This past week in the world of cryptocurrency has been a wild ride of emotions, sparked by the latest job report in the United States on Friday, the 7th. This news led to a significant sell-off in the market, causing the price of Bitcoin to plummet to $68,400 and resulting in a massive $400 million sell-off. As of the time of writing, BTC is now at $69,460, showing a 0.5% increase in the past 24 hours.
Bitcoin’s dominance has been on the rise, supported by a remarkable 19-day streak of positive inflows into BTC-related ETFs. This trend has fueled volatility that has at times resulted in substantial gains for the leading cryptocurrency. However, this surge was short-lived, and after reaching $72,000 on Friday, Bitcoin saw a sharp decline as bears took over.
In this article, we will cover the following topics:
– Bitcoin price
– Ethereum price
– Current state of the cryptocurrency market
Bitcoin’s price saw a drop below the $69,000 support levels last week and is now consolidating, facing resistance starting at $69,850. The major hurdle lies near the $70,000 mark, with a potential test of the $72,000 resistance zone if surpassed. On the flip side, there is a risk of a break below the $68,800 support, with further downside potential to $65,000 and $62,000 support levels.
Ethereum, after dipping close to $3,600, is now encountering resistance at $3,720 and $3,750. A breakout above $3,750 could pave the way for a move towards $3,850. Conversely, failure to breach the $3,700 levels might lead to a drop to $3,350.
As of Monday, June 10, 2024, Bitcoin is consolidating at $69,500, with most major altcoins hovering near key support levels. XRP/USD has corrected lower but remains steady at $0.49, while Solana is trading close to $158, down almost 1% for the day. BNB is attempting to break past the $650 mark, and Cardano is edging towards $0.45.
Notable performers include Monero (XMR) and Chiliz (CHZ), both up more than 5%. Meanwhile, memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) are down nearly 1%, while Pepe Coin has seen a 2% increase.
Disclaimer: The opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
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