Date: Sun, August 04, 2024, 03:39 AM GMT
In the past week, the cryptocurrency market took a heavy hit with a bearish trend, causing sharp declines in the prices of major cryptocurrencies. Bitcoin (BTC) and Ethereum (ETH) both dropped by over 10%, which in turn triggered significant price dumps in altcoins like Render, Helium, and Arbitrum, each experiencing declines of over 15%.
However, today these three altcoins have shown a promising recovery against the bearish market.
- Render (RNDR): Up by 2.35%
- Helium (HNT): Up by 4.39%
- Arbitrum (ARB): Up by 0.93%
Will the Recovery Sustain?
On July 29, Bitcoin had the opportunity to break out from a Bull Flag—a bullish continuation pattern that typically signals further price increases. Despite the optimism, Bitcoin couldn’t break through the crucial resistance level of $71K and instead pulled back to $60,700, missing an upward surge toward $80K. This inability to break through created uncertainty in the market, affecting altcoin prices.
Focusing on the Bitcoin (BTC) chart, there’s minor support at $60K, a crucial level. Bitcoin has shown a minor pullback, with the price jumping from a low of $59,839 to the current $60,700. If BTC can bounce back from this support, we might see a recovery. However, if it fails to hold this level, the price could drop to around $53,643, likely causing altcoins to dip further.
It will be worth watching market activity closely to see how it unfolds from here. Keep an eye on Bitcoin levels—if it falls below $59K, we could see another drop in crypto prices.
Disclaimer: This article reflects the author’s personal views and interpretations of the current market situation. It is not intended as financial advice. Always conduct your own research and consult with a professional financial advisor before making any investment decisions.