Bitcoin bulls have lost their momentum and are now struggling to defend the $63,000 level. Today, the price of Bitcoin couldn’t sustain its upward trend from yesterday and buyers are now attempting to support the $63,000 level. The broader cryptocurrency market is also in a consolidation phase, and it will be intriguing to see which direction it takes next.
What’s Happening on the Bitcoin Front?
As shown in the chart below, the price of Bitcoin has been unable to maintain its position above $63,000 and is currently trading around $62,600 at the time of writing. To stay updated with the latest technology news, access NEWSLINKER.
At present, Bitcoin has experienced a decrease of approximately 0.3% in the last 24 hours, but it is still up by 3.2% compared to last week. It was reported yesterday that the German government transferred $100 million worth of Bitcoin to exchanges, indicating potential selling intentions.
This move may cause the cryptocurrency to lose its upward momentum temporarily, but analysts remain optimistic that July will be a positive month. Historically, July has been significant following declines in June.
Notable Details in the Altcoin Market
Most of the top altcoin projects by market value are also in a consolidation phase, with only a few planning more significant moves. For instance, AVAX and UNI have experienced losses of 5.6% and 3.05% respectively, making them the worst-performing projects among major cryptocurrencies. On the other hand, TON has recorded a 4% increase, while ADA has gained 2.6%. The remaining altcoin projects are mostly trading sideways during the day.
The market has been relatively stable, with few categories displaying exceptional performance. However, it will be interesting to see whether the market will experience an upward resolution or if another correction is expected following the recent price increases.
You can stay updated with our news on Telegram, Facebook, Twitter, and Coinmarketcap.
Disclaimer: The information provided in this article is not investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks. It is recommended to conduct thorough research before making any investment decisions.
