Bitcoin price was unable to sustain yesterday's bullish momentum, and now buyers are trying to defend the $63K level. The broader cryptocurrency market is also in a state of consolidation, and it will be interesting to see where it goes next.
Bitcoin price has so far been unable to maintain its position above $63K and has now lost this level, and is trading around $62,800.
At this point, BTC is down around 0.3% over the past 24 hours but is still up 3.2% over the last week.
As previously reported the German government transferred nearly $100 million worth of BTC to crypto exchanges, seemingly signaling to sell off the holdings. This may have played a role in being a factor in cryptocurrency prices taking advantage of the rally and creating a stronger uptrend.
However, analysts remain optimistic that July will be a positive month as this has been the historical pattern after the decline in June.
Most of the large market cap altcoins are also in a state of consolidation. Only a small number recorded more significant movements.
For example, AVAX is down 5.6%, UNI is down 3.05% and this is the worst performance of the large market cap altcoins. On the other hand, TON managed to increase by 4%, while ADA recorded an increase of 2.6%.
The rest of the altcoins are trading almost flat today. The market sees this as a period of relative stability in the market, and not many categories are performing out of the ordinary.
Nevertheless, it will be interesting to see if the market will move higher following the recent price increase or will there be a price correction?
