Global cryptocurrency market declined by 3 per cent today closing at $1.40T as of 9am IST as Bitcoin (BTC) failed to breach the $35,000 resistance level. The total market trading volume also registered a drop of 3 per cent.
BTC, which continued to build momentum towards $35,000, failed to breach it yet again as it faced huge selling pressure that sent it back to the crucial support level of $33,000. If BTC drops below $30,000, it could bring the $25,000 levels into play down the road.
Ethereum (ETH) followed BTC’s bearish signals with a drop of 3.3 per cent after trading above the short-term trend line support of $2,300 earlier on July 7. ETH was trading at $2,250 on Thursday morning.
Other major altcoins also observed a bearish reversal losing 2-5 per cent overall in the past 24 hours with the exception of Solana (SOL) and Theta (THETA) which showcased gains of over 4 per cent.
This is the second time in the last seven days that BTC has experienced a huge sell-off near the $35,000 region. Bulls have a lot of work to do in the upcoming week if BTC has to break the $36,000 level to make a run for $40,000.
Top Gainers
1. Flow (FLOW): 36.1%
2. Stacks (STX): 18.4%
3. Axie Infinity (AXS): 14.9%
Top Losers
1. Telcoin (TEL): -12.2%
2. Compound (COMP): -11.5%
3. KuCoin Token (KCS): -10.6%