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- Bitcoin’s Bottom, Where is it?
Bitcoin’s Bottom, Where is it?
PLUS: PEPE Bulls Are Resurfacing
Blockstreet Journal
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Welcome, Crypto enthusiasts!
Bitcoin is holding the 200 EMA line above $58K, signaling that 58K would be the lowest it goes during this mid-cycle.
In Today’s Blockstreet Journal:
What is Bitcoin’s Bottom?
PEPE Bulls Are Resurfacing
Market Rundown
Top Gainers & Losers
Airdrops & More News
Latest News
BITCOIN
📉 Bitcoin’s Bottom, Where is it?
Word On The Street: Bitcoin has been consolidating within a descending parallel channel since its March 2024 bull run to a new record high.
The details:
Each time BTC tests the upper trendline as resistance, it retreats toward the lower trendline, only to rebound upon hitting it.
Interestingly, the $60,000 downside target is close to Bitcoin's 200-day exponential moving average at around $58,000.
The $55,000-75,000 consolidation will continue until economic slowdown or post-election regulatory clarity.
Why it matters: Bitcoin's daily relative strength index is the most oversold since August 2023. This could be a precursor to a potential recovery period, boosting BTC's chances of reaching its bull flag target.
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ALT COINS
🐸 PEPE Bulls Are Resurfacing
Word On The Street: PEPE has been undergoing a correction for a few days. However, the bounce from $0.000010 indicates that bulls are trying to rebound.
The details:
For a sustained recovery, buyers need to push the price above the downtrend line and the moving averages.
If successful, the PEPE/USDT pair could climb to $0.000014, and potentially further to $0.000016.
On the 4-hour chart, the 20-EMA has flattened, and the RSI is just below the midpoint, indicating a balance between supply and demand.
Why it matters: If the uptrend line fails to hold, the bears will gain the upper hand, potentially dragging the price down to the strong support zone between $0.000009 and $0.000010.
Market Rundown
Fear & Greed Index
The global crypto market cap is $2.25T, a 4.11% decrease over the last day.
The total crypto market volume over the last 24 hours is $73.7B, which makes a 138.81% increase. The total volume in DeFi is currently $5.22B, 7.08% of the total crypto market 24-hour volume. The volume of all stable coins is now $68.2B, which is 92.53% of the total crypto market 24-hour volume.
Bitcoin’s dominance is currently 53.79%, a decrease of 0.30% over the day.
Global Market Metrics
As of today, the current state of the cryptocurrency market is as follows:
- Total Market Capitalization: $2.24T
- Total 24h Trading Volume: $73.70B
- Active Cryptocurrencies: 10,114
- Active Market Pairs: 82,802
- Active Exchanges: 782
Dominance:
- Bitcoin (BTC): 53.79%
- Ethereum (ETH): 18.04%
Market Segments:
- DeFi Market Capitalization: $71.08B
- DeFi 24h Volume: $5.22B
- Stablecoin Market Capitalization: $155.33B
- Stablecoin 24h Volume: $68.20B
- Derivatives 24h Volume: $675.7B
Top Gainers & Losers
🚀 Top Gainers
💩 Top Losers
Airdrops & More News
DAILY AIRDROP
📦️ Vest Trading Airdrop
Vest received an allocation of 2,452,128 ZK tokens, and they’ve confirmed that all of these tokens will be distributed to users of their platform.
Step-by-Step Guide:
Visit the Vest exchange and click on “Start Trading”.
Connect your wallet.
You’ll need some USDC to start trading, as well as a small amount of ETH on zkSync to cover transaction fees.
Click on “Deposit”, enter the amount in USDC and approve the transactions.
Perform trades on a regular basis.
Deposit some USDC as liquidity by going to the “Liquidity Providing” page.
Vest have announced that it is airdropping its entire 2.45 million ZK airdrop allocation to the community.
It’s likely that both traders and liquidity providers will be rewarded with Vest’s 2.4 million ZK token allocation.
More details on how users can be eligible for their ZK airdrop should be announced soon.
Turn on notifications for Vest’s X account for further updates.
Other News
Mt. Gox to Begin Repayments in July; BTC Slides Under $61K. The defunct crypto exchange is supposed to return over 140,000 bitcoin to victims of the 2014 hack.
Tether halts USDT minting on Eos and Algorand. Tether discontinues support for the Eos Network and Algorand implementations of its flagship stablecoin USDT.
Kraken’s Derivatives Arm Joins Copper’s Crypto Settlement Network. Copper’s ClearLoop provides institutions with connectivity to OKX, Bybit, Deribit, BIT, Gate.io, Bitfinex, Bitget and PowerTrade, with Bitstamp and Bitmart soon to go live.
Over $122M Bitcoin longs liquidated as BTC falls below $61K. The incoming selling pressure from the Mt. Gox repayment could still cause the Bitcoin price to fall below the psychological $60,000 mark.
🫡 Thanks For Reading
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