Bitcoin, being the most dominant cryptocurrency appears to have adopted a linear trend. As every time it attempts to break the barriers above $38,000, a massive pullback drags the BTC price to current levels.
On the other hand, Etheruem also appears to have followed the top crypto as the price slides down below $2500. No doubt the decline was not so steep, yet the bearish trend appears to prevail the ETH price.
One of the trusted on-chain analysis platforms Santiment reported a loss of address activity in both Bitcoin and Ethereum. The address activity on both BTC and ETH are hitting the yearly low, and hence giving a speculation for a buy at dip opportunity.
👀 Eyes are on #Bitcoin and #Ethereum as the top assets in #crypto have shown further decline to start the week. Is it #buythedip time yet? $BTC's address activity is at near one-year lows, and $ETH's are as well. Read what our top indicators have to say. https://t.co/dqrxTktzbb pic.twitter.com/caXQkD49BQ
— Santiment (@santimentfeed) June 8, 2021
And as the top cryptos tend to follow a downtrend, the other altcoins may also be impacted. However, the downtrend is expected to continue further until both assets do not test their respective support zones.
Also Read: MATIC Price & ADA Price Tanks Hard, Who Will Make It To $2 First?
Conversely, while many believe the bears have capitulated the bull run, the possibility of a bear market within the bull run cannot be ruled out. As said by a popular analyst, Lark Davis, like the 2018 bear market where-in a small bull run were also a part. Currently, a bearish trend is outspread above the bull rally.
82% don’t believe the bear market is here, we’re either right or in denial 🤣
— Lark Davis (@TheCryptoLark) June 8, 2021
Therefore, the analyst also hinted on a possible bull run which may resume once the bears come under control. The bitcoin price rally may flip the bearish divergence soon. Or else if continued with a downtrend, it may test the support levels at $30000. Similar to the Ethereum price rally where-in the zones at $1900 appear to be imminent if the dip continues.