Crypto Markets Rebound With Equities but Fears of Second Virus Wave Linger: Technical Tuesday
Bitcoin Price Consolidates After Major Difficulty Adjustment: Crypto Market Daily
After a 4% pump to start the week, Bitcoin (BTC) has remained stable over the last 24 hours. The market-leading cryptocurrency is consolidating in a tight range between $9,400 and $9,600, per OKEx’s BTC Index Price — though stocks in the United States closed higher than some expected. The S&P 500 Index was up 44.23 points, or 1.44 percent, as retail sales rose a record 18% in May.
The total cryptocurrency market capitalization is up a mere 0.4% and is running around $270 billion. Bitcoin dominance remains unchanged at 64.6% today, per data from CoinGecko.
Top gainers and losers
- APM/USDT +57.14%
- CHAT/USDT +25.75%
- WGRT/USDT +20.54%
- BHP/USDT -5.17%
- XUC/USDT -8.07%
- FAIR/USDT -10.91%
FAIR is the biggest loser over the last 24 hours.
Bitcoin sees greatest difficulty increase since January 2018
The mining difficulty of the Bitcoin network was adjusted at 635040 block height yesterday. It increased by 14.95% to 15.78 T — the largest increase since January 2018. The next adjustment is expected to increase by 14.69% to 15.75T in two weeks, as per BTC.com data.
After Black Thursday, the mining difficulty of the Bitcoin network plummeted by the second-largest amount ever on March 26 — falling 15.95% to 13.91T.
Bitcoin technical analysis
At present, the Bitcoin price’s rebound structure is still intact. A critical support level sits at $9,450. However, it is clear that the price has been facing selling pressure around an early high of $9,650. Buying power appears to have weakened.
Bitcoin could continue to oscillate in the $9,450 to $9,700 range in the short term if the traditional financial markets have no major movements.
New listing: Kyber Network perpetual swaps
Kyber, an on-chain liquidity protocol that aggregates liquidity from a wide range of reserves and powers instant and secure token exchanges in decentralized applications, has come into the spotlight over the past few weeks. The price of its native token, KNC, has surged to a recent high of $1.35 from $0.60 in June.
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