After ending June on a negative note [-7.07%], crypto traders and investors were pumped for Bitcoin’s July close. The asset’s latest monthly candle closed in green, up 3.08%. However, even before market participants could rejoice, sellers started calling the shots. In retrospect, assets started shedding value, and gains were nullified.
Large-cap assets including Bitcoin and Ethereum slipped below key MA support levels from the technical point of view. At press time, they were hovering around $64.2k and $3.1k, down by 3% and 5% respectively.
Long traders had to bear the brunt of the correction. Data from Coinglass pointed out that over the past 24 hours, more than $225 million worth of crypto positions were liquidated. Out of that, more than $197.7 million were longs.
Nevertheless, market participants remain calm and composed. The fear and greed index’s reading flashed a neutral reading of 52 at press time, supporting the said assertion.
In the background, investors have been replenishing their hodlings. Consider this: The Kimchi Premium Index continues to hover in the positive territory, indicating that Koreans are paying a premium to acquire BTC at this stage.
Amid the price pullback, Bitcoin’s dominance has also retraced to 56.2%, slightly down from its 2024 high of 56.76% which was recorded a couple of days back. On the YTD front, however, this metric is up 8.9%, indicating that Bitcoin continues to remain in the driving seat.
For context, BTC.D depicts the ratio of the coin’s market capitalization to the crypto market’s cumulative market capitalization. A rise registered usually indicates investors are locking their funds in Bitcoin during periods of volatility and market uncertainty. Contrarily, a drop connotes a rise in altcoin interest.
Parallelly, the season index pointed out that 3/4th of the top 50 coins failed to perform better than Bitcoin in the last 90 days, affirming that the market is currently in the midst of the Bitcoin season.
