All Indicators Healthy Leading up to Bitcoin’s Third Halving: Futures Friday
Bitcoin Buyers Defend After Quick Sell-Off: Crypto Market Daily
Bitcoin (BTC) saw a bit of volatility at 1 PM UTC yesterday. The price of the first and foremost cryptocurrency tested the $9,550 resistance level but quickly suffered a sell-off — hitting as low as $9,232, per OKEx’s BTC Index Price, before a recovery. Bitcoin is still consolidating around $9,400 at the moment, having printed a 0.92% decrease over the last 24 hours.
Since the price of Bitcoin hit a monthly high of $10,398 on June 1, its following peak prices have been gradually decreasing — indicating a short-term downside risk.
Large-cap cryptocurrencies are still moving in the same direction as Bitcoin. Ethereum (ETH) realized a small loss of 0.55%. Others generally posted losses of around 1%. Mid-cap coins performed slightly better than Bitcoin today with Cardano (ADA) and Algorand (ALGO) jumped about 5% over the last 24 hours.
The total cryptocurrency market capitalization is down a slight 0.2% and is still running around $270 billion.
Bitcoin dominance, meanwhile, remains around 64.5% today, per data from CoinGecko.
Top gainers and losers
- CHAT/USDT +15.86%
- BEC/USDT +12.90%
- SC/USDT +7.04%
- DGB/USDT -10.80%
- BNT/USDT -10.88%
- APM/USDT -16.30%
ChatCoin (CHAT) continued its bullish momentum with a 15.86% increase. This is the second day in a row the altcoin has been a top gainer. Beauty Chain (BEC) and Siacoin (SC) increased by 12.9% and 7.04%, respectively.
One noteworthy event to consider is the launch of Filecoin’s main network by the end of July. It is possible that other cloud storage projects could continue to gain momentum — such as Siacoin and Storj.
ApM Coin is the biggest loser over the last 24 hours, having dropped -16.30%.
Bitcoin technical analysis
While there has been a dip in the price of Bitcoin over the past 24 hours, not much movement has taken place, overall. BTC has been trading around $9,500 for approximately one week and trading volume has not improved. The Quarterly-Future contango remains above $100 and the funding rate of the Perpetual Swap is back at a positive premium on OKEx — signaling that buyers are trying hard to defend the $9,300 support level.
On the upper side, the $9,700 resistance can be seen as a short-term threshold. A breakout of this level may lead to another test of $10,200.
Ethereum technical analysis
Ethereum’s weak pattern has been intact since June 2. Without a break above $242, the room for another leg up is limited.
Intraday support is still sitting around $231 after we saw a fake breakdown of this support yesterday.
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