Market Update: Bitcoin and Altcoins Show Resilience Amid Sharp Selling Pressure
Summary:
This news article discusses the latest trends in the cryptocurrency market, particularly focusing on Bitcoin, Toncoin, Pepe, Kaspa and JasmyCoin. It provides a detailed analysis of their recent performance, potential triggers for future movements and expected resistance and support levels. The article suggests Bitcoin’s recovery might begin post miner capitulation and highlights strong buying interest at lower levels for Toncoin and JasmyCoin. The report, however, cautions investors to undertake their own comprehensive research due to the inherent risks associated with cryptocurrency investments.
The cryptocurrency Bitcoin has seen a further reduction in value this week, decreasing in value by over 3% as sellers continue to exert pressure. Despite the price falling below the STH-RP, which stands for Short-Term Holder Realized Price, at $64,230, sellers failed to cause a significant drop. The inability of the sellers to push the price further down suggests a strong defence by buyers at the STH-RP point, a term reflecting the total cost basis for Bitcoin holders who keep their holding for 155 days or less.
As derived from data by Farside Investors, the weakening value of Bitcoin has led to consistent withdrawals from spot Bitcoin exchange-traded funds since June 13, hinting at investor nervousness regarding possible short-term outcomes. Daily data from Coin360 gives a view of the Crypto market's status.
Independent analyst Willy Woo posits in a post on "X" that Bitcoin will likely begin to recover once "weak miners" succumb and the hashrate is restored. Referring back to 2020, the hashrate took 8 days to bounce back, while in 2017 it was 24 days. Woo added that this year's post-halving miner capitulation could be a lengthy process, possibly due to "ordinal inscriptions boosting profits". If Bitcoin manages to trade above $64,602, selected altcoins are expected to draw in buyers. Below, the top five robust cryptocurrencies listed on the charts are scrutinised.
Data reveals that Bitcoin slipped beneath the $64,602 support level on June 21, but sellers were unsuccessful in leveraging their position, suggesting low seller interest at lower price points.
Predictions put Bitcoin rallying to $70,000, then $72,000 if the price can be propelled above the moving averages, trapping aggressive sellers. A strong defence is anticipated from the sellers in the $72,000 to $73,777 zone.
In contrast, a downturn in price from current levels or the moving averages could indicate that traders continue to sell when the price increases, increasing the risk of a steeper drop to $60,000.
Toncoin's price is being pushed towards the overhead resistance point of $7.67 by buyers, indicating strong buying interest at lower values. A head-and-shoulders pattern may be confirmed if the price isn't able to push past $7.67 and instead falls below $6.60. This could trigger a downward move reaching the pattern target of $4.91.
Pepecoin has seen some negative trading recently but appears to be showing signs of rebounding. A break below $0.000010 however, could result in a decrease to $0.000008.
An upswing in Kaspa off the 50-day SMA ($0.14) on June 18 signals buying interest at lower levels. If the price is driven past the downtrend line, it could suggest that the correction period is over and an upward push to $0.19 could be seen.
Lastly, JasmyCoin bounced back from the 50-day SMA ($0.03) on June 21, indicating buyer attraction to lower values. A rally to $0.04 could occur if the price pushes past the 20-day EMA, while a fall below it could send the price towards $0.02.
This piece does not provide financial advice or endorse specific investments. All investments and trading decisions come with inherent risks and should only go forward after thorough research.
Published At
6/23/2024 8:29:44 PM
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