Crypto Price Today: BTC Price & ETH Price Consolidates as Crypto Market is Bearish

Key Takeaways

• Markets appear to have lost their bullish momentum as the prices of the top cryptos have slid down from resistance and have begun to consolidate.
• The bulls are attempting to hold the levels above crucial support and trigger a fine upswing. 
• The market sentiments are pretty neutral, which indicates the investors are certainly not bearish despite the ongoing sideways trend.

CRYPTO MARKET TODAY AT A GLANCE

The markets have come back to the position that they traded a couple of days ago. The tokens had received a minor push during the last trading day but shed all the day’s gains just before the close. The global crypto market cap, which was approaching $1.2 trillion, has dropped back to $1.18 trillion. However, a decent rise of 13.59% in the trading volume is recorded as it stands at $30.66 billion, while 90.79%, which comes to $27.84 billion, is contributed by the stablecoins.

The bitcoin price had surged close to $31,000 as it received a boost in the form of the fresh CPI rates that went lower. However, it was for only a short time, as the bears jumped in and dragged the prices back below $30,500. Presently, the BTC price is trading at $30,359 with a minor drop of 0.64%, while Ethereum is trading at $1871.34 with a 0.58% drop. The majority of altcoins, like BNB, ADA, XRP, SOL, DOGE, MATIC, etc., are also shedding their value by 2.13%, 1.99%, 0.69%, 1.32%, and 4.10%, respectively.  

*As of 13-July-2023, 08:15 am

Bitcoin Price Drops Back Below $30,500

Source: Tradingview

• In the short term, the Bitcoin (BTC) price maintains its trade within a decisive symmetrical triangle along the lower support
• The bulls managed to hold the price along the lower support line but may not trigger a healthy upswing, causing the price to hover along these levels.
• The RSI continues to remain bearish, while MACD is closer to undergoing a bullish crossover, which may increase the probability of a bearish retest of the lower support zone below $30,000
• Therefore, there are high chances of the price plunging below $30,000 and marking an intraday low of around $29,700 to $29,800 before triggering a bullish rebound.

Read More: Bitcoin Price Prediction

Ethereum Price May Not Surpass $1900 Soon

Source: Tradingview

• Being a little different from Bitcoin, the Ethereum price appears to have lost the bullish plot as the price slides down the bullish pattern.
• The recent drop caused the price to slice through the lower support of the ascending triangle in the short term; hence, an extended bearish trend may accompany it throughout the day.
• MACD is closer to undergoing a bullish crossover, but it may not help the price enter the bullish pattern, hence compelling the price to trade sideways for the rest of the day
• However, the volume remains pretty low, so the price may remain compressed and not display any major price action.

Additional Read: Ethereum Price Prediction

Latest Updates of the Crypto Market

• The venture capital and incubation arm of a popular exchange, Binance Labs, has invested $15 million in blockchain-based game publisher Xterio.
• The US senators have reintroduced the Responsible Financial Innovation Act or the crypto bill, intending to prevent another FTX-like event from occurring.
• The US government has moved nearly 10,000 BTC worth nearly $300 million as it has previously promised to liquidate 40,000 seized BTC from the Silk Road event. This has created a sense of fear among market participants as the prices of Bitcoin may be badly impacted.

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