The crypto market is in a bullish weekend as Bitcoin has once again taken to the downside after rejection at $30,500 mark. Global financial markets also traded on the lower side on June 10 after the Consumer Price Index (CPI) recorded an 8.6% year-over-year increase- the highest since 1981. This resulted in Bitcoin losing support at $30,000.
At the time of writing this article, BTC was trading at $29,273. It has been down by nearly 3% in the last 24-hours. Ethereum also took a plunge by losing its value by 6.58%. Ether is currently trading at $1,675 as per data from CoinMarketCap. The crypto market traded with substantial losses over the last 24-hours amid strong selling earlier in the day.
Meanwhile, most of the altcoins are in a sea of red with Avalanche (AVAX) being the biggest loser. Its down by 8.76% in the last 24-hours. Solana and Cardano are down by 7.30%, Polkadot lost 5.89% and XRP 4.24%. The meme coins are also seeing a downtrend. Dogecoin is down by 4.62% in the last 24-hours and Shiba Inu 3.90%. Data shows that the altcoins underperformed Bitcoin, suggesting a lower appetite for risk among crypto traders.
According to technical indicators, short-term deterioration in the popular crypto’s price action is quite similar to equities. Katie Stockton, the managing partner at Fairlead Strategies, says the risk for Bitcoin appears heightened of a retest of long-term support of around $27,200. She noted intermediate and long-term momentum gauges point to more downside.
Overall, Bitcoin has been flat over the past week and has been confined to a choppy trading range. The downtrend, which is defined by lower price highs and lower price lows, is likely to continue over the short term.