Bitcoin’s price has been unable to maintain yesterday’s bullish momentum, and now the buyers are trying to defend the $63K level. The broader cryptocurrency market is also in a state of consolidation, and it’s interesting to see what the next direction will be.
Bitcoin Bulls Try Defending $63K
As seen in the chart below, Bitcoin’s price has so far been unable to maintain its position above $63K and has currently lost this level, trading at around $62,600.
Source: TradingView
At the time of this writing, BTC charts a decline of about 0.3% in the past 24 hours but remains up 3.2% during the last week.
As CryptoPotato reported yesterday, the German government moved closed to $100 million worth of BTC to exchanges, signaling the potential intent to sell. This may have played a role in the cryptocurrency’s failure to capitalize on the uptick and produce a stronger uptrend.
However, analysts remain optimistic that July will be a positive month as this has been a historic pattern following declines in June.
Altcoins Consolidate
The majority of large-cap altcoins are also in a state of consolidation. Only a handful are charting more notable moves.
For instance, AVAX is down 5.6%, UNI is down 3.05 and these are the worst performers out of the larger coins. On the other hand, TON managed to increase by 4%, while ADA is charting gains of 2.6%.
The remaining altcoins are trading mostly flat on the day.
Source: Quantify Crypto
It’s been a period of relative stability in the market, and there aren’t a lot of categories that are performing out of the ordinary.
That said, it’s interesting to see if the market will resolve to the upside following the recent uptick in prices or if a further correction is in play.
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