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Highlights
- As per Coinmarketcap Cap, the top tokens used for BRC-20 contribute to a market cap of $1.36 Billion, while the 24-hour trading volume wavers at $349.1 Million.
- The Bitcoin Fear and Greed index dropped to 25% indicating an ‘Extreme Fear’ sentiment among traders.
- A downward channel governs the current correction trend in ORDI and SATS tokens.
In the second week of July, Bitcoin experienced a significant inflow, reversing a correction trend that had persisted since late May. This bullish shift propelled Bitcoin’s price from $54,300 to $59,914, marking a 10.35% increase over the week. This revival disrupted the prevailing narrative of altcoins to sell’ in the crypto market, though Bitcoin’s price momentum suggests a lack of buyer conviction.
The current Bitcoin rally is accompanied by declining trading volumes, suggesting that market participants are hesitant to commit to long positions. This trend points to the possibility of a prolonged correction not only for Bitcoin but also for the altcoin markets. Should this correction continue, BRC-20 tokens might face a significant downturn.
Also Read: Bitcoin Miner Northern Data Predicts Robust Revenue Growth Amid AI Boom
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Altcoins to Sell- ORDI
ORDI is a pioneering cryptocurrency created using the BRC-20 standard on the Bitcoin blockchain. This standard leverages the Ordinals protocol, allowing data to be inscribed directly onto Satoshis, Bitcoin’s smallest unit thus facilitating the creation of unique digital assets such as NFTs.
For the past four months, the ORDI price has experienced a steady correction resonating in a falling wedge pattern. As the market supply pressure eased this week, the token price rebounded from the pattern’s lower trendline at $25.8.
The bullish turnaround uplifted the asset 28.63% to trade at $33.24, while the market cap jumped to $695.2. However, if the market correction extends, the sellers could rechallenge the lower trendline.
A possible breakdown will accelerate the selling momentum and could target $18.45.
Also Read: Germany Runs Of Bitcoin With 3846 BTC Moved To Flow Traders
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SATS (1000SATS)
SATS (1000SATS) is a BRC-20 token designed to honor Satoshi Nakamoto, the creator of Bitcoin. Each 1000SATS token represents 1,000 satoshis.
The ongoing correction in the SATS token can be effectively tracked by observing the falling channel pattern. The two downsloping trendlines as dynamic resistance and support have $0.00000082 to $0.00000011 registering a loss of 86.4%.
However, the token entered an oversold state which bolstered a sharp reversal back to $0.0000002, while uplifting the market cap of $431.26 Million. If the bullish momentum persists, the SATS price could rise another 15% before challenging the channel’s upper boundary.
This resistance coinciding close with 100D EMA and $0.000000238 creates a high supply zone for traders to witness renewed selling pressure. If the resistance holds, the SATS token could trigger another reversal and prolong the downward trend.
Also Read: BTC Price To Reclaim $60,000 As Institutional Investors Pile 102k Bitcoin In 3 Months?
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LeverFi (LEVER)
LeverFi (LEVER) is a decentralized, on-chain leverage trading platform built on the Ethereum blockchain. It aims to enhance asset efficiency and provide sustainable real yields for traders and lenders.
Despite the recent market correction, the LEVER token showed notable resilience above the $0.002 level. However, the consolidation prolonged in the crypto market and built the fear of prolonged correction as the price developed a bearish head and shoulder pattern.
The LeverFI token currently trades at $0.0022 while the market cap holds $74.7 Million. A potential breakdown from $0.002 will intensify the selling momentum and could drive the falling price to $0.00156.
Thus, for buyers to invalidate this bearish thesis, a breakout from the $0.0027 resistance is needed.
Key Takeaway
The Bitcoin fall struggling to breach $60000 indicates the overhead supply in the market cap persists. Despite the reduced selling pressure from the German government’s BTC liquidation and the significant inflows into Bitcoin, the current sideways price action suggests a need for stronger buyer conviction. In the event of an extended market correction, BRC-20 tokens, which have recently surged in popularity, emerge among the top altcoins to sell due to their potential for significant impact.
Frequently Asked Questions (FAQs)
1. What are BRC-20 tokens?
2. What are rejection candles in trading?
3. What is a head and shoulders pattern in trading?
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