Sunday, December 10, 2023

Market Watch June 2: Bitcoin fails to hold onto dynamic bullish breakout.

The crypto market’s most favored cryptocurrency lost the gains it had made yesterday after once again slipping below the $30,000 mark. Bitcoin could not surpass the resistance at the $32,500 level after breaking the $31,000 mark yesterday.

At the time of writing this article, Bitcoin was trading at $29,766. It lost 6.02% in the last 24-hours, as per data from CoinMarketCap. The crypto market took a bearish stance. BTC trading in the range of $30,3576 – $32,176 range indicated strong volatility over the last 24-hours. Trading volume declined by 13.03%. Analysts highlighted strong selling pressures on the four-hour chart. This suggests that the popular crypto will see a further downside by the end of the day. BTC had briefly tested the $28,000 mark, rejected the downside, and pivoted higher crossing the $31,000 level yesterday. But it could not hold on. The further upside was rejected. Bitcoin price saw a reversal.

Ethereum lost saw a drop in its price by 5.56% in the last 24-hours. It is trading at $1,820. The major altcoins are also in the red. Solana is the biggest loser. It’s down by 12.61% in the last 24-hours. Avalanche lost 10.64%. Polkadot is down by 6.71%, Cardano 6.26%, and Ripple’s XRP lost 5.31%. The meme coins lost significant gains in the 24-hours. Shiba Inu lost 7% of its value, as per data from CoinMarketCap, and Dogecoin 5.66%.

Overall, Bitcoin seems to have upgraded its short-term outlook. If it pushes for an upward trend, resistance awaits at $34,636. A reversal below $30,000 will see players back in.

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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