Altcoins
Altcoins Set to Lose More This Week as Apple WWDC Fails to Catalyze Bull Rally
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- The crypto market continues to flash red, with altcoins already falling by double digits over the past two weeks.
- This bearish market outlook is likely to be exacerbated in the coming days due to Bitcoin.
- A fall in BTC below the $64,000 level could be a major factor in another crash.
Despite the start of the Apple WWDC 2024 event, the crypto market did not react sufficiently. This development indicates buyers’ lack of interest in the future of the sector, especially if the outlook does not improve.
Learn more: Bitcoin Weekly Forecast: BTC Likely to Provide Another Buying Opportunity
Bitcoin’s hold on altcoins
On June 7, the price of Bitcoin (BTC) fell almost 2%, causing many altcoins to lose near double digits, while some went too far. Although BTC showed strength on Monday, it failed to hold as sellers overwhelmed buyers, leading to a brief visit to the psychological $70,000 level. As the pioneer crypto heads south, all eyes are on the four-hour imbalance, stretching from $64,733 to $62,984. This zone is essential for marginalized buyers to accumulate BTC at a discount to give the uptrend another chance.
Learn more: Bitcoin’s 2% Crash Wipes $4.21 Billion in OI and Handicaps Altcoins, What’s Next?
The decline from the current level of $68,109 to the four-hour imbalance could extend up to 7.60%. If such a move were to happen quickly, it could lead to a further decline in open interest and liquidate millions of eager bulls.
BTC/USDT 4-hour chart
According to a June 7 filing with the U.S. Securities and Exchange Commission (SEC), Nvidia Corp executive Coxe Tench sold $119 million worth of NVDA stock. This transaction took place before the highly anticipated 10:1 stock split. But if this turns out to be a selling event and NVDA starts losing market value from here, then investors can expect artificial intelligence (AI) altcoins to suffer.
Learn more: Nvidia’s first quarter results sent its shares up 6%, but AI tokens barely moved
The worst case scenario would include both of the aforementioned events occurring simultaneously. Regardless, investors should be cautious until BTC stabilizes or provides directional bias.
- The crypto market continues to flash red, with altcoins already falling by double digits over the past two weeks.
- This bearish market outlook is likely to be exacerbated in the coming days due to Bitcoin.
- A fall in BTC below the $64,000 level could be a major factor in another crash.
Despite the start of the Apple WWDC 2024 event, the crypto market did not react sufficiently. This development indicates buyers’ lack of interest in the future of the sector, especially if the outlook does not improve.
Learn more: Bitcoin Weekly Forecast: BTC Likely to Provide Another Buying Opportunity
Bitcoin’s hold on altcoins
On June 7, the price of Bitcoin (BTC) fell almost 2%, causing many altcoins to lose near double digits, while some went too far. Although BTC showed strength on Monday, it failed to hold as sellers overwhelmed buyers, leading to a brief visit to the psychological $70,000 level. As the pioneer crypto heads south, all eyes are on the four-hour imbalance, stretching from $64,733 to $62,984. This zone is essential for marginalized buyers to accumulate BTC at a discount to give the uptrend another chance.
Learn more: Bitcoin’s 2% Crash Wipes $4.21 Billion in OI and Handicaps Altcoins, What’s Next?
The decline from the current level of $68,109 to the four-hour imbalance could extend up to 7.60%. If such a move were to happen quickly, it could lead to a further decline in open interest and liquidate millions of eager bulls.
BTC/USDT 4-hour chart
According to a June 7 filing with the U.S. Securities and Exchange Commission (SEC), Nvidia Corp executive Coxe Tench sold $119 million worth of NVDA stock. This transaction took place before the highly anticipated 10:1 stock split. But if this turns out to be a selling event and NVDA starts losing market value from here, then investors can expect artificial intelligence (AI) altcoins to suffer.
Learn more: Nvidia’s first quarter results sent its shares up 6%, but AI tokens barely moved
The worst case scenario would include both of the aforementioned events occurring simultaneously. Regardless, investors should be cautious until BTC stabilizes or provides directional bias.