Last week, the cryptocurrency market experienced a decline in strength after reaching its highest point for July at $1.22 trillion. Both the price of Bitcoin (BTC) and the overall market cap of cryptocurrencies dropped below important horizontal levels, indicating a retracement following a rapid surge.
Throughout last week, the crypto market cap saw a decrease of approximately 2.5% from its monthly peak. Similarly, the price of Bitcoin experienced a decline of less than 2% during the same period, with its current value hovering around $30,100. Notably, Bitcoin is being traded at a significant discount on Binance.US, offering an appealing opportunity compared to global spot prices.
After reaching a high point close to its two-month peak of 31,500, the price of Bitcoin is once again encountering selling pressure. As a result of the retracement, the BTC price has approached the $30,000 zone, slipping below the 20-day simple moving average on Sunday. It seems that the immediate support level for Bitcoin is in the range of $30,000 to $29,800.
Currently, Bitcoin’s dominance has fallen below the 50% mark. Despite this, the decline in BTC has had a significant impact on altcoins, causing their prices to drop by over 15% in the past week.
Altcoins Take a Hit: Discover the Weekly Top Losers
Flow – Top Loser of the Week
FLOW, the 66th largest cryptocurrency, experienced a significant decline of over 19% last week amid a modest selling trend. This substantial sell-off can be attributed to the strong resistance encountered at the 100-day Simple Moving Average (SMA) on the daily price chart.
As of the time of writing, the price of FLOW remains within a falling parallel channel and currently stands at $0.589, reflecting an overnight loss of 3%. Presently, FLOW’s price is approaching the 20-day SMA, which is considered the final crucial support zone for bullish investors. However, the RSI indicates weak sentiment for the FLOW cryptocurrency.
Fantom (FTM)
Fantom (FTM) cryptocurrency has garnered significant attention from sellers, positioning itself as the second top weekly loser with a notable loss of 17.6%. As of the time of writing, Fantom (FTM) is being traded at the $0.261 mark, reflecting a decline of 5.2%.
The price of Fantom has slipped to an annual low of $0.212 after falling below all significant Exponential Moving Averages, including the 20-day, 50-day, 100-day, and 200-day. Investors should take note that the decline may persist until reaching the $0.21 support level, especially as the Relative Strength Index (RSI) continues to decrease, approaching the oversold territory.
Bitcoin SV (BSV)
Bitcoin SV (BSV), the fork of Bitcoin, is currently exhibiting a downward trend as it slips below the 20-day simple moving average. This reversal comes after reaching a peak of $56.4, which marked a two-month high. The recent surge in BSV’s price prompted profit-booking activities, causing a significant 17% drop last week.
As of now, BSV is being traded at the $39.7 mark, while also slipping below the 20-day SMA. Additionally, the Moving Average Convergence Divergence (MACD) indicator indicates a bearish crossover, suggesting a potential decline in BSV toward the $35 zone.
Litecoin (LTC)Â
Litecoin (LTC), the Bitcoin fork, is currently experiencing a decline as it falls below the 20-day simple moving average. This shift in direction follows a retreat below the significant psychological level of $100. Last week, LTC witnessed a substantial sell-off, leading to a decrease of approximately 16.7% according to CoinMarketCap data.
The MACD indicator is indicating further decline in values following a bearish crossover, potentially leading to continued selling pressure until reaching the $86 mark.
Stacks (STX)Â
Stacks (STX) has emerged as one of the top fifth weekly losers, experiencing a significant drop of 15%. Currently, the price of STX is descending towards the 200-day Simple Moving Average (SMA), which holds significance as a key support level for bullish investors.
Closing Thought
Amidst a sell-off, Bitcoin is teetering on the edge of the $30,000 zone, struggling to maintain its position. Should BTC breach this critical level, it could trigger further declines of 10-20% for altcoins such as Flow, FTM, BSV, STX, and LTC.
Also Read: Bitcoin’s Influence: COMP, BCH, XEC & FLOW Ride Bullish Wave
