The easiest way to understand the present situation of the entire crypto market is to analyze its top crypto. With a market cap of $1,114,124,605,042, Bitcoin is the top crypto by market cap. Bitcoin now stands at around $56,634, slightly better than the previous day’s closing price. Yesterday, the closing price was around $56,624. In the last 24 hours, the price has risen nearly 4.3%. Let’s analyze the Bitcoin market using trendlines, volume, and technical indicators.
Bitcoin Trendline Analysis
The price should steadily move upwards to be considered a bullish trend. On June 5, the price was as high as $71,120. Later, the price weakened and created a bottom of $60,237 on June 24. On June 30, it showed a sign of recovery. But, the next day, it lost its momentum and started to continue its downward momentum.
The popular expectation was that the price would reverse at around $58,000. The expectation was proved wrong when the price crashed below that mark on July 4. If the price crosses the recent high of $62,806, moving steadily upwards, it can be considered a bullish trend.
Bitcoin Volume: What It Conveys
A price rise should be supported by an increase in volume in a bullish signal. In the last 24 hours, the volume has dropped from $53,743,053,334 to $35,046,459,699. Yesterday, a boost in volume was witnessed. The boost helped keep the candlestick’s body small, though red. It revealed the intensity of the tough fight between buyers and sellers yesterday.
Bitcoin Technical Analysis
In a bullish sign, the price of an asset stays above key moving averages like SMA. The SMA of Bitcoin stands at $59,898. Since June 10, the price has stayed under the Simple Moving Average value. On June 30, it attempted to break above the SMA but quickly crashed below it on July 3.
If the RSI value is between 30 and 70, it indicates a stable uptrend. At present, the RSI value is 28.41.
Crypto Market: General Analysis
Like Bitcoin, in the last 24 hours, almost all the top cryptos have shown a rise. Ethereum shows a rise of 2.8%. BNB and Solana display 6.8% and 8.8% rise respectively. XRP and Toncoin show 5.0% and 13.2% rise respectively. Even memes coins like Dogecoin and Shiba Inu have seen an upward momentum in the last 24 hours. Dogecoin reports 10.9% rise and Shiba Inu records 15.1% increase.
It is too early to predict the direction of the crypto market. But one thing is clear that the entire cryptocurrency market has experienced a positive momentum in the last 24 hours.
Stay tuned to Coinpedia for more updates on this!
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