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These Are This Week’s Best-Performing Altcoins as Bitcoin (BTC) Calms at $67K (Weekend Watch)

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Bitcoin had a quite positive trading week in which it gained over six grand and skyrocketed to its highest price tag in almost a month of over $67,000.

Most altcoins also followed suit, with SOL, AVAX, BCH, LINK, and many others registering double-digit gains.

BTC Calms at $67K

Bitcoin had retraced to just over $60,000 last Friday, but the bulls managed to defend that psychological support level during the weekend. Moreover, the asset started to climb on Monday and jumped to just over $63,000. It failed there and retraced to $61,200 on Tuesday, ahead of the US CPI announcement for April, but shot up once those numbers came out.

More precisely, the cryptocurrency gained several grand and skyrocketed to over $66,500 for the first time since mid-April. Another brief retracement followed, but the bulls went on the attack once again in the past couple of days.

This time, they pushed the largest digital asset to almost $67,500. Despite retracing slightly since then, BTC still trades around $67,000 now. Its market capitalization remains at $1.320 trillion, while its dominance over the alts is at 51.7% on CG.

Bitcoin/Price/Chart 19.05.2024. Source: TradingView
Bitcoin/Price/Chart 19.05.2024. Source: TradingView

SOL Leads the Way

Since the past 24 hours have been quite dull in terms of price movements in the crypto space, we will focus on the weekly scale in which SOL and LINK have stolen the show. The former has soared by 17.5% and trades at a multi-week high of over $170, while LINK is up by 22% and stands close to $16.5.

Next on the weekly top gainers’ list are Avalanche (14%), Bitcoin Cash (13%), UNI (13%), IMX (10%), GRT (12%), NEAR (9%), and ICP (10%).

In contrast, TON has declined the most from the larger-cap alts, having lost over 9% of value in the past seven days. BNB and TRX are also slightly in the red.

The total crypto market cap is up to $2.550 trillion on CG, which means that it has gained over $150 billion on a weekly scale.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Cryptocurrency

BTC Tanks to $61K as Long-Awaited Mt. Gox Repayments to Begin in July

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On June 24, the Mt. Gox rehabilitation trustee issued a letter regarding repayments to creditors commencing at the beginning of July 2024.

“The Rehabilitation Trustee has been preparing to make repayments in Bitcoin and Bitcoin Cash under the Rehabilitation Plan,” it stated.

The move comes after extensive preparations to ensure safe and compliant repayments, it added.

Mt. Gox Repayments

Additionally, the process involved technical safeguards, adherence to various countries’ financial regulations, and discussions with cryptocurrency exchanges, according to the letter.

Repayments will be made through trading platforms, starting with those that have completed the necessary information exchange and confirmation process with the Trustee. Creditors were advised to wait patiently as the repayments in BTC and BCH were processed.

Mt. Gox became insolvent after a hack that led to the theft of 850,000 BTC, valued at $460 million at the time of the incident in 2014.

Some of the larger creditors of the bankrupt crypto exchange chose a payment option that would allow them to receive a lump sum of their recovery payout in BTC rather than fiat.

Additionally, on-chain analysts identified several large BTC movements associated with Mt. Gox in late May. They cautioned that this could put selling pressure on Bitcoin markets.

This latest news has already sparked concern over large amounts of Bitcoin entering markets that have already turned bearish.

Bitcoin pioneer Kyle Chassé echoed the concern, exclaiming, “F*cking $9 billion worth of Bitcoin repayments.”

Analyst Don Alt advised caution when trading with further losses expected.

“Gonna be interesting to see how price reacts to the Mt. Gox announcement. Bulls need to show significant strength to reverse this slow bleed. If they can’t, the bottom of the range may just fall out.”

Impact on BTC

In addition to this sell-side pressure, Bitcoin miners have been offloading the asset. Miners sold over 30,000 BTC worth around $2 billion in June, “the highest amount this year, dropping reserves to a 14-year low,” said analyst ‘Carl B Menger.’

“BTC is now approaching the critical level where many will give up this cycle,” said analyst ‘Titan of Crypto’ in a post on X on June 24.

