Altcoins
Bitcoin Bulls Attempt to Defend $63,000 as Major Altcoins Consolidate (Market Watch)
Bitcoin price failed to maintain yesterday’s bullish momentum, and buyers are now trying to defend the $63,000 level. The broader cryptocurrency market is also in a consolidation phase, and it will be interesting to see where it goes next.
Bitcoin bulls attempt to defend $63,000
As the chart below shows, Bitcoin price has so far been unable to maintain its position above $63,000 and has currently lost that level, trading around $62,600.
At the time of writing, BTC is down around 0.3% over the past 24 hours, but remains up 3.2% over the past week.
Like CryptoPotato reported Yesterday, the German government offered $100 million worth of BTC to exchanges, hinting at a potential selling intent. This may have played a role in the cryptocurrency’s failure to capitalize on the rally and produce a stronger uptrend.
However, analysts remain optimistic that July will be a positive month, as this is a historical trend after the declines in June.
Altcoins Consolidate
The majority of large-cap altcoins are also in a consolidation phase, with only a handful seeing more notable moves.
For instance, AVAX is down 5.6%, UNI is down 3.05% and these are the worst performers among the largest coins. On the other hand, TON managed to increase by 4%, while ADA is recording gains of 2.6%.
The remaining altcoins are trading mostly flat on the day.
We are going through a period of relative stability in the market and there are not many categories that are showing exceptional performance.
That said, it will be interesting to see if the market will reverse higher following the recent price rally or if a further correction is underway.
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