The crypto market started recovering from the previous day’s decline that saw it lose more than 3% of its worth. The global cryptocurrency market cap dropped to a low of $2.2 trillion, the lowest in more than a month.
News of the Mt. Gox settlement and the German government’s sale of $300 million worth of BTC were the most popular stories during the previous intraday session. Miners also announced the sale of $2 billion worth of Bitcoin. The trade was gradual and took place over the last twenty days.
With a breath of fresh air, most cryptocurrencies are looking to reclaim lost levels. This is amidst the threat of the German government resuming sales. How will the market react?
Top Five Cryptocurrencies to Watch
BTC/USD
Bitcoin lost almost 5% during the previous intraday session as it retraced below $60k for the first in over a month. The coin also became oversold due to massive and consistent declines. The apex coin dropped to a low of $58,400 but saw a small recovery and closed at $60k. The latest dip continues Sunday’s decline, which saw BTC lose $64k and close at $63,154.
Nonetheless, the coin ended the bearish trend with its notable push to reclaim the lost levels. It briefly surged above $62k and reached a high of $62,395. Currently, it is up by almost 3%, and the bulls are looking to completely soak up the excess supply the asset had.
The relative strength index is seeing notable improvement following its plunge below 30. Sinking to a low of 25, the metric is back above 30 in response to the most recent change in sentiment. The accumulation and distribution channel also suggests that the price increase may continue. The indicator is on the uptrend, showing considerable trading volume.
With the notable decline in selling volume over the last 24 hours, the coin’s trading volume is down by over 20%. Nonetheless, several indicators are silent regarding next price action.
Bitcoin will look to continue the hike and retest the 50-day exponential moving average. A climb above $64k will also guarantee an attempt at the pivot point around $65k.
However, with the news of more selling pressure, the cryptocurrency will may retest $60k before the en of the week.
ETH/USD
Ethereum has shown signs of recovery after a recent downtrend. It started trading at $3,418, but then dropped to $3,233, marking its first instance of closing below $3,400 in over a month. Despite experiencing losses of more than 2% on Sunday and nearly 2% on June 24, bulls rallied the coin, leading to a recovery.
The largest altcoin has since regained the $3,400 support, indicating that previous losses have been successfully corrected.
The relative strength index has dropped to its lowest point since May, signaling nearly equal selling pressure, but there is an upward trend in buyback activity.
With the bulls regaining composure above $3,400, they will likely try to sustain this momentum. Traders are closely watching the coin’s pivot point at $3,515, which is considered a pivotal level by many.
The Fibonacci retracement level suggests that surpassing $3,450 could give the climb to this critical level an additional boost due to significant demand concentration.
