The world of cryptocurrency experienced a whirlwind of emotions this week, triggered by the US jobs report released on Friday, the 7th. The market saw a significant sell-off, causing the cryptocurrency to plummet to US$68,400 and resulting in over US$400 million being offloaded by investors. As of the latest update, BTC was priced at US$69,460, marking a 0.5% increase in the past 24 hours.
Bitcoin’s dominance has been on the rise, fueled by a remarkable 19-day streak of positive flows into BTC-related ETFs. This trend of increased volatility led to substantial gains for the top cryptocurrency at times. However, the momentum was short-lived as BTC hit $72,000 on Friday before succumbing to bearish pressure, leading to a sharp decline.
In this article, we will cover:
Bitcoin’s price
Ethereum’s price
Current state of the cryptocurrency market
Bitcoin’s price faced a dip below the $69,000 support levels last week. Currently, BTC is consolidating and encountering resistance starting at $69,850. The key hurdle lies near the $70,000 mark, and a breakthrough could test the $72,000 resistance zone. On the flip side, a break below the $68,800 support may pave the way for further declines to $65,000 and $62,000 levels.
Ethereum, after dropping near $3,600, is now met with resistance at $3,720 and $3,750. A close above $3,750 could set the stage for a move towards $3,850. Conversely, failure to breach the $3,700 level might push ETH down to $3,350.
As of Monday, June 10, 2024, Bitcoin is consolidating around US$69,500, while most major altcoins hover near crucial support levels. XRP/USD is holding steady at $0.49, while Solana is trading close to $158 with a slight decrease. BNB is striving to break through the $650 mark, and Cardano is up around $0.45. Notable performers include Monero (XMR) and Chiliz (CHZ) with over a 5% gain, while Dogecoin (DOGE) and Shiba Inu (SHIB) are down nearly 1%. Pepe Coin bucks the trend with a 2% increase.
Please note: The opinions expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries inherent risks of financial loss.
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