Markets
Cryptocurrency Price Today: Cryptocurrency Price July 11: Bitcoin Drops Below $58K; Avalanche, Toncoin Plunge Up to 5%
Cryptocurrency markets traded lower on Thursday, dragged down by Bitcoin, Solana and Dogecoin. The global cryptocurrency market cap fell 1.4% to around $2.14 trillion in the past 24 hours. At 12:42 p.m. ET, Bitcoin (BTC) was trading 1.9% lower at $57,994, while Ethereum was down 0.12% at $3,108.
“Bitcoin traded above the $58,000 level yesterday but has since consolidated towards the $57,000 level due to miner pressure and Mt. Gox refunds. Additionally, the German government has transferred more seized Bitcoin with the presumed intention of selling, adding to the downward pressure. BTC is having a hard time breaking the $59,500 mark. If it fails to rise above $58,400 today, it could fall to around $57,200,” said Edul Patel, CEO of Mudrex.
The CoinDCX research team stated: “The market has been trading mixed over the past 24 hours as the German government continues to move BTC but BTC ETF inflows remained net positive, reaching $200 million the day before yesterday, indicating sustained demand. Technical price action is currently mixed, with today’s CPI data expected to induce further market volatility.”
Meanwhile, popular cryptocurrencies including Solana, Toncoin, Dogecoin, Shiba Inu, Avalanche, Polkadot, and Chainlink all fell by as much as 5%. On the other hand, BNB, XRP, Cardano, and Tron all rose by as much as 3%.
The volume of all stablecoins now stands at $54.59 billion, which represents 92.53% of the total 24-hour volume of the cryptocurrency market, according to CoinMarketCap.
In the past 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, has fallen to $1.146 trillion. Bitcoin’s dominance currently stands at 53.52%, according to CoinMarketCap. BTC volume in the past 24 hours has fallen 13.5% to $24.6 billion.
“Technical analysis suggests that Bitcoin could break the $58,500 resistance and reach $60,000, supported by uptrends above $57,000,” said Sathvik Vishwanath, co-founder and CEO of Unocoin.
Rajagopal Menon, Vice President at WazirX, said, “Technical indicators show that the hourly MACD is losing momentum in the bullish zone, signaling a potential slowdown. The hourly RSI for BTC/USD is now above 50, indicating bullish territory. Key support levels are at $57,200 and $56,000, providing a safety net for dips. On the upside, key resistance levels are at $58,400 and $59,500, which need to be broken for Bitcoin to continue its upward movement.”
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. They do not represent the views of The Economic Times)
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