Altcoin
Altcoins Likely to Lose More This Week as Apple’s WWDC Fails to Catalyze Bullish Rally
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- The cryptocurrency market continues to flash red, with altcoins already down double digits over the past two weeks.
- This bearish market outlook is likely to exacerbate in the coming days due to Bitcoin.
- A drop in BTC below the $64,000 level could be a major risk factor for another collapse.
Despite the start of Apple’s WWDC 2024 event, the cryptocurrency market he failed to react sufficiently. This development denotes a lack of interest among buyers in what will happen to the sector, especially if the outlook does not improve.
To know more: Bitcoin Weekly Forecast: BTC will likely offer another buying opportunity
Bitcoin’s take on altcoins
On June 7, the price of Bitcoin (BTC) fell nearly 2%, causing many altcoins to drop by nearly double digits, while some went too far. Although BTC showed strength on Monday, it failed to sustain as sellers overwhelmed buyers, leading to a brief visit to the psychological $70,000 level. As the cryptocurrency pioneer heads south, all eyes are fixated on the four-hour imbalance, which extends from $64,733 to $62,984. This zone is crucial for sidelined buyers to accumulate BTC at a discount to give the uptrend another try.
To know more: Bitcoin’s 2% drop wipes out $4.21 billion in OI and penalizes altcoins, what will be the next step?
The decline from the current level of $68,109 to the four-hour imbalance could extend up to 7.60%. If such a move were to happen quickly, it could cause a further decline in open interest and liquidate millions of enthusiastic bulls.
BTC/USDT 4-hour chart
According to a document filed on June 7 with the US Securities and Exchange Commission (SEC), Nvidia Corp director Coxe Tench sold $119 million worth of NVDA shares. This transaction occurred prior to the highly anticipated 10-for-1 stock split. But if this turns out to be a news sell-off event, and NVDA starts losing its market value from here on out, then investors can expect artificial intelligence (AI)-based altcoins to suffer.
To know more: Nvidia’s first-quarter results sent its shares up 6%, but AI tokens barely moved
The worst case scenario would include both of the above events occurring at the same time. In any case, investors should be cautious until BTC stabilizes or provides directional guidance.
- The cryptocurrency market continues to flash red, with altcoins already down double digits over the past two weeks.
- This bearish market outlook is likely to exacerbate in the coming days due to Bitcoin.
- A drop in BTC below the $64,000 level could be a major risk factor for another collapse.
Despite the start of Apple’s WWDC 2024 event, the cryptocurrency market he failed to react sufficiently. This development denotes a lack of interest among buyers in what will happen to the sector, especially if the outlook does not improve.
To know more: Bitcoin Weekly Forecast: BTC will likely offer another buying opportunity
Bitcoin’s take on altcoins
On June 7, the price of Bitcoin (BTC) fell nearly 2%, causing many altcoins to drop by nearly double digits, while some went too far. Although BTC showed strength on Monday, it failed to sustain as sellers overwhelmed buyers, leading to a brief visit to the psychological $70,000 level. As the cryptocurrency pioneer heads south, all eyes are fixated on the four-hour imbalance, which extends from $64,733 to $62,984. This zone is crucial for sidelined buyers to accumulate BTC at a discount to give the uptrend another try.
To know more: Bitcoin’s 2% drop wipes out $4.21 billion in OI and penalizes altcoins, what will be the next step?
The decline from the current level of $68,109 to the four-hour imbalance could extend up to 7.60%. If such a move were to happen quickly, it could cause a further decline in open interest and liquidate millions of enthusiastic bulls.
BTC/USDT 4-hour chart
According to a document filed on June 7 with the US Securities and Exchange Commission (SEC), Nvidia Corp director Coxe Tench sold $119 million worth of NVDA shares. This transaction occurred prior to the highly anticipated 10-for-1 stock split. But if this turns out to be a news sell-off event, and NVDA starts losing its market value from here on out, then investors can expect artificial intelligence (AI)-based altcoins to suffer.
To know more: Nvidia’s first-quarter results sent its shares up 6%, but AI tokens barely moved
The worst case scenario would include both of the above events occurring at the same time. In any case, investors should be cautious until BTC stabilizes or provides directional guidance.