Published on juni 20, 2024, 12:36 am
Image source: Fox News
```json [ { "TLDR": "Bitcoin is struggling to recover from $64,500 and may face a deeper correction to $60,000. Recent uncertainty has kept the market volatile with traders advised to wait for a clear breakout. Altcoins like Ether, BNB, Solana, XRP, Dogecoin, and others show varied trends with potential price movements worth monitoring." } ] ```
Bitcoin, the leading cryptocurrency, is facing a challenge to recover from the $64,500 mark, increasing the likelihood of a deeper correction towards $60,000. The market has been in a state of uncertainty with Bitcoin trading within a broad range between $56,552 and $73,777 for several days. Traders are advised to wait for a clear breakout before making significant bets as trading inside this range can be unpredictable and volatile.
Short-term traders are exhibiting caution amid the ongoing uncertainty. Recent data indicates outflows from Bitcoin exchange-traded funds over the past four days and significant withdrawals amounting to $600 million from digital asset investment products. Despite these developments, analysis of Deribit derivatives data reveals that Bitcoin whales and market makers remain optimistic even amidst the price dip below $65,000.
The key question that remains is whether Bitcoin will bounce back from its strong support levels and push altcoins higher. Examination of various cryptocurrencies such as Ether (ETH), BNB (BNB), Solana (SOL), XRP (XRP), Dogecoin (DOGE), Toncoin (TON), Cardano (ADA), Shiba Inu (SHIB), and Avalanche (AVAX) provides critical insights into their respective trends and potential price movements.
For instance, Ether is showing signs of a possible breakout if it surpasses the 20-day exponential moving average at $3,586. On the other hand, BNB aims to rally if it breaks above $590 while facing resistance at $560. Solana seeks to rebound from current levels towards critical support at $116 after falling below a descending channel pattern.
In summary, cryptocurrency enthusiasts are closely monitoring these developments across various altcoins amid Bitcoin’s struggle within its existing trading range. The dynamic nature of the market underscores the need for caution and informed decision-making by investors in navigating this period of cryptocurrency price fluctuations.{End of content}
Original article posted by Fox News
