The cryptocurrency market is experiencing a period of high volatility, with Bitcoin (BTC) and Ethereum (ETH) facing key challenges. BTC, currently trading at $66,623, is struggling to find a short-term bottom, while ETH is dealing with the aftermath of a rejected ETF approval.

Bitcoin's recent price drop has triggered altcoin sales, leading to new lows. To initiate a recovery, BTC must reclaim the 50-day SMA level of $66,147 and the 20-day EMA of $67,863. Failure to do so may result in a deeper correction to $60,000. However, a bullish scenario could see a bounce from $65,000 or a jump to $70,000 if the Federal Reserve's monetary report favors risk markets.

Ethereum, on the other hand, is awaiting SEC approval for its ETF, with a potential listing on July 2. The ETH price has bounced from the 50-day SMA level of $3,415 and needs to close above the 20-day EMA of $3,612 to extend the rally to $3,730 and $3,977. Losing $3,415 could see the price drop to $2,850, while a drop below $3,362 risks a fall to $3,000.

In conclusion, both Bitcoin and Ethereum are at crucial junctures, and their prices may fluctuate rapidly in the coming days. Investors must exercise caution and stay informed to make informed decisions in this volatile544 market.