Published on juli 11, 2024, 12:26 am
Image source: Fox News
```json [ { "TLDR": "Bitcoin faces selling pressure at $60,000, with uncertainty surrounding increased supply impacting market sentiment negatively. Altcoins are also experiencing varied price actions. Market remains volatile, requiring thorough research before making investment decisions." } ] ```
Bitcoin’s recovery is being met with selling pressure around the $60,000 mark, highlighting continued bearish activity at higher price levels in the cryptocurrency market. Despite a recent attempt by bears to push Bitcoin (BTC) lower on July 8, bulls stepped in to buy the dip, with U.S.-listed spot Bitcoin exchange-traded funds (ETFs) experiencing inflows exceeding $650 million since July 5.
However, the prevailing selling pressure seems far from dissipating quickly. Reports from Arkham Intelligence indicate that the German government wallet appears poised to sell an additional 6,000 Bitcoins. Additionally, market observers eagerly await the actions of Mt. Gox’s creditors following repayments being made.
The uncertainty surrounding potential increased Bitcoin supply has impacted market sentiment negatively. Data from Glassnode reveals that the Crypto Fear & Greed Index has dipped to 27, hitting its lowest point since January 23.
Amidst this backdrop of uncertainty, many are left wondering if Bitcoin will lead a rebound soon and consequently propel altcoins higher. Analyzing charts of the top 10 cryptocurrencies may provide insights into possible future trends.
For instance, Bitcoin recently showcased resilience by bouncing off key support levels on July 8. Buyers successfully pushed prices towards the 20-day exponential moving average ($60,217) on July 10. However, if prices sharply reverse from this level, it could indicate ongoing negative sentiment and potential further sell-offs.
In a similar vein, Ether (ETH) exhibited strength by defending the $2,850 support level recently while other altcoins like BNB and XRP face challenges ahead as bears lurk around key price levels. Dogecoin (DOGE), Solana (SOL), TONCoin (TON), Cardano (ADA), Avalanche (AVAX), and Shiba Inu (SHIB) have also experienced distinctive price action and technical signals within their respective trading ranges.
As the cryptocurrency market continues to evolve rapidly and investors navigate through various assets based on shifting sentiments and developments like regulatory changes or institutional interest, it remains critical for market participants to conduct thorough research before making any investment or trading decisions due to the inherent risks involved in such endeavors.
Original article posted by Fox News
