Price: $0.38990 2.2037%
Market Cap: 57.27B 1.7433%
Volume (24h): 8.68B 0.4%
Dominance: 1.7433%
Price: $0.38990 2.2037%
Market Cap: 57.27B 1.7433%
Volume (24h): 8.68B 0.4%
Dominance: 1.7433% 1.7433%
  • Price: $0.38990 2.2037%
  • Market Cap: 57.27B 1.7433%
  • Volume (24h): 8.68B 0.4%
  • Dominance: 1.7433% 1.7433%
  • Price: $0.38990 2.2037%
Home > Information news > Bitcoin price loses ground as TON, PEPE, KAS and JASMY catch traders’ attention

Bitcoin price loses ground as TON, PEPE, KAS and JASMY catch traders’ attention

Release: 2024/06/24 02:02 Reading: 866

Original author:Cointelegraph

Original source:https://coinmarketcap.com/community/articles/66785cbe6be4104ef04b6cd5

Bitcoin price loses ground as TON, PEPE, KAS and JASMY catch traders’ attention

Bitcoin Price Analysis

Bitcoin (BTC) has extended its decline by over 3% this week. Bears have maintained selling pressure, but the price has not dipped below the short-term holder realized price (STH-RP) of $64,230. This suggests that bulls are defending this level, representing the cost basis for Bitcoin holders holding their coins for 155 days or less.

Since June 13, Bitcoin's weakness has led to sustained outflows from spot Bitcoin exchange-traded funds, according to Farside Investors data, indicating nerves among Bitcoin investors.

Independent analyst Willy Woo believes Bitcoin's recovery will commence when "weak miners die" and the hashrate recovers. In previous halving cycles, the hashrate recovery took 8 days in 2020 and 24 days in 2017. Miner capitulation is taking longer this year, possibly due to "ordinal inscriptions boosting profits."

If Bitcoin trades above $64,602, it could trigger buying in altcoins. Here are five cryptocurrencies that show strength on the charts:

BTC/USDT Daily Chart

Bitcoin broke below the $64,602 support on June 21 but failed to build on its advantage. This suggests reduced selling at lower levels.

Bulls must drive the price above moving averages to trap bears. If successful, the BTC/USDT pair could rally to $70,000 and then $72,000. Bears are expected to resist strongly between $72,000 and $73,777.

Conversely, a price reversal or a decline below moving averages would indicate negative sentiment and potential selling on rallies. This could lead to a deeper correction to $60,000.

BTC/USDT 4-Hour Chart

The 4-hour chart shows bulls attempting a recovery met with selling at the 20-EMA. Further price declines could lead to a drop below $63,379 and a resumption of the downtrend. A potential slump to $60,000 is possible.

However, positive divergence on the relative strength index (RSI) suggests reduced selling pressure. A breakout and close above the 50-simple moving average will strengthen bulls, potentially leading to a rise to $67,000 and $70,000.

Toncoin Price Analysis

Bulls prevented Toncoin (TON) from slipping below the 50-day SMA ($6.83), indicating solid buying at lower levels.

They are attempting to push the price above the $7.67 resistance. If successful, the TON/USDT pair could rally to $8.29. Bears may resist at this level, but a bullish break could lead to a surge towards $10.

Conversely, a price reversal below $6.60 would complete a head-and-shoulders pattern, potentially triggering a downward move towards the pattern target of $4.91.

TON/USDT 4-Hour Chart

Bears have repeatedly pushed the price below the uptrend line but failed to initiate a downtrend. This suggests aggressive buying by bulls at lower levels. The $7.67 to $8.29 zone is expected to witness strong selling, but a bullish breakout could push the pair towards $10.

The first notable support to watch on the downside is the 20-EMA. A decline below this level could lead to consolidation between $6.60 and $7.67. Bears will gain the upper hand if the price falls and closes below $6.77.

Pepe Price Analysis

Pepe (PEPE) has been correcting for the past few days, but a rebound from $0.000010 shows bullish efforts.

Buyers must push the price above the downtrend line and moving averages to signal a sustained recovery. The PEPE/USDT pair could rise to $0.000014 and subsequently to $0.000016.

Conversely, a price reversal from the downtrend line or moving averages would indicate continued selling by bears on rallies. A break below $0.000010 could open the doors for a fall to $0.000008.

PEPE/USDT 4-Hour Chart

The 20-EMA has flattened out, and the RSI is just below the midpoint, suggesting a balance between supply and demand. If buyers drive the price above the downtrend line, the pair could reach $0.000014. This level may act as a minor hurdle, but if cleared, the pair may extend the relief rally to $0.000016.

A downtrend line breakout will tilt the advantage towards bears, potentially pulling the price to the support zone between $0.000009 and $0.000010.

Disclaimer: This article does not constitute investment advice. Investors should conduct their own research before making any financial decisions.

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