Utility-Driven Altcoins Outperform Amid $1T Crypto Crash
- Market Crash Impact: The total crypto market has lost over $1 trillion in value since the beginning of the year, with analysts describing this as a 'risk-off storm' that has severely impacted major cryptocurrencies, particularly highlighting Bitcoin's 7-day drawdown as among the worst 1% in history.
- Strong Performance of Altcoins: Amidst adverse conditions, utility-driven altcoins like Monero, BNB, Sui, AVAX, and Chainlink have shown resilience, indicating their relative strength during market turmoil, especially as Monero remains one of the few large caps in the green while most altcoins decline.
- Bitcoin and Ethereum Dynamics: Bitcoin is currently stabilizing around $70,800, with a 24-hour trading range between $69,000 and $71,500, while Ethereum trades near $2,096, with over $21 billion in turnover, yet still lags behind Bitcoin in performance.
- Macro Risk and Investment Strategy: Despite a 20% drawdown in the crypto market, Japan's strong equity rally is seen as a 'pure expression of macro risk appetite,' suggesting that in the current market, only those tokens that can hedge against volatility or generate revenue during downturns are worth owning.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 35997.598 | 47998.799 | 60267.618 | 72268.819 | 84537.638 | 96538.839 | 108807.658 |
| Fibonacci | 47998.799 | 57269.947 | 62997.671 | 72268.819 | 81539.967 | 87267.691 | 96538.839 |
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