Bitcoin prices dumped to $61,000 on the news, accelerating losses over the past 24 hours, which are now 4.6%.

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Ethereum Price Analysis: Is $3K Imminent for ETH Following 5% Daily Dump

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The Ethereum price has been dropping since getting rejected from the $4,000 resistance level. In the past 24 hours, the selling intensified and the bears are seemingly targeting the important resistance level at $3,000.

Technical Analysis

By TradingRage

The Daily Chart

The daily chart shows that the price has dropped below the $3,600 level and is rapidly approaching the $3,000 support zone. The 200-day moving average is also around the $3,000 mark, further boosting the importance of this level.

The Relative Strength Index has dropped below 50%, indicating that the momentum has shifted bearish. If the $3,000 level breaks down, things can get ugly for ETH, as a further drop toward $2,800 and even the $2,200 zone could be expected.

eth_price_chart_2406241
Source: TradingView

The 4-Hour Chart

Looking at the 4-hour timeframe, the price has been making lower highs and lows since the rejection from the $4,000 resistance level.

At the moment, the cryptocurrency is approaching a long-term bullish trendline. A break below it would probably result in a bearish phase in the coming weeks.

Yet, the RSI has dropped below %30, making ETH oversold on the 4-hour chart. Therefore, a rebound from the trendline or the $3,000 level is still possible.

eth_price_chart_2406242
Source: TradingView

Sentiment Analysis

By TradingRage

Funding Rates

While the Ethereum price has been trending down after failing to break above the $4,000 level and rally toward its all-time high, the futures market sentiment is weakening.

This chart presents the Ethereum funding rate metric. It measures whether the buyers or the sellers are more aggressively executing their orders. Positive funding rates indicate bullish sentiment, while negative ones are associated with bearish sentiment.

Currently, the funding rates are declining as the price is trending down. While this shows the sentiment is gradually shifting, it might not be bad for the price. This is because of the probability of a long liquidation cascade, or the magnitude of a possible one, as the futures market is cooling down.

eth_funding_rate_chart_2404241
Source: CryptoQuant
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Cryptocurrency

BTC Price Analysis: Here’s the First Critical Support if Bitcoin Drops Below $60K

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Bitcoin’s price has dropped rapidly over the last few days after failing to keep above the $70K level. The market is currently approaching a fundamental level.

Bitcoin Price Analysis: Technicals

By TradingRage

The Daily Chart

As the daily timeframe demonstrates, the BTC price has been trending downward since the beginning of June following a rejection from the $72K zone. The price is approaching the pivotal $60K support level.

With the 200-day moving average around the $58K mark, a break below $60K could lead to a retest of the moving average. Overall, the market’s mid-term fate relies on the price’s reaction to these support elements.

btc_price_chart_2406241
Source: TradingView

The 4-Hour Chart

On the 4-hour chart, the large falling wedge pattern has finally been broken to the downside, and the price is aggressively approaching the $60K support zone. The Relative Strength Index has also declined rapidly and is showing values below 30% at the moment.

Therefore, BTC is currently oversold on the 4-hour timeframe, and a short-term rebound or consolidation at the $60K level is probable.

Yet, if the market breaks lower, the $58K support zone would be the next potential target.

btc_price_chart_2406242
Source: TradingView

On-Chain Analysis

By TradingRage

Bitcoin Short-Term Holder SOPR

While Bitcoin’s price has decreased recently, many market participants are seeing their unrealized profits shrink. Meanwhile, some holders have realized their profits and exited the market before going into a loss.

This chart presents the Bitcoin Short-Term Holder SOPR, demonstrating the profit and loss ratio. Values above one indicate that investors are selling at a profit, while values below one point to losses.

The STH SOPR is trending down, as is the BTC price. The short-term holders are on the verge of realizing losses, which would happen if the market drops below $60K.

Yet, this also occurs at the lows during a bull market. So, if we consider the bull market not over yet, the low could be very close.

btc_short_term_sopr_chart_2406241
Source: CryptoQuant
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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