The post Early July Bulls Waver: Bitcoin Drops Below $60k, Altcoins Face Negative Funding appeared first on Coinpedia Fintech News

Bitcoin is now facing major technical challenges after a crucial support level flipped into resistance. This raises concerns about whether this downward deviation indicates a potential end to the bull market or is just a temporary setback before continuation.

From a technical standpoint, Miles Deutscher talked about Bitcoin’s struggle to reclaim key support levels, like the $59,000 and $64,500 thresholds, which are critical for a bullish reversal. He also explained the importance of these levels in determining Bitcoin’s near-term trajectory and its implications for the broader crypto market.

Moving beyond Bitcoin, he turned to Ethereum and other altcoins, examining their technical setups. He pointed out the recent performance trends, noting that July has historically been positive for crypto following negative June returns, despite the current 11% drawdown so far this month.

Discussing market sentiment, he observed a shift in funding rates for altcoins, with many now showing negative funding. This shift, from aggressively positive to negative funding, shows a wary sentiment among market participants towards altcoins, suggesting opportunities for accumulation during periods of fear.

Where Is The Market Headed?

Miles shared charts and analysis to explain where we are in the market cycle, addressing recent panic among market participants. Discussing the  normalcy of summer market volatility, he advised caution without becoming overly bearish. From a macro perspective, he sees potential for Bitcoin to rally higher, citing historical patterns and technical indicators like the 200 EMA. 

Despite short-term concerns, he kept a long-term bullish outlook, comparing current market conditions to previous cycles post-halving. His technical analysis showed Bitcoin’s support at $53K and explained the importance of weekly and daily chart trends for future direction.