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Why is the crypto market down today? BTC at $30k

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TL;DR

  • Crypto markets tank as BTC tries to hold above $30,000.
  • Ethereum struggles to regain $2,000 while the total crypto market cap tries to hold the $1 million mark.
  • Altcoins take over the market with a balance of losses and gains.

The Bitcoin (BTC) price has reached a new annual peak, while the Crypto Market Cap is close to doing the same. The crypto markets are at an all-time high, although sentiment appears to be negative. Despite the price reaching a new yearly high, the proportion of the Bitcoin supply that has not changed in over a year attained an all-time high. This demonstrates the conviction of BTC holders, who are unwilling to accept profit during this rally.

Crypto markets tank

According to CoinGecko, the global crypto market cap is now $1.21 trillion, a -1.58% decline from the last 24 hours and a 22.26% growth from a year ago. Bitcoin (BTC) has a market cap of $584 billion as of today, signifying a 48.29% domination. Meanwhile, the market cap of stablecoins is $129 billion, accounting for 10.7% of the total crypto market size.

If the total crypto market cap breaks out, it has the potential to reach a new all-time high of $1.70 trillion. However, if rejection and decline occur, the support will be reduced to $970 billion.

BTC records new yearly lows

In the weekly time period, the Bitcoin price formed a huge bullish candlestick last week. This resulted in a new year high of $31,431. BTC fell marginally following that and is presently trading at the $30,000 long-term barrier level.

This is a critical milestone, with a break above triggering a rapid upward rise to $47,000. If the BTC price fails to close above $31,000, it may fall to the next nearest support, around $21,500.

Ethereum struggles to regain $2,000

The price of Ethereum (ETH) experienced a notable rebound last week, temporarily reversing the downward trend that had persisted since April. Currently, the price of ETH is consolidating within a horizontal range, specifically between $1,650 and $1,950.

Given the present short-term pattern and price action, it is more likely that the price will continue to move toward the upper limit of this range and eventually break out. At the beginning of April, it appeared that the price had surpassed the $1,950 resistance level. This emergence, however, turned out to be invalid. 

Two weeks ago, ETH reached a low of $1,622 before bouncing back and affirming the horizontal area at $1,650 as a support level. Currently, the price is fluctuating between $1,650 and $1,950.

The breakout on June 21 indicated that the correction was complete. As a result, the ETH price is anticipated to rise to the next level of long-term resistance, near $2,500. 

If the price declines within the channel again, despite this optimistic forecast, it will invalidate the bullish wave count and indicate a bearish trend for ETH. Under such conditions, a decline toward $1,200 would become the most probable outcome.

Altcoins lead the market

The crypto market had a bullish week last week. Nonetheless, a short-term bearish reversal began toward the end of the week and persisted through the weekend. Despite this transient decline, these three cryptocurrencies posted gains over the weekend, earning them the moniker of crypto gainers.

Bitcoin Cash (BCH) reached a new yearly high following a 145% increase over the course of two weeks. The price of Kava (KAVA) rallied over the weekend but was unable to surpass a crucial horizontal resistance. The price of Near Foundation (NEAR) did not increase significantly over the weekend, but a vigorous rally began today.

Since June 10 the BCH price has been on an absolute rampage. On June 24, the price reached a new yearly peak of $222. This marked the end of a two-week rally in which the price rose by 145%.

Since the beginning of the year, the cost of KAVA has risen alongside an ascending support line. On June 15, it rebounded at the line and began a sharp upswing.

Despite this bullish prognosis, the breakout will take longer to materialize if the $1.15 region is rejected again. In this scenario, the price of KAVA could decline to the ascending support line at $0.85 before resuming its ascent.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Florence Muchai

Florence is a crypto enthusiast and writer who loves to travel. As a digital nomad, she explores the transformative power of blockchain technology. Her writing reflects the limitless possibilities for humanity to connect and grow.

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