The markets have not met expectations in the second half of this year, and cryptocurrencies remain stagnant. Gradual rises followed by rapid sales and then gradual rises again are becoming demoralizing. What awaits investors now?
Bitcoin (BTC)
Three hours after the daily close, BTC quickly rose to $60,259 but then fell back to $59,500 just as quickly. The lack of volume is noticeable. The BTCUSDT pair on Binance was over $2 billion during the week but is now at half a billion dollars. The losing streak of altcoins has taken a short break. The leading cryptocurrency is struggling to reclaim $60,000, which is disappointing for those dreaming of $70,000. The drop to $49,000 allowed investors to buy at reasonable prices. These investors can now confidently make profit sales at current levels. The $61,800 region is the nearest hurdle that needs to be overcome. Once this is reclaimed, targets of $63,000 and $65,600 will come into focus. Subsequently, turning $67,800 into support could lead to new targets above $71,800 and $73,000. For 172 days, the BTC price has been fluctuating within a 25% price range. The movement between $57,188 and $71,320, excluding the wicks, represents a narrow range. This needs to change.
Current State of Cryptocurrencies
The overall state of cryptocurrencies is not promising given BTC’s current situation. The psychological pressure from the stagnant price has led some altcoins to new all-time lows. However, there are some positive performers in the last 24 hours. For instance, KLAY Coin increased by 14% and HNT Coin by 10.35%. HNT Coin has a weekly gain of over 21%. RUNE, LDO, GALA, INJ, and BNB Coin are the other winners of the day among the top 100 cryptocurrencies. There are no significant losers among the top 100 cryptocurrencies. SATS fell by 3% and LEO lost 2.67%. BRETT continues to maintain a weekly loss of 20%. The total volume in the last 24 hours has dropped to $37 billion, reminiscent of bear markets.
Points to Ponder
Given the current situation in the cryptocurrency market, it is important to monitor the movement of Bitcoin and altcoins. Investors should be prepared for potential changes and adapt their strategy accordingly. We will soon see if cryptocurrencies can overcome the current challenges and reach new levels.
The state of the cryptocurrency market requires attention and readiness to adapt. Investors should stay vigilant and monitor price movements to respond promptly to changes.
Comments