable price behaviour of the top cryptocurrencies has produced a rather unsatisfactory exchange launch for the long-awaited ZKsync (ZK) currency. Launched yesterday in stormy market conditions, the native asset of the popular Ethereum L2 scaling solution has been in a declining spiral since its exchange listing.
Bitcoin ETFs See $565M Outflows
The most recent statistics show that last week the Bitcoin exchange-traded funds (ETFs) suffered outflows of $565 million. Analysts attribute the sell-off by the institutional investors to a hawkish FOMC announcement and dubious US economic conditions.
The Price Outlook of Bitcoin
The 4H BTC/USD chart paints a somewhat negative image. Under the previous range high, the price seemed to have acquired acceptance below the crucial $66,800 support. Bears are now thus focusing on the demand zone below $66,700. Should the declining wedge formation fail to break towards the upside in the following several days, Bitcoin price might also revisit the range lows around $60,650.
Price Forecast for Ethereum
Based on the most recent crypto news, the SEC might approve the eagerly awaited S-1 for spot Ethereum ETF on July 2nd. Should this occur, after the ETF opens on conventional platforms, the Ethereum price prediction might turn rather optimistic. But first, the smart contract digital asset must break out from the local bearish trend. This would mean, as the accompanying 4H chart shows, a recovery of the $3,500 support level.
Technical Analysis of Solana Price
Solana price prognosis is looking somewhat negative after Tuesday morning’s retest with the $127 support. Given it is trading below the daily support of $137.5, the price is barely clinging by a thread. A daily closing below this level would destroy the optimistic market structure that began following its May bottom.
The crypto market is facing a challenging phase. Bitcoin’s decline below the $65,000 support and Ethereum’s drop past the $3,400 barrier highlight broader market weaknesses. The Bitcoin ETFs outflows further emphasize the market’s current struggles in the face of a hawkish FOMC announcement and uncertain US economic conditions. Both the Ethereum price prediction and Solana price prognosis depend heavily on overcoming critical support levels and market sentiment shifts.
