Cryptocurrencies Price Prediction: Bitcoin, Altcoins & Crypto – European Wrap 3 July
Bitcoin price declines as German government transfers, miners' selling pressure resumes
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week. Meanwhile, U.S. spot Bitcoin ETFs experienced minor outflows on Tuesday, coinciding with the German Government transferring an additional 832.7 BTC, valued at $52 million, on the same day.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Crypto stays under pressure
The pressure on the crypto has been more sustained than on the stocks. Over the past 24 hours, the total crypto cap has fallen by 2.6%, with most of the downward momentum starting in the US session. The stock market, on the other hand, was supported by Powell's comments and closed at all-time highs, supporting risk appetite in Asia. Bitcoin, Ethereum, and BNB returned to their lows in the last seven days. At the same time, there is still interest in buying smaller coins: Solana, XRP, and Toncoin.
Author
FXStreet Team
FXStreet
