Altcoins

3 BRC-20 Altcoins to Sell as Bitcoin Fails to Surmount $60K

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Since last weekend, Bitcoin price has been trading sideways, contributing to a lackluster altcoin market. BTC’s daily chart is showing rejection candles at both highs and lows, indicating a lack of clear buyer or seller dominance. Amidst this uncertainty, the prevailing fear in the market has led to a major shift in sentiment, highlighting ORDI, SATS, and LeverFi as top altcoins to sell.

Interestingly, crypto buyers are having a hard time building bullish momentum despite recent developments in spot ETF inflows and German government selling. On July 12, Bitcoin Spot ETFs recorded a significant inflow of $310 million, continuing their positive trend with net inflows for six consecutive days.

The German government has reportedly sold all of its Bitcoin, totaling $2.9 billion. This follows a series of transactions over the past 25 days, in which significant amounts of Bitcoin were moved, leading to this complete liquidation.

Despite the positive development, BTC price is struggling to maintain momentum, indicating potential downside risks. If the correction extends, the BRC-20 Tokens could witness a major collapse.

Read also: Bitcoin Miner Northern Data Expects Solid Revenue Growth Amid AI Boom

ORDI is a pioneering cryptocurrency created using the BRC-20 standard on the Bitcoin blockchain. This standard leverages the Ordinals protocol, allowing data to be written directly onto Satoshis, the smallest unit of Bitcoin, thus facilitating the creation of unique digital assets such as NFTs.

ORDERS | Trading View

Over the last four months, the ORDER Price has been undergoing a steady correction that resonates in a falling wedge pattern. As the market supply pressure has eased this week, the token’s price has bounced off the pattern’s lower trend line at $25.8.

The bullish reversal has pushed the asset up 28.63% to $33.24, while the market cap has jumped to $695.2. However, if the market correction extends, sellers may challenge the lower trend line.

A possible collapse would accelerate the selling momentum and could reach $18.45.

Read also: Germany Rushes To Bitcoin With 3846 BTC Transferred To Flow Traders

SATS (1000SATS) is a BRC-20 Code token designed to honor Satoshi Nakamoto, the creator of Bitcoin. Each 1000SATS token represents 1,000 satoshis.

SATS (1000SATS) | Tradingview

The ongoing correction in SATS token can be effectively monitored by observing the descending channel pattern. The two descending trend lines as dynamic resistance and support have $0.00000082 to $0.00000011 recording a loss of 86.4%.

However, the token entered an oversold state that strengthened a sharp reversal to $0.0000002, while increasing the market capitalization by $431.26 million. If the bullish momentum persists, the SATS Price could increase by another 15% before challenging the upper boundary of the channel.

This resistance coinciding with the close at 100D EMA and $0.000000238 creates a high supply zone for traders who may see renewed selling pressure. If the resistance holds, the SATS token could trigger another reversal and extend the downtrend.

Read also: Will BTC Price Drop Back To $60K As Institutional Investors Accumulate 102K Bitcoin In 3 Months?

LeverFi (LEVER) is a decentralized, on-chain leveraged trading platform based on the Ethereum blockchain. It aims to improve asset efficiency and provide sustainable real returns for traders and financiers.

LeverFi (LEVER) | Tradingview

Despite the recent market correction, LEVER token has shown remarkable resilience above the $0.002 level. However, the consolidation has been prolonged in the cryptocurrency market and has created fears of a prolonged correction as the price develops a bearish head and shoulders pattern.

LeverFI token is currently trading at $0.0022 while the market cap is $74.7 million. A potential drop from $0.002 will intensify the selling momentum and could lead the price to drop to $0.00156.

Therefore, for buyers to invalidate this bearish thesis, a break of the $0.0027 resistance is needed.

Key takeaway

Bitcoin’s fall as it struggles to break above $60,000 indicates that the overhead supply in the market cap persists. Despite reduced selling pressure from the German government’s BTC liquidation and significant inflows into Bitcoin, the current sideways price action suggests the need for stronger buyer conviction. In the event of an extended market correction, BRC-20 tokens, which have recently seen a surge in popularity, emerge as a top altcoin to sell due to their potential for significant impact.

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Frequently Asked Questions (FAQ)

BRC-20 tokens are a type of standard cryptocurrency token on the Bitcoin blockchain. They use the Ordinals protocol to write data directly onto Satoshis, the smallest unit of Bitcoin, enabling the creation of unique digital assets similar to NFTs.

Rejection candles are candlestick patterns on a price chart that indicate a reversal in price movement.

A head and shoulders pattern is a bearish reversal pattern that signals a potential decline in price. It is characterized by three peaks: a higher peak (head) between two lower peaks (shoulders).

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