Bitcoin (BTC) is facing the risk of a short-term reversal after failing to break above the 200-day moving average, a key indicator of the long-term trend. The leading cryptocurrency has been trading below this level since mid-May.
Meanwhile, Ether (ETH), the second-largest cryptocurrency by market capitalization, has also lost momentum after a lackluster debut of six Ether exchange-traded funds (ETFs) in the U.S. on Monday. The ETFs, which track the price of ether futures contracts, attracted less than $2 million in trading volume on their first day, far below the expectations of many investors.
The poor performance of the Ethereum ETFs has dampened the sentiment in the crypto market, as some traders have shifted their focus to Bitcoin instead. However, Bitcoin is also facing strong resistance from sellers, who are taking profits near the 200-day moving average.
According to FxPro senior market analyst Alex Kuptsikevich, Bitcoin is more likely to fall than rise in the short term, as it continues to sell on growth. He added that ether’s bearish performance did little to boost confidence in top tokens.
Bitcoin and Ether Went Down
In the past 24 hours, Bitcoin has dropped 0.5% to trade around $27,697.81, while Ether has slipped 0.21% and is currently trading at $1,635.07. Other major cryptocurrencies, such as XRP and Binance Coin (BNB), have also seen little change.
One of the few exceptions is Cardano (ADA), which has gained 2.14% to trade around $0.2642. The smart contract platform has recently announced several partnerships and developments.
Another notable performer is toncoin (TON), which has surged 3.52% to trade around $2.11 On the other hand, Avalanche (AVAX), which has been one of the best-performing cryptocurrencies in recent weeks, has seen a 3.49% rise to trade around $10.61. The blockchain platform has attracted a lot of attention for its fast and scalable network, as well as its growing ecosystem of decentralized applications.
The overall crypto market capitalization has decreased by 0.01% in the past 24 hours, according to CoinGecko data. The total value of all cryptocurrencies is currently around $1.09 trillion.