Summary:
Bitcoin, Ethereum, and Dogecoin are trading within a range as investors anticipate the impact of the upcoming distribution of stolen coins by defunct exchange Mt. Gox.
Bitcoin briefly touched $63,000, its highest point in a week, but faced strong resistance, dropping back to the $62,000 range.
Ethereum also experienced resistance, falling back to the $3,400 level.
Bitcoin's Open Interest has dropped, suggesting a potential trend reversal and bullish sentiment.
Analyst Blockchainedbb predicts that Bitcoin's rangebound movement could continue for weeks or months, but a daily close above $64,000 is needed for a bullish shift.
Another analyst, Rekt Capital, predicts that the June downtrend is over and the July uptrend has begun.
The cryptocurrency market is currently in a state of flux, with Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) experiencing rangebound trading. This uncertainty stems from the impending release of billions of dollars worth of stolen coins by the defunct exchange Mt. Gox, which is scheduled to begin this week. Bitcoin briefly surged past $63,000, its highest point in a week, but faced strong resistance, ultimately retreating to the $62,000 range. Ethereum also encountered resistance, falling back to the $3,400 level. Despite the volatility, there are signs of bullish sentiment in the market. Bitcoin's Open Interest dropped 1.16% in the past 24 hours, indicating a potential trend reversal. This is further supported by an increase in bullish leveraged bets in the market, with over 53% of traders holding long positions in Bitcoin. Analyst Blockchainedbb predicts that Bitcoin's rangebound movement could persist for weeks or months, and a daily close above $64,000 is necessary for sentiment to shift back to bullish. However, another analyst, Rekt Capital, offers a bullish prediction, stating that the June downtrend is over and the July uptrend has begun. The global cryptocurrency market cap stands at $2.31 trillion, contracting slightly in the last 24 hours.
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