Bitcoin’s Price Stagnates Ahead of Independence Day Weekend — Crypto Market Daily
Bitcoin Continues Consolidation as DeFi Mania Continues: Crypto Market Daily
Bitcoin (BTC) remained relatively calm over the weekend. The price of the first and foremost cryptocurrency stayed in a narrow range between $9,200 and $9,600. Bitcoin is now trading at $9,415, per OKEx’s BTC Index Price at press time (8:00 a.m. UTC). It is up 0.52% over the last 24 hours — a small uptick that is primarily being driven by U.S. stock futures rising after markets opened.
Meanwhile, DeFi mania is still underway. Compound (COMP) soared from Friday’s $166 to $280, as of press time. Basic Attention Token (BAT) jumped 5.5% in 24 hours — primarily because it is one of few tokens on the Compound platform that can receive COMP rewards via lending or borrowing.
The total cryptocurrency market capitalization is up by $5 billion to around $270 billion today. Bitcoin dominance, meanwhile, dropped 0.5% to 64%, per data from CoinGecko.
Top gainers and losers
- CHAT/USDT +16.6%
- HYC/USDT +13.24%
- ARK/USDT +11.68%
- SWFTC/USDT -8.67%
- INT/USDT -9.90%
- NDN/USDT -10.42%
ChatCoin (CHAT) has once again topped the winners’ list with a 16.6% return. This coin experienced a huge pullback over the weekend after a seven-day winning streak, dropping from $0.00453 to $0.0023. It rebounded quickly.
NDN Link (NDN) is the biggest loser over the last 24 hours, having dropped -10.42%.
BTC technical analysis
Bitcoin seems to have entered into an extended consolidation phase, having persisted for 10 days in the $9,200 to $9,600 range. Notably, both monthly and quarterly contracts will expire on Friday — but the market has, thus far, not revealed any clear direction. Long volatility could be a strategy to consider.
To the upper side, a breakout of $9,600 could change market participants’ minds and initiate a rally chase to $10,000. Intraday, $9,300 is the threshold to watch, per OKEx’s BTC Perpetual Swap price. If the volume does not pick up, traders need to watch out for the possibility of a false breakout.
ETH technical analysis
After today’s opening bell, the price of Ether rose. At press time, it is reaching its intraday resistance at $235. Its next hurdle is near $239.
An intraday support level is sitting at $225 — which is far from the current price.
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