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Market Analysis – BTC Market Share Decreases, AltCoin Presents Buying Opportunities
Binance Copy Trading Analysis
GTRadar – BULL
GTRadar – Balanced
Featured News
Over the past week, BTC has continued to decline, and on June 25th, it even dropped below the $60,000 mark, reaching a low of $58,400. The main reason for this decline is the announcement by Mt.Gox’s bankruptcy trustee that they will start returning BTC and BCH to creditors in July. This has caused market panic and selling pressure, with BTC being the most affected.
Both BTC and ETH, the two major cryptocurrencies, have been in a downward trend for about a month, while altcoins have been in a bear market for several months, with a decline of over 50%. However, considering the recent drop in BTC and the lack of a corresponding drop in AltCoin, as well as the strength of its rebound, it seems that AltCoin has already completed its consolidation phase or the market believes that the decline has been excessive. In the past week, while BTC and ETH declined by 4.74% and 0.91% respectively, the total market capitalization of cryptocurrencies excluding BTC and ETH increased by 2.55%. BTC’s market share also experienced a rare 1.8% drop on June 24th.
From a technical perspective, last week’s report mentioned the high probability of a BTC decline. However, as of now, BTC has successfully held above the $60,000 support level planned for the past few months, indicating strong buying pressure below. At the same time, AltCoin has rebounded, signaling a potential bottoming pattern since June. However, entering a bull market immediately still requires further waiting. Currently, BTC’s resistance levels to watch are the downtrend line at $63,000 and the mid-range resistance level at $66,000. Until these levels are broken, the market is likely to remain in a consolidation phase.
However, looking at the famous Fear and Greed Index, it has already shifted from “Greed” to “Fear” within a week. The market has started to fear, and according to the criteria for entering the market on the left side, the risk of entering now is much lower. Therefore, GT Radar is expected to increase the leverage of left