Traders lost hope for highs this weekend as Bitcoin was rejected at the $32,400 mark and fell to the lows of $29,000. The crypto market has entered a new month but macroeconomic uncertainties remain high. This has been observed in other markets as well – the tech-heavy Nasdaq composite closed on June 3 down 2.3%, and S&P 500 lost 1.4% of its value.
Bitcoin’s push for an upper $30,000 level was rejected, hit with a wave of selling that pushed it down. At the time of writing this article, BTC was trading at $29,557. It has been down by 3.23% in the last 24-hours. The popular crypto also took down Ethereum with it. Ether is down by 4.28% in the last 24-hours and is trading at $1,753.
Altcoin Sherpa, a crypto trader, says Bitcoin’s slide back into its current range was expected. He said a bit lower seems a better place but the entire area is choppy and not very clear. The crypto trader is waiting for $28,400 first. ShardiB2, another crypto trader, lamented the price pullback into the trading range. He noted that Elon, Dimon, Goldman, etc saying that the economy is going to shift for a while. This will weigh down on markets. The trader said it’s not awesome. Bitcoin needs to hold here or revisit the $28,600 mark.
But EmperorBTC highlighted that the previous range high acted as the resistance. He outlined that the run to $32,000 was only a deviation. The crypto trader did not expect the previous range high to act as such strong resistance. Traders were looking for support at the point of control. Bitcoin decreased immediately. The price fell below the $30,800 area which was expected to provide support. Now, this has turned to resistance.