Tuesday, November 28, 2023

Market Watch July 6: Bitcoin downtrend continues, market takes bearish stance.

Failing to break the resistance at $20,500, Bitcoin has once again slipped to the lows of the $19,000 mark. It is currently trading at $19,941 after losing 1.69% in the last 24 hours. Ethereum lost 2.11% but has managed to hold onto the $1,000 mark. Presently, ETH is changing hands at $1,127. The top two cryptocurrencies remain highly volatile, seeing ups and down every couple of hours.

The altcoins’ prices are also being influenced by Bitcoin and Ethereum. The broader crypto market is splashed in red. The biggest losers are meme coins Shiba Inu and Dogecoin. These coins have lost 3.84% and 3.51% of their value, respectively. Polkadot is down by 3.24%, Cardano 2.55%, XRP 1.45% and TRON lost 1.14%. The stablecoins USDC and Binance USD (BUSD) are holding on to the $1 mark but Tether (USDT) is down 0.01% – a slight depeg $0.99.

Data suggests that changes in the global crypto market continue in a negative direction. There has not been much change from last week’s price volatility. It has brought about a price reduction for individual coins. Moreover, the global market cap value has seen no difference. Bitcoin recorded a drop in institutional investment in the last couple of months. Despite investors gaining from the recent market growth, there is a bearish sentiment. Analysts believe the crypto market is seeing price corrections.

Michael van de Poppe, an independent analyst, says Bitcoin needs to crack the resistance zone at $19,700 to make gains. If it makes a run for the $20,000 mark again, there would be consolidation. The analyst pointed out that breaking the next resistance zone is a trigger for continuation towards $23,000 and a summer relief rally.

On the less optimistic side, if Bitcoin takes a tumble main target remains $15,800 – $16,200 level. But this seems unlikely as, over the past week, BTC has been testing the resistance at $20,500 and slipping to the $19,000 mark. It’s frequenting these levels as it struggles to break resistance on the upside.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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