Bitcoin and other major cryptocurrencies showed weakness Tuesday evening as the global cryptocurrency market cap slipped 2.8% to $908.1 billion at press time.
|Cryptocurrency||24-Hour % Change (+/-)||Price|
|1inch Network (1INCH)||+9.4%||$0.73|
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Why It Matters: Cryptocurrencies traded in the red as risk assets lost momentum on Tuesday, when the S&P 500 and Nasdaq fell 2% and 3%, respectively. At press time stock futures traded flat.
“Bitcoin remains anchored at around the $20,000 level and won’t break out until Wall Street is confident a broader slowdown is not happening,” said Edward Moya, a senior market analyst at OANDA.
Cryptocurrency trader Michaël van de Poppe said on a technical level altcoins such as Ethereum are showing more strength than Bitcoin. Pointing to the BTC/ETH chart, the analyst said ETH had a “solid bounce” from heavy support zone after a downwards movement.
Solid bounce from heavy support zone, after a cascade south.
Currently fighting resistance around 0.06 BTC (not entry zone to me).
If it breaks it, then I’m looking at 0.065 BTC. pic.twitter.com/4Tcu52lrt5
— Michaël van de Poppe (@CryptoMichNL) June 28, 2022
Van de Poppe said Ethereum is “currently fighting resistance around 0.06 BTC … If it breaks it, then I’m looking at 0.065 BTC.”
Even so, positive commentary about the second-largest coin by market cap is “very scarce” these days, according to Santiment. The market intelligence platform tweeted that the ETH ratio of positive versus negative comments hasn’t been this low since May 2018.
#Ethereum is back below $1,200 as #crypto and #equities retraced Tuesday. Positive commentary is very scarce these days for the #2 market cap asset. So much so that we haven’t seen the ratio of positive vs. negative comments this low since May, 2018. https://t.co/nAg5qyzLHf pic.twitter.com/RA7RRdmgun
— Santiment (@santimentfeed) June 28, 2022
Chartist Ali Martinez said there are two clear levels to watch out for Ethereum. The coin has support at $1,100 and resistance at $1,320.
— Ali Martinez (@ali_charts) June 27, 2022
Over on the apex coin side, the exchange inflow volume (7-day moving average) touched a one-month low of $30,023,409.30, according to data from Glassnode.
Previous 1-month low of $30,188,807.47 was observed on 27 June 2022
View metric:https://t.co/dzmYWUYjoL pic.twitter.com/inNRLYvdXF
— glassnode alerts (@glassnodealerts) June 29, 2022
The decline in exchange inflows is an indication that investors may be holding on to their Bitcoin.
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Photo via DUSAN ZIDAR on Shutterstock