To gain a comprehensive understanding of the current state of the crypto market, it is essential to focus on the top cryptocurrency, Bitcoin. With a market cap exceeding $1 trillion, Bitcoin continues to lead the market. As of now, Bitcoin is valued at around $56,634, showing a slight improvement from the previous day’s closing price of $56,624. Over the past 24 hours, the price of Bitcoin has surged by approximately 4.3%. Let’s delve into the analysis of the Bitcoin market by examining trendlines, volume, and technical indicators.
Bitcoin Trendline Analysis
In order for a trend to be considered bullish, the price must exhibit a consistent upward trajectory. On June 5, Bitcoin reached a peak of $71,120, followed by a dip to $60,237 on June 24. By June 30, signs of a recovery were evident, only to be followed by a loss of momentum the next day.
There was a general expectation that the price would rebound around $58,000, which proved to be incorrect when Bitcoin plummeted below that level on July 4. A bullish trend can be confirmed if the price surpasses the recent high of $62,806 and maintains a gradual upward movement.
Bitcoin Volume: What It Conveys
In a bullish scenario, a price increase should be accompanied by a rise in trading volume. Over the past 24 hours, the volume has decreased from $53,743,053,334 to $35,046,459,699. Despite the drop in volume, there was a notable surge in trading activity yesterday, as indicated by a small yet bearish candlestick body.
Bitcoin Technical Analysis
In a bullish scenario, the price tends to remain above key moving averages such as the Simple Moving Average (SMA). The current SMA value for Bitcoin is $59,898. However, since June 10, the price has consistently remained below the SMA. Although there was an attempt to break above the SMA on June 30, Bitcoin quickly retreated below it on July 3.
The Relative Strength Index (RSI) value is crucial in assessing the stability of an uptrend. Currently, the RSI value stands at 28.41.
Crypto Market: General Analysis
Over the past 24 hours, most of the top cryptocurrencies have experienced an upward trend similar to Bitcoin. Ethereum has seen a 2.8% increase, while BNB and Solana have surged by 6.8% and 8.8% respectively. XRP and Toncoin have also shown positive movements, with a 5.0% and 13.2% rise respectively. Even meme coins like Dogecoin and Shiba Inu have witnessed significant gains, with Dogecoin rising by 10.9% and Shiba Inu by 15.1%.
While it may be premature to predict the future direction of the crypto market, one thing is evident – a positive momentum has swept across the entire cryptocurrency market in the last 24 hours.
Read Also: Crypto News Today: House Set to Challenge Biden’s Veto on SAB 121
Stay tuned to Coinpedia for more updates on this!
