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Market News Crypto Market Cap Declines Slightly as Bitcoin and Ethereum Face Consolidation and Potential Corrections

Crypto Market Cap Declines Slightly as Bitcoin and Ethereum Face Consolidation and Potential Corrections

Above a comparable consolidation in April, Bitcoin has been constrained in the $30.0-30.8K zone and has settled into an overall rally.

TOP1Markets Analyst

2023-06-29

7425

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Since Wednesday's morning, the market capitalization of cryptocurrencies has decreased by 0.2%, but it has remained within the $1.16-1.20 trillion area since last Thursday. The Fear and Greed Index indicates that the market is still in a "Greed" state.

Consolidation and potential corrections for Bitcoin and Ethereum

Above a comparable consolidation in April, Bitcoin has been constrained in the $30.0-30.8K zone and has settled into an overall rally. Short-term targets in the $29.8K level (76.4% of the advance from mid-June) are suggested by the shorter-term picture, but a pullback to $28.9K (61.8%) is more possible. This shouldn't call into question the bullish trend, but it will encourage more buying.

Ethereum has corrected 4% from its 22 June peak to $1860 while trading in a corridor with a minor bearish tilt. Setting the foundation for a slide to the $1800–1810 region is the emergence of a corrective pullback at this point. Here, the focus is on a pivotal round level and the 61.8% line connecting the most recent surge to the 50-day moving average.