Cryptocurrencies are experiencing significant movements today, following a tumultuous week in the broader market characterized by steep declines, often described as a “bloodbath.” Bitcoin, since June, has notably declined, dipping below the $54,000 mark recently. This represents a monthly devaluation of 20.1%, marking the end of its record-breaking winning streak.
Amidst this backdrop, several major cryptocurrencies have shown noteworthy gains during the market’s recovery phase. Solana (SOL), Shiba Inu (SHIB), and Toncoin (TON) have all demonstrated substantial development. SHIB surged over 14% in the past 24 hours, TON rose by 9.2%, and SOL increased by 7.6% during the same period.
Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies which faced significant declines last week, saw slight recoveries of more than 2% in the past day.
In response to Bitcoin’s sharp decline, the cryptocurrency market witnessed over $665 million in settlements within a single day. This occurred amidst heightened selling pressure on Bitcoin, exacerbated by payments made by the defunct exchange Mt Gox to its creditors.
Following a recent pullback, Bitcoin broke out of its four-month price range, experiencing a 14.74% drop over three days, plummeting to the $53,540 zone on July 5th. As of the latest update, Bitcoin was trading at $56,715.54, reflecting a 2.3% increase in the last 24 hours.
In light of recent market developments and the ongoing recovery, memecoins have made a notable comeback, registering significant increases within the past day. Shiba Inu, Dogwifhat (WIF), Bonk (BONK), Popcat (POPCAT), and Turbo (TURBO) all surged by more than 10%. The BILLY memecoin led the charge with an impressive 36.7% rally during the same period.
Looking ahead, what lies in store for Bitcoin? Analyzing the latest market movements, cryptocurrency expert Ali Martinez provided a technical analysis on July 5th, emphasizing the critical levels Bitcoin must surpass for a bullish continuation.
“Bitcoin currently lacks substantial support. The key demand zone resides around $47,000, and for the bullish trend to resume, BTC needs to close and hold above $61,000.”
Disclaimer: The opinions expressed by individuals mentioned in this article are solely for informational purposes and do not constitute financial or investment advice. Trading cryptocurrencies carries inherent risks of financial loss.
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