Cryptocurrencies are on a roll today. Over the past week, the broader market has seen a bloodbath with sharp price drops. Since June, Bitcoin’s price has seen notable declines, with the asset falling below $54,000 yesterday. In its monthly development, Bitcoin has lost 20.1%, ending its “longest winning streak” ever.

Among the top cryptocurrencies in the market, Solana (SOL), Shiba Inu (SHIB) and Toncoin (TON) have shown significant development, with notable gains as the market recovers. SHIB is up over 14% in the last 24 hours, TON is up 9.2% and SOL is up 7.6% in the same period.

The two largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), which have fallen significantly over the past week, have increased their value by more than 2% over the past day.

In a recent move amid Bitcoin’s sharp decline, the cryptocurrency market saw over $665 million in liquidations in just one day. This move came as the largest cryptocurrency was facing heavy selling pressure as defunct exchange Mt Gox made payments to its creditors.

In a recent pullback, the largest cryptocurrency on the market ended up losing a four-month price range, reaching a 14.74% drop in three days with its value falling to the $53,540 zone on July 5. At the time of publication, the price of Bitcoin was quoted at $56,715.54 with an increase of 2.3% in the last 24 hours.

Following the latest market developments amid the market recovery, memecoins have come back with a vengeance, posting notable gains in the last 24 hours. Shiba Inu, Dogwifhat (WIF), Bonk (BONK), Popcat (POPCAT), Turbo (TURBO) have all rallied by over 10% in the last day. Memecoin BILLY has seen a 36.7% rally in the same period.

What’s next for Bitcoin?

Analyzing the latest movements in the Bitcoin market, renowned cryptocurrency expert Ali Martinez shared a technical analysis on the asset on July 5. The analyst highlighted the crucial level that Bitcoin needs to reach for the bull run to resume.

“Bitcoin currently lacks significant support. The main key demand wall is around $47,000, and for the bull run to resume, $BTC must close and hold above $61,000.”


The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.


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