Bitcoin is declining as regulatory concerns rise; ether is holding support.
Bitcoin is under pressure, although buyers could return for a brief bounce.
The weekly chart is holding support and could signal a return of positive momentum this month.
Bitcoin hits its highest level since mid May and has risen more than 15% over the past week.
Lower support near $34,000 could stabilize the pullback into the weekend.
Analysts see the cryptocurrency's price as remaining range-bound.
The market is holding that price floor well as large investors return.
“After this eight-day rally, bitcoin may well need to reset,” one analyst said.
Lower support is seen around $34,000-$36,000, which is the middle of a two-month range.
Analysts expect bitcoin to pause at around $40K before its next leg up.
Lower support near $36K could stabilize a pullback.
Technical data suggests lower support around $34,000 could stabilize the current pullback.
Bitcoin is in pullback mode with lower support near $32K-34K.
"The speculation that has ensued around our specific plans for cryptocurrencies is not true," a spokesperson said.
The strong bounce in bitcoin over the weekend occurred as shorts covered positions.