Crypto Price Update: BTC Price Struggles at $30,000, Major Altcoins Plunge

Key Takeaways

• Bearish clouds hovered over the crypto space as the markets dropped significantly below crucial support during the last trading day.
• Most of the altcoins have dropped twice as much as Bitcoin, thereby validating a minor correction that a significant recovery may follow.

CRYPTO MARKET TODAY AT A GLANCE

The crypto markets have been contracting to some extent since the last training day as the majority of the tokens shed some of their gains. While the global crypto market cap dropped below $1.17 trillion with a marginal loss of 1.41%, the trading volume also witnessed a significant plunge of over 28%. However, Bitcoin dominance continues to rise, regardless of the BTC price movement, which stands at 49.80% with a jump of 0.29% in the past 24 hours. 

Bitcoin, the star crypto, dropped below $30,000 and is trading at $29,961, constantly failing to reclaim these levels. The other top 5 cryptos, excluding stablecoins like Ethereum, Binance Coin, XRP, Cardano, & Dogecoin, are trading at $1877.37, $241.01, $0.4964, and $0.06608, respectively. Besides, some of the altcoins have maintained a notable upswing, as Bitcoin SV (BSV) leads the top gainers, trading at $30.29 with a surge of 5.20%. While Stacks (STX), Gala (GALA), etc. plunge heavily with a loss of 8.26% and 7.82%, respectively. 

*As of 23-June-2023, 08:15 am

Bitcoin Prices Plunge Marginally by 1.53% 

Source: Tradingview

The Bitcoin technical analysis flashes bullish signals as the price is trading above the crucial resistance zone as well as the 50-day MA considering the daily chart. After surging beyond these levels, the price is consolidating within a narrow region. A tough fight between the bulls and bears was witnessed during the previous day, as the bulls remain exhausted after lifting the price from below $27,000 to the regions above $30,000. 

The MACD continues to remain bullish as buying pressure continues to accumulate. Hence indicating the revival of the upswing very soon.  The trading volume is slowly picking up, adding to the volatility. Despite the bear’s squeeze on profits and dragging the price lower, the bulls continue to hold the levels above support. Hence, the price is now believed to revive with a fine rebound and maintain a notable ascending trend. Therefore, the Bitcoin price prediction continues to be bullish regardless of the ongoing squeeze.

Additional Read: Bitcoin Cash Price Hits $140

Ethereum Price Heads towards $2000 with a Jump of 6.16%

Source: Tradingview

The Ethereum price continues to flash bullish signals, irrespective of the current price action. The rally is hovering within a decisive symmetric triangle, and a notable rise in bullish volume could raise the price beyond the upper resistance of the triangle. The ETH price soared high and is currently consolidating within the crucial resistance zone. A breakout from here may lead the price to rise beyond $2000, or the immediate support at the 50-day MA at $1823 may offer the required base to rebound. However, the Ethereum technical analysis suggests the price may soon trigger a breakout.

The buying pressure is slowly outpouring the bearish dominance within the crypto space, and hence the ETH price is also speculated to follow a fine bullish trend. The token is known for its stability and consistency, preventing extreme bearish actions. The price is believed to rise above $2000 in the next few days, and after sustaining here, it may continue to surge, aiming to test higher targets. Therefore, the Ethereum price prediction for 2023 remains bullish, intending to reach close to $2800 by the end. 

Read More: Will Ethereum Price Ever Reach $10,000?

Latest Updates of the Crypto Market

• Bitcoin price soars above $30,000 for the first time since April following BlackRock and Invesco’s application for a Bitcoin spot ETF
• The chief legal officer of Coinbase, Paul Grewal, shared the latest update on the lawsuit against the SEC, which prompted Ripple CTO David Schwartz to roll out his opinion that Coinbase will be victorious soon
• The decentralized wallet, ‘Atomic Wallet’ recently released a statement after the ‘XRP-Heist’, claiming that less than 0.1% of the users were affected by the hack. 
• Shiba Inu launches ‘shibacals’ to connect NFTs to real-world objects through near-field communication (NFC) chips.

What’s Happening at CoinDCX Crypto Exchange 

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