Crypto Price Today: Markets Consoldiate as Bitcoin price Trembles Below $31,000

Key Takeaways

• Bitcoin bulls are showing weakness, while the altcoins are displaying significant strength and may maintain a notable upswing ahead.
• Some of the tokens continue to hold bullish momentum and record notable gains compared to the major cryptos.
• The bears are trying to take back control, which may keep the markets within a consolidated trend today.

CRYPTO MARKET TODAY AT A GLANCE

The crypto market has again plunged as the most dominant crypto, Bitcoin, failed to hold gains above $31,000. With a plunge of over 1.26%, the global crypto market cap also dropped below $1.22 trillion. A massive drop of 22.44% in the trading volume was also noticed as it plunged below $30 billion, 90% of which was in stablecoins. Besides, the dominance of Bitcoin is also shedding its gains and hovers around 49.60% at the moment. 

The second largest crypto, Ethereum, drops by 1.27% but continues to trade at $1939.92, very close to $2000.  XRP, and DOGE experience marginal gains of 0.27% and 0.02%, while BNB, ADA, LTC, SOL, MATIC, DOT, and BCH plunge by 0.86%, 1.22%, 1.76%, 0.4%, 1.21%, and 4.20%, respectively. Amid the bearish wave, some altcoins like Aave (AAVE), Zilliqa (ZIL), and Convex Finance (CVX) led the top gainers by 8.6%, 7.52%, and 3.81%, respectively.

*As of 05-July-2023, 09:15 am

Bitcoin Prices Consolidate Below $31,000

Source: TradingView

• The Bitcoin price is trading within a consolidated range, forming a bull pennant, indicating the possibility of a bullish breakout.
• The RSI is trading along the upper resistance, which may keep the trend elevated and offer a base if the price attempts for a breakout.
• Besides the ADX, the strength of the rally is also soaring high, indicating the bulls have larger control over the rally. 
• Therefore, after a brief consolidation, the BTC price may break out from the structure and reach above $32,000 before later heading towards higher levels.

Read More: Bitcoin Price Prediction

Ethereum Price to Rise Above $2000 Anytime From Now!

Source: TradingView

• The Ethereum price is experiencing a minor pullback but continues to maintain its strength as it trades within the major resistance zone.
• As the price continues to trade along the lower trend line, the price could continue rising, holding the support levels as a strong base.
• Although the price is experiencing a minor pullback, a notable rebound may be imminent that could lift the price close to the interim target of $2000.
• However, the possibility of bearish action at $2000 appears to be high, which may drag the ETH price below $1950 for a while.

Additional Read: Ethereum Price Prediction

Latest Updates of the Crypto Market

• The United Kingdom’s Financial Conduct Authority (FCA) has warned crypto companies to comply with the country’s new financial regulations by October 2023.
• The creditors of the bankrupt crypto brokerage firm Voyager Digital have been fined $5.1 million in fees by New-York based law firm McDermott and Emery for the legal services offered.
• The Gemini founders, Winklevoss twins, have given the Digital Currency Group and its CEO Barry Silbert the option to either pay up or face a lawsuit.

What’s Happening at CoinDCX Crypto Exchange

CoinDCX, India’s popular crypto exchange, just launched the biggest battleground for future traders, the Traders Premier League. The contest has already begun and will last until August 6, 2023, until 11:59 p.m. Here, the participants will be divided into groups of 10, and these groups will compete to win. 

So download the CoinDCX App and register to participate now!