Altcoins
Bitcoin Falls Below $60,000, Altcoins Face Negative Funding
Bitcoin is now facing major technical challenges after a crucial support level turned into resistance. This raises concerns about whether this downward deviation signals a potential end to the bull market or if it is just a temporary setback before continuation.
From a technical point of view, Miles Deutscher He discussed Bitcoin’s struggles to reclaim key support levels, such as the $59,000 and $64,500 thresholds, which are critical for a bullish reversal. He also explained the importance of these levels in determining Bitcoin’s short-term trajectory and its implications for the broader cryptocurrency market.
Beyond Bitcoin, he turned to Ethereum and other altcoins, looking at their technical setups. He highlighted recent performance trends, noting that July has still been positive for cryptocurrencies after June’s negative returns, despite the current 11% decline so far this month.
Discussing market sentiment, he observed a shift in altcoin funding rates, with many now showing negative funding. This shift from aggressively positive to negative funding shows a sense of distrust among market participants towards altcoins, suggesting opportunities for accumulation during times of fear.
Where is the market going?
Miles shared charts and analysis to explain where we are in the market cycle, addressing the recent panic among market participants. Discussing the normalcy of summer market volatility, he advised caution without becoming too bearish. From a macro perspective, he sees upside potential for Bitcoin, citing historical patterns and technical indicators like the 200 EMA.
Despite the short-term concerns, he maintained a bullish long-term outlook, comparing current market conditions to previous cycles after the halving. His technical analysis pointed to Bitcoin’s support at $53,000 and explained the importance of weekly and daily chart patterns for future direction.