Bitcoin dropped by 4.55% on Monday losing all the gains worked over the weekend. The cryptocurrency markets still cannot recover from the sharp sell-off in May. Bitcoin seems to be locked within the $30k-$40k range, approaching the lower support recently, which may worry holders around the world.
At the moment it is trading just below $34,000 on PrimeBit. Fortunately for margin traders, the price movements are significant, which shows great opportunities for well-timed leveraged traders.
Meanwhile, Ethereum has been outperforming Bitcoin. In the last 11 days, the cryptocurrency gained over 26% despite the sharp drop on Monday. ETHUSD is trading at $2,274 at the moment of writing this article.
The most significant reason for ETH to appreciate is a significant and widely anticipated improvement proposal (EIP-1559), which has been running on testnet since June 24. The modification should ease the pressure for the miners to sell the income made on transaction fees.
The $30,000 support level is critical for all cryptocurrencies, especially after the second-worst quarter in bitcoin’s history. Make sure you are ready if BTCUSD approaches the support in case it might be broken.
