Bitcoin (BTC) remains below the key support level of $60,000 U.S. to begin the trading week.
In early trading on June 29, Bitcoin is changing hands at $59,850 U.S. It has been below $60,000 U.S. for several days now following a breakdown in support over the past week.
Prices for other cryptocurrencies also remain weak, with Ethereum (ETH) trading at $1,575 U.S. and XRP (XRP) at $1.05 U.S., levels they have been at for several days.
Analysts continue to look for catalysts that will send crypto prices rising and lead to a meaningful comeback for digital assets.
Support for cryptocurrencies has steadily eroded in June as the situation in Iran remains volatile and as investors turn to defensive value stocks and small-cap securities.
The prospect of higher interest rates in the year’s second half is also pressuring risk assets such as cryptocurrencies, say analysts.
It also looks increasingly unlikely that the “Clarity Act” cryptocurrency legislation that’s winding its way through Congress will be approved before the summer recess starts at the end of June.
Analysts say these factors are conspiring to keep crypto prices down, with Bitcoin close to its lowest level in two years.
There are growing bets among options traders that the price of BTC will fall as low as $50,000 U.S. in this year’s second half.
