However, long-term bullish catalysts are intact.are experiencing a short-term pullback after failing to break through new all-time highs. This decline can be attributed to investors liquidating long positions following the recent Federal Reserve meeting. However, the outlook for the cryptocurrency market remains bullish in the medium and long term.
Additionally, the highly anticipated launch of Ethereum spot ETFs in July is expected to generate substantial demand, similar to the bull run witnessed after Bitcoin ETF approval in January. This launch could propel Ethereum to new highs, potentially benefiting Bitcoin as well.Looking at the current correction in more detail, the main driver appears to be the liquidation of around $420 million in long positions following the Fed meeting.
The first significant support level for Bitcoin lies in the $63,000 to $64,000 range. If this support is breached, the next target could be the medium-term low of around $57,000, established in early May.Ethereum's recent declines over the past three weeks have eased, stabilizing around the $3,400 mark, just above a critical support level.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Investingcom - 🏆 450. / 53 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »