Markets
Bitcoin Bulls Try to Defend $63K as Major Altcoins Consolidate (Market Watch)
Bitcoin price failed to maintain yesterday’s bullish momentum, and buyers are now attempting to defend the $63K level. The broader cryptocurrency market is also in a state of consolidation, and it will be interesting to see where it will go next.
Bitcoin Bulls Try to Defend $63K
As can be seen in the chart below, the price of Bitcoin has so far failed to maintain its position above $63,000 and has currently lost that level, trading around $62,600.
At the time of writing, BTC was down around 0.3% over the past 24 hours, but remained up 3.2% over the past week.
Like CryptoPotato reported Yesterday, the German government moved close to $100 million worth of BTC to exchanges, signaling potential intent to sell. 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 has been a historical pattern following declines in June.
Altcoins Consolidate
Most large-cap altcoins are also in a state of consolidation. Only a few are charting more notable moves.
For example, AVAX is down 5.6%, UNI is down 3.05% and these are the worst performers among the major coins. On the other hand, TON has managed to increase by 4% while ADA is recording gains of 2.6%.
The remaining altcoins are trading virtually flat on the day.
It has been a period of relative stability in the market, and there are not many categories with outstanding performance.
That said, it will be interesting to see whether the market will resolve to the upside after the recent price rally or if a further correction is on the cards.
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