Bitcoin Below Resistance Level, Altcoins Slightly in Red

Bitcoin is still tilted vividly to the sell indicator as it courses down below resistance levels. BTC in pair with USD is below $33k as the entire cryptocurrency market slightly plunges into the bears. It should be noted that BTC is in an indecisive position and its next move might dictate the future trends of the market. 

On the 29th of June, BTC broke above the 20-day exponential moving average (EMA). This saw it above $35k as traders struggled to take it up. However, the push was short-lived as more investors panicked into selling their stakes. Currently, Bitcoin is at $32,896 on TradingView and could face a critical pull-back if it dumps below $31k.

Source: TradingView

The leading digital currency is yet to grasp a firm hold after the May capitulation. Of course, its negatives or positives indirectly affect the rest of the market. The dominance of Bitcoin over other digital assets in the cryptocurrency market is at 46.38 and with this figure, it could still largely influence altcoins.

Major Altcoins in Slight Reds

Essentially, most altcoins are not largely affected as Bitcoin in the turbulent market. However, it is much of a task for them to escape volatility as the market tends to plummet whenever Bitcoin takes a negative turn. 

Ethereum has lost 3.19 percent of its market cap and is now valued at $2,040 on TradingView. Binance Coin (BNB) below $280 has lost 2.29 percent, XRP 2.51 percent, and Cardano 0.5 percent. 

Dogecoin had failed to react to the recent tweets of Tesla CEO Elon Musk. The dog-themed digital asset has lost 2.89 percent and currently at $0.24. Despite this crypto’s controversial side, it has been able to make a trading platform, Robinhood, smile by surging its revenue. 

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
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