The BTC/USD coin failed to maintain its gaining streak of the previous day, and started a downside correction from the $36,650 level. Bitcoin recently broke the $34,000 support zone, to move into a short-term bearish area. It is now trading below $34,500 and the 100-hourly simple moving average. There was also a break below the 50% Fibo retracement level of the upward move, from the $30,185 downward swing to the $36,698 high. It is now trading below $34,500 and the 100-hourly simple moving average. There is also a key bearish trendline forming, with resistance near $33,800 on the BTC/USD pair’s hourly chart.

Moving on, the BTC/USD could start a fresh increase over the next days, if it remains stable above the $32,000 support zone. Immediate resistance on the upside is near the $33,800 level and the trendline. The next key resistance is near $34,000, above which the price could test the 100-hourly SMA at $34,500. Further gains in the BTC could lift the price towards the $35,000 resistance level. In that case, the buyers could even break a fresh test of $36,500.

However, the ongoing heavy selling bias surrounding the BTC/USD coin could be associated with the stronger US dollar. The broad-based greenback continued to increase against currencies in Asia on the day after the US reported fewer than expected initial jobless claims. The US dollar has been rising gradually since late May, as investors adapt to the possibility that the US Federal Reserve will raise interest rates sooner than expected. The US currency got some additional support from previously released positive economic data, with US initial jobless claims falling to 364,000, which was well below the market expectations of 390,000, and the lowest number in 15 months.On a different page, the downticks in Bitcoin could be temporary or short-lived, as analyst Scott Melker predicts that Bitcoin could hit the $250,000 level. He showed the monthly chart in his recent analysis video and presented some fascinating predictions. He said that BTC first broke through the EQ line (or mid-line), on the monthly chart, and that from June 2019 to November 2020, the candles for Bitcoin had stayed under the line for nearly 17 months. In December 2020, the currency broke over the line, and it is currently re-testing the support line. Melker predicted where the coin will go from here. As per the keywords, Melker stated: “Even if it went to the top of the channel (the upper trend line) next month, that’d be $158,000, a month later 168, 176. You see it takes a few months…That gets us to those 230, 250, 280 thousand targets.”

Ethereum (ETH/USD) Weekly Review

Despite the positive comments about the future prices of Ethereum, by the current CEO of Galaxy Digital, Mike Novogratz, the ETH/USD failed to extend its previous winning streak, turning sour well below the $2,050 level. The current Ethereum price is trading near $2,038.68, with a 24-hour trading volume of $25,654,215,885. Ethereum has dropped by 8.46% in the last 24 hours. However, the sharp declines in the Ethereum price could be associated with multiple reasons, be it a stronger US dollar or an unstable market, and all these factors have weakened the ETH price.

On the USD front, the broad-based US dollar managed to extend its winning streak of the previous session, and continued to increase against currencies in Asia on the day after the encouraging US initial jobless claims report. The US dollar has been heading slowly upwards since late May, as investors get used to the idea that the US Federal Reserve is likely to raise interest rates sooner than expected. Thanks to positive economic data and the drop in initial jobless claims, the greenback got some additional support. Thus, the upticks in the US dollar were seen as one of the key factors that kept the ETH/USD coin under pressure.

Meantime, the CEO of Skybridge Capital, Anthony Scaramucci, has declared that Skybridge Capital will launch an Ethereum fund. The plan is that it will be a private fund. Besides this, Skybridge Capital has filed for an Ether ETF with the SEC. The fund already has a pending Bitcoin ETF filed with the SEC. This news failed to exert any meaningful impact on the ETH prices, at least for now.

Litecoin (LTC/USD) Weekly Review

Ripple (XRP/USD) Weekly Review