Altcoins
Bitcoin Bulls Look to Defend $63K as Major Altcoins Consolidate (Market Watch)
Bitcoin price has failed to maintain yesterday’s bullish momentum and buyers are now trying to defend the $63K level. The broader cryptocurrency market is also in a state of consolidation and it is interesting to see where it goes 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 this level, settling at around $62,600.
At the time of writing, BTC is down around 0.3% over the past 24 hours, but remains up 3.2% over the past week.
Like CryptoPotato reported Yesterday, the German government moved nearly $100 million worth of BTC onto exchanges, signaling a potential intent to sell. This may have played a role in the cryptocurrency’s failure to capitalize on the surge and produce a stronger uptrend.
However, analysts remain optimistic that July will be a positive month, as it was a historic trend after the declines in June.
Altcoins consolidate
Most of the large-cap altcoins are also in a consolidation phase. Only a handful of them 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 larger coins. On the other hand, TON has managed to grow by 4%, while ADA is seeing gains of 2.6%.
The remaining altcoins showed a fairly stable trend throughout the day.
It has been a period of relative stability in the market and there are not many categories that are performing out of the ordinary.
That said, it is interesting to see whether the market will rally after the recent price rally or whether a further correction is underway.
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