Altcoins
3 BRC-20 Altcoins to Sell as Bitcoin Fails to Break $60,000
Since last weekend, Bitcoin price has been moving sideways, contributing to a gloomy trend in the altcoin market. The BTC daily chart displays rejection candles at both the tops and bottoms, indicating a lack of clear dominance by buyers or sellers. Amid this uncertainty, the prevailing fear in the market has led to a major shift in sentiment, highlighting ORDI, SATS, and LeverFi among the top altcoins to sell.
Interestingly, crypto buyers are struggling to build bullish momentum despite recent developments in spot ETF inflows and German government sales. On July 12, Bitcoin Spot ETF recorded a strong inflow of $310 million, continuing their positive trend with net inflows for six consecutive days.
The German government has reportedly sold its entire Bitcoin holdings for $2.9 billion. This follows a series of transactions over the past 25 days in which significant amounts of Bitcoin were transferred, leading to the complete liquidation.
Despite the positive development, BTC price is struggling to maintain its momentum, indicating potential downside risks. If the correction continues, the BRC-20 Tokens could experience a major drop.
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ORDI is a pioneering cryptocurrency created using the BRC-20 standard on the Bitcoin blockchain. This standard is based on the Ordinals protocol, allowing data to be written directly onto Satoshis, the smallest unit of Bitcoin, thus facilitating the creation of unique digital assets such as NFTs.
ORDI | Tradingview
Over the past four months, the ORDI Price has been in a steady correction resonating within a falling wedge pattern. As market supply pressure eased this week, the token’s price rebounded from the pattern’s lower trendline at $25.8.
The bullish trend reversal pushed the asset up 28.63% to trade at $33.24, while the market cap jumped to $695.2. However, if the market correction continues, sellers could challenge the lower trendline.
A possible breakout would accelerate the selling momentum and could target $18.45.
Read also : Germany Turns Bitcoin With 3,846 BTC Transferred to Flow Traders
SATS (1000SATS) is a BRC-20 Token designed to honor Satoshi Nakamoto, the creator of Bitcoin. Each 1000SATS token represents 1,000 satoshis.
SATS (1000SATS) | Tradingview
The ongoing correction of the SATS token can be effectively tracked by observing the descending channel pattern. The two descending trendlines as dynamic resistance and support are at $0.00000082 to $0.00000011, registering a loss of 86.4%.
However, the token entered an oversold state that reinforced a sharp reversal to $0.0000002, while increasing the market cap by $431.26 million. If the bullish momentum persists, the SATS Price could rise another 15% before challenging the channel’s upper boundary.
This resistance coinciding with the 100D EMA and $0.000000238 creates a high supply zone for traders to witness further selling pressure. If the resistance holds, the SATS token could trigger another reversal and extend the downtrend.
Read also : Will BTC Price Recover $60,000 As Institutional Investors Accumulate 102,000 Bitcoins In 3 Months?
LeverFi (LEVER) is a decentralized, on-chain leveraged trading platform built on the Ethereum blockchain. Its goal is to improve asset efficiency and provide sustainable real returns to traders and lenders.
LeverFi (LEVER) | Tradingview
Despite the recent market correction, the LEVER token showed notable resilience above the $0.002 level. However, the consolidation continued in the cryptocurrency market and raised fears of a prolonged correction as the price developed a bearish head and shoulders pattern.
LeverFI token is currently trading at $0.0022 while the market cap is $74.7 million. A possible breakout from $0.002 would intensify the selling momentum and could push the price down to $0.00156.
Thus, for buyers to invalidate this bearish thesis, a break of the $0.0027 resistance is necessary.
Key takeaways
Bitcoin’s slide as it struggles to break through the $60,000 mark indicates that the market cap supply persists. Despite reduced selling pressure due to the German government’s BTC liquidation and significant inflows into Bitcoin, the current sideways price action suggests the need for stronger buyer conviction. In the event of a prolonged market correction, BRC-20 tokens, which have recently gained popularity, emerge as a top altcoin to sell due to their potential for significant impact.
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Frequently Asked Questions (FAQ)
BRC-20 tokens are a type of standard cryptocurrency token on the Bitcoin blockchain. They use the Ordinals protocol to write data directly onto Satoshis, the smallest unit of Bitcoin, allowing the creation of unique digital assets similar to NFTs.
Rejection candles are candlestick patterns on a price chart that indicate a reversal in price movement.
A head and shoulders pattern is a bearish reversal pattern that signals a potential decline in price. It is characterized by three peaks: a higher peak (head) between two lower peaks (shoulders).