Crypto Consolidation Continues — Bitcoin's Attempt to Rise Above Psychological Levels Falls Short

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Digital currency markets have slid in value over the last 12 hours as the entire crypto-economy has lost over 7% during the last 24 hours. Bitcoin attempted to cross the $40k handle but was stopped at $39,490. Since then, bitcoin has dipped 7.3% during the early morning (EST) trading sessions on Friday.

Bitcoin $40K Attempt Stopped Short, Crypto Prices Remain Range-Bound

Bitcoin (BTC) is down today after trying to surpass the psychological $40,000 region but was stopped short. BTC is down more than 7.3% today and is currently swapping for $35,890 per unit.

The leading crypto asset BTC lost some steam after Elon Musk tweeted about the digital currency on Twitter by sharing some memes and a broken heart emoji.

BTC/USD on Friday, June 4, 2021.

30 day stats show BTC is down 36% while three-month stats show bitcoin (BTC) has lost over 25%. The leading crypto asset’s all-time high above the $64k handle took place around two months ago.

ETH/USD on Friday, June 4, 2021.

The second-largest crypto asset in terms of market valuation is ethereum (ETH) which is swapping for $2,576 per unit at the time of publication. Down more than 8% on Friday and down 26% during the course of the last month.

Global trade volume among all 9,000+ crypto-assets in existence has slipped 5% during the last 24 hours and there’s $76.21 billion in global trade volume.

Friday’s biggest gainer is tokenomy (TEN) which is up 139% during Friday morning’s trading sessions and cube (AUTO) is today’s biggest loser with a loss of more than 60%.

Data from Into the Block analytics shows that BTC prices are just above support. “The IOMAP reveals that 1 million addresses had previously bought approximately 570K Bitcoin at a price of around $35,600,” researchers from Into the Block note. “Due to the large buying activity around this area, there is expected to be strong support from new buyers and current holders. Were this level to fail, then a drop to $32,000 is likely,” the researchers added.

The Into the Block team notes that BTC may stay consolidated for some time. “Due to the high concentration of volume currently near price, it is likely that price may continue range-bound, unless there is a major catalyst in either direction,” the researchers detail. “Finally, it is probable that a breakout in either direction for bitcoin will lead the rest of the crypto markets along.”

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