Cryptocurrency Successfully Defends $2 Trillion...Bitcoin (BTC) Whales 'Buying the Dip'

▲ Bitcoin (BTC) / ChatGPT Generated Image ©

The cryptocurrency market successfully achieved a short-term rebound, recovering $2.05 trillion after defending the $2 trillion floor. However, for the buying momentum to lead to a complete trend reversal, a daily closing price above $2.11 trillion needs to be confirmed.

According to the cryptocurrency specialized media BeInCrypto on July 2 (local time), the total cryptocurrency market capitalization rose by approximately 1% that day. The market recovered $2.05 trillion after defending the $2 trillion support level for the past few days. BeInCrypto analyzed that some funds moved into the cryptocurrency market while the S&P 500 Index (SPX) closed down 0.22% on July 1.

Market breadth also supported the rebound. Nine out of the top 10 cryptocurrencies by 24-hour performance showed an upward trend. BeInCrypto viewed the recovery of $2.05 trillion as a key signal of short-term buying momentum, but pointed out that losing this level again could reopen lower price ranges. Conversely, a daily closing price breakthrough above $2.11 trillion could be a genuine bullish confirmation signal, and a break above $2.29 trillion could open up a broader bull market.

In Bitcoin (BTC), the movement of large holders drew attention. According to Glassnode data, the number of wallets holding more than 1,000 BTC rose close to a three-month high. The increase in the number of large wallets while Bitcoin prices hovered around $60,000 suggests the possibility of whales buying the dip. However, BeInCrypto also mentioned that some buying flows might be fund-related custodial flows rather than pure investment conviction.

Among individual coins, MemeCore (M) captured the market's attention. MemeCore surged approximately 62% in 24 hours, showing a significant rise amidst quiet market trends. Strong buying volume prevented the risk of a channel breakdown, but a long upper wick formed on the last bullish candle, indicating pending sell orders.

MemeCore faced resistance near $1.53, with the 20-day Exponential Moving Average (EMA) at $1.82 presented as the next hurdle. It would need to surpass $2.67 to be considered a trend reversal rather than a failed rebound. Conversely, the 50-day EMA is approaching the 200-day EMA, increasing the risk of a death cross. While the cryptocurrency market succeeded in a short-term rebound, defending the total market capitalization of $2.05 trillion and the continued accumulation by Bitcoin whales have emerged as key variables determining the next direction.

[Article Summary]

-The total cryptocurrency market capitalization rose by approximately 1%, recovering $2.05 trillion after defending the $2 trillion support level.

-The number of wallets holding more than 1,000 BTC increased close to a three-month high, suggesting the possibility of Bitcoin whale accumulation.

-MemeCore surged approximately 62% in 24 hours, but resistance at $1.53 and the risk of a death cross remained short-term burdens.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*