Crypto Market Analysis: Bitcoin, Ethereum, and Altcoins Show Gains!

Published by

Elena R

July 6, 2024

Is the crypto market finally shaking off its slump? While it’s too early to say for sure, one thing’s clear: Bitcoin, the undisputed king of crypto, is showing signs of life.

Currently priced at approximately $56,634, it has shown a slight increase from the previous day’s closing price of $56,624. Over the past 24 hours, Bitcoin’s value has risen by nearly 4.3%. Let’s delve into Bitcoin’s market dynamics through trendlines, volume, and technical indicators.

Tracking Bitcoin’s Bullish Potential

For Bitcoin to signal a bullish trend, its price must exhibit a steady upward movement. On June 5, Bitcoin peaked at $71,120, but soon after, it fell to a low of $60,237 by June 24. It showed signs of recovery on June 30 but lost momentum, continuing its downward trajectory in the days that followed.

Market expectations suggested a reversal around the $58,000 mark. However, this was not the case, as Bitcoin’s price dipped below this threshold on July 4. A bullish trend would be confirmed if Bitcoin surpasses the recent high of $62,806 and maintains an upward trajectory.

Bitcoin Volume: What It Conveys

In a bullish scenario, rising prices should be supported by increasing trading volumes. Over the last 24 hours, Bitcoin’s trading volume has decreased from $53.74 billion to $35.05 billion. A notable volume increase was observed yesterday, which helped keep the candlestick’s body small, albeit red. This indicates a fierce battle between buyers and sellers.

Bitcoin Technical Analysis

For an asset to be in a bullish phase, its price should stay above significant moving averages like the Simple Moving Average (SMA). Currently, Bitcoin’s SMA stands at $59,898. Since June 10, Bitcoin’s price has been below this SMA. On June 30, there was an attempt to breach the SMA, but the price fell below it again on July 3.

The Relative Strength Index (RSI) helps gauge the strength of a trend. An RSI value between 30 and 70 generally signals a stable uptrend. Currently, Bitcoin’s RSI is at 28.41, indicating it may be approaching an oversold condition.

Altcoins Showing Positive Momentum

Bitcoin isn’t the only cryptocurrency making waves. Over the past 24 hours, most top cryptocurrencies have seen gains. Ethereum has risen by 2.8%, while BNB and Solana have increased by 6.8% and 8.8%, respectively. XRP and Toncoin have also shown impressive gains of 5.0% and 13.2%. Even meme coins like Dogecoin and Shiba Inu have experienced upward momentum, with Dogecoin rising by 10.9% and Shiba Inu jumping 15.1%.

While it’s premature to predict the future direction of the crypto market, the recent uptick across major cryptocurrencies is a positive sign. The market has shown notable momentum in the past 24 hours, suggesting potential for continued growth.

Remember, past performance is not necessarily indicative of future results.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Published by

Elena R