Ethereum (ETH) began the week by posting losses of 4.2% on Monday after recent filings from Consensys revealed that the Securities & Exchange Commission (SEC) began formal investigations into ETH’s security status since March 2023.

Bitcoin (BTC) price directional bias remains southbound, starting the week in the same trajectory as it did the last. It comes despite the number of countries loking for more exposure to BTC through ETFs steadily growing. 

Bitcoin fell 2.5% on Monday, keeping weak near-term, as extension of the bear-leg from 67264 (Apr 23 lower top), brings in focus key supports at 60000 zone.

A cluster of strong supports between 60700 (daily cloud base), 60340 (Fibo 38.2% of 38501/73839) and 60000 (psychological) makes a breakpoint, loss of which would generate reversal signal and spark deeper correction of 38501/73839 uptrend, with 56000 zone (50% retracement) marking next target.


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