(Sunday-30 June 2024, 09:26 AM IST):
On this Sunday morning, the cryptocurrency market is showing bearish momentum across altcoins and memecoins. This is largely due to the bearish performance of Bitcoin (BTC) and Ethereum (ETH), with bears keeping a tight grip on the market, preventing Bitcoin from returning to a bullish trend. Even the news of a Solana Spot ETF hasn’t been able to spark a positive impact.
At the time of writing, BTC is trading at $60,798, up by a minor 0.25% in the last 24 hours, with a market cap of $1.19 trillion. Meanwhile, Ethereum (ETH) has seen a small drop of 0.51%, trading at $3,363.
Bitcoin Analysis
On the daily timeframe, Bitcoin hasn’t closed in the green since June 7th, when it was trading at $72,000. Since then, we’ve witnessed a significant correction following the Ethereum ETF rally, which has brought BTC down by over 15%.
Currently, Bitcoin is trading around the $60,000 level, a major support level that has been tested multiple times before. We might see a potential pullback from this level. However, if BTC breaks below this support, we could see a sharp fall down to $51,000. This makes the next move crucial for the market sentiment over the next month.
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