On June 24, the crypto market experienced one of its ‘bloodiest’ phases with BTC at the forefront. It bled and lost over 5% of its value.
It saw considerable declines over the last seven days. Trading started at $2.33 trillion on June 18 but faced a gradual descent and hit a low of $2.2 trillion during the previous intraday session. The current valuation places the losses at over 5%.
The German government was one reason for the decline. It announced on Monday that it sold over $300 million worth of Bitcoin it seized from a piracy website in January. The website allegedly had over 50,000 units of the asset in store.
Nonetheless, on-chain data shows that the government is not done selling. It plans to continue the sale as it transferred more funds to two exchanges early on June 25. Nonetheless, the amount is smaller, and the market failed to react.
With a brief overview of what happened in the crypto market, Let’s see how some assets performed.
BTC/USD
Bitcoin is seeing notable improvement in price following the previous day’s massive decline. It is up by almost 3% at the time of writing as it sees notable buyback as the bulls soak up the supply.
The previous day is one traders will talk about for an extended period as the coin sank to levels it was believed to have exceeded and will not return to. It dropped below $60k and edged close to its 2-month low. The apex coin hit a low of $58,456 and lost almost 5%.
Aside from the German government, miners were also responsible for the massive dumps in June. For example, they sold 30,000 BTC worth over $2 billion. The latest sale reduced these miners’ reserves as the plan to dump.
Nonetheless, the asset became oversold due to the most recent dump. The relative strength index dropped below 30 and hit a low of 25. It is back above 30 as the bulls continue to soak up the supply. Currently at 35, it is seeing notable buying pressure but still under bearish dominance.
The largest cryptocurrency hit a high of $62,300 a few hours ago. However, it hit a brick wall, and is exchanging at $62k at the time of writing. The latest move is an attempt by the bulls to reclaim $65k. Indicators are silent as to if they’ll achieve it.
ETH/USD
Ethereum continues to recover from the downtrend from the previous day. It started trading at $3,418 but retraced to $3,233. The latest decline saw the asset attain a deeper low and close below $3,400 for the first time in over a month. The dip occurred barely a day after the asset incurred a more than 2% loss on Sunday.
The asset registered losses of almost 2% on June 24 as the bulls rallied the coin following the dip. The recovery is ongoing as the largest altcoin regained the $3,400 support. The current day’s candle suggests that it successfully eliminated the previous losses.
Nonetheless, the relative strength index dropped to May’s low, indicating almost equal selling pressure. It is also on the uptrend as buyback continues. After regaining composure above $3,400, the bulls will attempt to continue the attempt.
The coin’s pivot point is set at $3,515. Many traders consider this a safe point, so the asset will look to climb above it. The Fibonacci retracement level suggests that the climb to this critical level will get an extra boost if it climbs above $3,45 due to notable demand concentration.
BNB/USD
Binance coin is not exempt from the massive declines the crypto market experienced. The previous intraday session marked the second day of consecutive declines as it lost over 4% cumulatively. Nonetheless, it lost its pivot point on Sunday.
It started June 24, exchanging at $577, but retraced as the selloffs hit. It sank to a low of $550 for the first since May 3. Recovery started towards the end of the day, and the asset closed at $568 with losses of almost 2%. It eliminated the loss of the previous day at the time of writing.
The accumulation and distribution chart suggests the hike is sustainable as it is driven by volume. The metric is on an uptrend in response to the latest price improvement and may continue this trend if volume increases.
Price will also move in reaction to the change. It is worth noting that the coin may continue to hold $560. This is due to the 23% Fibonacci retracement being at $563.
Pushing upwards, the bulls will look to reclaim $600. However, it must reclaim the pivot point at $587. Previous price movement suggests that this mark will serve as an accumulation point and a level for momentum build-up.
SOL/USD
Solana is seeing notable price improvements at the time of writing. It was one of the top gainers in the top 10 during the previous intraday session. Nonetheless, the asset was not exempted from the massive bearish sentiment.
It started the previous day at $128 but retraced. It retraced to a low of $122, the lowest since May. Nonetheless, the coin saw a swift recovery as the selling volume cleared. It reclaimed $130 and ended the day at $132, gaining almost 3%.
The bullish trend is ongoing, and the coin is looking to reclaim more levels. Since bouncing off the first pivot support, the bulls we look to regain composure above the pivot point at $157. It is also worth noting that the altcoin tested $140 but experienced small corrections.
If SOL gains stability above $140, it will have ample support at the 38% fib level at $137 as it possesses notable demand concentration. Nonetheless, flipping $150 may not be possible this week as previous price movements suggest an upcoming horizontal price trend.
Solana may trade between $140 and $150 for an extended time before a final breakout next week if the bullish trend continues.
