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Cryptocurrency markets remain active

Cryptocurrency markets remain active A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken January 8, 2021. (Reuters)
By Newsroom
Jul 11, 2024 10:49 AM

The cryptocurrency markets continue to see movement this week, with selling pressure resurfacing in the past 24 hours following a rebound in buying activity. On Wednesday, Bitcoin surged to near $59,500, while Ethereum tested the $3,150 mark.

BTC and ETH Prices on July 11th

This morning, Bitcoin is seeking stability around $57,800, marking about a 3% decline from Wednesday’s highs. Ethereum, on the other hand, is trading near $3,090, showing a 2% decrease from its peak as it awaits ETF approval in the U.S.

CryptocurrencyCurrent Price24-Hour Change200-Day Moving AverageKey Levels
Bitcoin (BTC)$57,800-3%$58,900Support: $57,000,
Resistance: $59,500
Ethereum (ETH)$3,090-2%$3,120Support: $3,000,
Resistance: $3,150

Significance of 200-day moving average

Bitcoin’s 200-day moving average stands at $58,900, and Ethereum’s at $3,120, providing crucial signals for price trends. These levels are pivotal in determining market sentiment and potential price movements.

Bitcoin 2024 targets and expectations

Despite a slowdown in upward momentum, Bitcoin has not faced significant selling pressure. The $57,000 level has emerged as a key support, with resistance seen near $59,500 in the short term.

Attention on Mt. Gox and ETFs

This week has seen inflows into BTC ETFs, but analysts caution against potential sales from Mt. Gox and German miners, which could accelerate selling if the $56,500 support level is breached.

Last Updated:  Jul 11, 2024 11:07 AM