- The leading cryptocurrency, Bitcoin, traded slightly beyond the $20,000 support.
- BTC’s slight uptick plus volatilize market conditions saw some alts recovering.
- The market remains volatile and challenging to predict immediate price actions.
Early Asian sessions saw optimism in the crypto world as the overall crypto market capitalization stayed beneath the $1 trillion level. While publishing this content, the global cryptocurrency market cap stood near $899 billion, an 8.97% surge within the past day.
Bitcoin (BTC)
Bitcoin declined beneath $20,000 on June 18, violating its historical foothold. Also, the $20K level marked the 2017 all-time high. BTC’s latest fall emerged as the overall market declined, sending most cryptos deep inside the negative region.
While writing this content, Bitcoin stood at $20,066.15, 10% up over the previous day. Nevertheless, the past day had BTC at the $18,926 low before a marginal rebound.
The U.S stock market presented a minor uptick last week, with the three leading indexes closing higher to end the longest weekly plunging streaks in decades. Investors adopted an optimistic mood when S&P 500, Nasdaq Composite, and Dow Jones Industrial Average closed higher.
Current Bitcoin price favored bulls in the near-term as the crypto stayed beyond the $20K critical psychological foothold. Also, the short-term RSI noted a substantial recovery, indicating buyer resurgence.
Intensified buying momentum might support BTC gains in the short term. Nevertheless, technicals suggested a limited upside that might welcome July 2021-like price actions. Meanwhile, watch BTC this week as it might trigger changes in the broad market.
Ethereum (ETH)
The leading alt, Ethereum, was among the highest gainers, surging nearly 20%. Nevertheless, the asset’s larger picture did not appear attractive. Though over 76% down from its ATH, ETH pushed beyond the critical $1000 within the previous day.
For now, ETH will confirm recoveries from its lower lows if bulls push beyond the $1,200 zone. While publishing this blog, Ethereum traded at $1,130.54, and the RSI highlighted increased buying momentum.
Solana (SOL)
Altcoins, including SOL, followed BTC’s recovery with decent gains on their respective near-term charts. Solana’s 4hr chart showed the token’s uptick past $30. Buyers pushing past $35 and then $40 would mean a short-term recovery for the asset.
Nevertheless, the market remained volatile. And prices can move in either direction in the near term, depending on Bitcoin’s outlook.
