The prices of major cryptocurrencies showed mixed trends on Thursday, with the capitalisation of the crypto market increased by 0.40 percent to reach $1.41 trillion as of 14:00 GMT.
The price of bitcoin (BTC), the largest cryptocurrency, slipped to $33,970 after shedding 0.15 percent. With this decrease in price, the market capitalisation of the BTC has reached $636 billion.
Likewise, ethereum (ETH) price shed 1.52 percent to reach $1,965. With this decrease in price, the market capitalisation of ETH has reached $228 billion.
However, XRP gained 1.60 percent to reach $0.651. The market capitalisation of XRP stands at $65.1 billion after this increase.
On the other hand, Cardano (ADA) price reached $1.35 with a 6.03 percent gain in its price. Its market capitalisation has reached $43.2 billion with this increase.
Similarly, dogecoin (Doge) gained 1.28 percent to reach $0.239. With this increase in price, the market capitalisation of Doge reached $31 billion.
According to analysts, bitcoin price rallied 21% after a nasty 20% drawdown between June 20 and June 22. The recovery faced rejection at $34,800 and is currently undergoing a retracement. This pullback could extend up to $31,000 and set the stage for a 15% upswing to sweep above the 50% Fibonacci retracement level at $35,610. On the flip side, if bitcoin price slices through $31,000 and fails to recuperate, it will invalidate the bullish thesis. In such a case, the flagship cryptocurrency could retrace 3% to $30,000. On the other hand, if the sellers continue to apply pressure, BTC might slide to $28,770– the range low.
On the other hand, ethereum price did the same. ETH sliced through the previous range low at $1,728, to set up a new one at 1,700. The recuperation rally pierced through the 79% Fibonacci retracement level at $1,976 but failed to hold above it. Therefore, investors can expect the second attempt to shatter $1,976 and take a jab at the 70.5% and 62% Fibonacci retracement levels at $2,077 and $2,177, respectively. Surpassing these critical barriers might allow the bulls to push ETH to the 50% Fibonacci retracement level at $2,319, they opined.