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Cryptocurrency Price Today: Cryptocurrency Price July 11: Bitcoin Falls Below $58K; Avalanche, Toncoin Crash Up To 5%
Cryptocurrency Markets fell on Thursday, dragged down by Bitcoin, Solana and Dogecoin. The global cryptocurrency market capitalization has dropped 1.4% to around $2.14 trillion over the past 24 hours. As of 12:42 p.m., Bitcoin (BTC) was down 1.9% to $57,994, while Ethereum was down 0.12% to $3,108.
“Bitcoin traded above the $58,000 level yesterday, but has since consolidated at the $57,000 level due to pressure from miners and Mt. Gox refunds. Additionally, the German government has moved more seized Bitcoin with the alleged intention of selling it, adding to the downside pressure. BTC is having a hard time breaking above the $59,500 mark. If it fails to break above $58,400 today, it could drop to around $57,200,” said Edul Patel, CEO of Mudrex.
CoinDCX research team said: “Over the past 24 hours, the market has seen mixed trading as the German government continued to move BTC, but BTC ETFs inflows remained net positive, reaching $200 million the day before yesterday, indicating sustained demand. The technical price action is currently mixed, with today’s CPI data expected to induce more volatility in the market.”
Meanwhile, the most popular cryptocurrencies, including Solana, Toncoin, Dogecoin, Shiba Inu, Avalanche, Polkadot, and Chainlink, dropped by up to 5%. On the other hand, BNB, XRP, Cardano, and Tron rose by up to 3%.
According to CoinMarketCap, the volume of all stablecoins is now $54.59 billion, or 92.53% of the total 24-hour cryptocurrency market volume.
In the last 24 hours, the market capitalization of Bitcoin, the world’s largest cryptocurrency, has fallen to $1.146 trillion. Bitcoin’s dominance currently stands at 53.52%, according to CoinMarketCap. BTC volume in the last 24 hours has fallen by 13.5% to $24.6 billion.
“Technical analysis suggests that Bitcoin could potentially break the $58,500 resistance and target $60,000, supported by uptrends above $57,000,” said Sathvik Vishwanath, co-founder and CEO of Unocoin.
Rajagopal Menon, Vice President at WazirX, said: “Technical indicators show that the hourly MACD is losing pace in the bullish zone, signaling a potential slowdown. The hourly RSI for BTC/USD is now above 50, indicating bullish territory. The key support levels are at $57,200 and $56,000, providing a safety net for dips. On the upside, the major resistance levels are at $58,400 and $59,500, which need to be breached for Bitcoin to continue its upward move.”
(Disclaimer: Recommendations, advice, opinions and views provided by experts are personal. They do not represent the views of The Economic Times)
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