The crypto market is bearish today as Bitcoin touched a low of $55,000. Similarly, altcoins like Ethereum, Solana, and XRP are in the red as the global crypto market cap drops to $2.18 trillion.
Bitcoin trades at $57,126, with a subtle price change in the last 24 hours.
Bitcoin (BTC) to Break The Bearish Trend
Bitcoin has remained below $60,000 for weeks as the sellers continue to dominate and pressure its price.
Notably, bearish events such as FUD from the Mt. Gox settlements have limited BTC’s price. However, Japan’s Metaplanet accumulating more BTC tokens has sparked hope of a recovery, aiding BTC to trade above $57,000.
Ethereum’s Price Outlook
Ethereum showed a bearish outlook today but slightly improved to trade above $3,000. The anticipation of Spot Ethereum ETFs launch has helped Ethereum’s price despite the downtrend. Also, ETH’s scarcity has increased and will likely boost its value in the coming weeks.
🚨HUGE divergence between #Ethereum and #Bitcoin!
ETH is becoming SCARCER than BTC.#ETH Exchange Balance: 10.189% 📉#BTC Exchange Balance: 15.086% 📈
The gap is WIDENING! pic.twitter.com/UnuejbnS8l
— Leon Waidmann | Onchain Insights🔍 (@LeonWaidmann) July 7, 2024
XRP’s Price Action
XRP also mirrors the general bearish trend, trading at the $0.43 price level with a 9.7% price dip in the past week. XRP’s low in the last 24 hours was $0.40, and its peak was $0.44 as it struggled to regain the $0.50 price level.
According to crypto analyst Dark Defender, XRP hit the latest Fibonacci support of $0.3917. He believes that XRP is already oversold and a recovery rally is imminent. Hence, his possible XRP targets are $1.88, $5.85, and $18.22.
Dogecoin and Shiba Inu Price Action
Dogecoin has shed 12.7% of its gains this week and trades at $0.1098 today as of 5:36 a.m. EST. Although Dogecoin faces price uncertainty, its strong community will likely force a recovery rally soon.
Conversely, Shiba Inu recorded a 2.5% increase in the last 24 hours and currently trades at $0.00001679.
According to Shiba Inu developers, there is so much FUD in the market, which signals that new retail traders are active. Therefore, they urged the SHIBArmy to stay level-headed and focused despite the bearish sentiments.
Other Crypto Assets Show Mixed Investor Sentiments
BONK has gained 4.4% in the past 24 hours, trading at $0.00002323. PEPE is down 2.6% within the same timeframe, trading at $0.000009008. PEPE has shed 22.6% of its gains in the past week as the sellers dominate.
FLOKI shows a similar decline of 14.5% this week to trade at $0.0001451 today. In addition, Jupiter (JUP) is down by 4% today and trading at $0.7344. WIF is among the top losers today, shedding 7% of its gains to trade at $1.74 and losing 23.9% of its value in the past week.
So, Bitcoin’s decline resulted in a bearish outlook for most meme-coins and altcoins. Based on negative investor sentiments, Bitcoin still trades below the $60,000 price level.
However, Ethereum and other assets like Shiba Inu are deviating from the bearish trend based on developments in their ecosystem.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
