(Sunday-30 June 2024, 09:26 AM IST):
On this Sunday morning, the cryptocurrency market is showing bearish momentum across altcoins and memecoins. This is largely due to the bearish performance of Bitcoin $BTC and Ethereum $ETH , with bears keeping a tight grip on the market, preventing Bitcoin from returning to a bullish trend. Even the news of a Solana Spot ETF hasn’t been able to spark a positive impact.
At the time of writing, BTC is trading at $60,798, up by a minor 0.25% in the last 24 hours, with a market cap of $1.19 trillion. Meanwhile, Ethereum (ETH) has seen a small drop of 0.51%, trading at $3,363.
Bitcoin Analysis:
On the daily timeframe, Bitcoin hasn’t closed in the green since June 7th, when it was trading at $72,000. Since then, we've witnessed a significant correction following the Ethereum ETF rally, which has brought BTC down by over 15%.
Currently, Bitcoin is trading around the $60,000 level, a major support level that has been tested multiple times before. We might see a potential pullback from this level. However, if BTC breaks below this support, we could see a sharp fall down to $51,000. This makes the next move crucial for the market sentiment over the next month.
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