Bitcoin Today 06/27/2024: BTC remains stable, but sellers maintain control

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With weak performances, the cryptocurrency market almost mirrored the previous day’s performance this Thursday (27). However, unlike Wednesday (26), most of the Top 10 cryptocurrencies recorded gains. The highlight was TON, which rose 2.8% this time and led the day’s gains. Besides TON, Bitcoin also appreciated today, opening the day with a 0.3% increase.

But this movement reversed to a 0.4% drop at the time this article is written. Thus, BTC’s price fell to $61,170, according to CoinGecko data.

Ethereum (ETH) also reduced its appreciation, which reached up to 1.4%, but fell to 0.6%. However, the cryptocurrency still managed to surpass the $3,400 region.

In Brazil, Ethereum and Bitcoin prices rose by 0.9% and 2%, respectively, due to the increase of the dollar against the real on Wednesday. BTC is valued at R$ 337,775, and ETH at R$ 18,771 in national quotations.

As for the Top 100, the performance of cryptocurrencies was mixed, with smaller losses and gains than on Wednesday. Kaspa (KAS) led the day’s gains, rising 8.4%, while AGIX led the losses with a 4.2% drop, followed by AR, which fell 4.1%. Solana (SOL) rose 1.2%, Dogecoin (DOGE) dropped 1.8%, and the MakerDAO token (MKR) gained 7.8%.

Bitcoin Price Today
Analyst Willy Woo says that although the recent Bitcoin price correction eliminated excessive leverage in the market, there are still positions waiting for liquidation. Woo adds that there are still many speculative trades for BTC.

According to the analyst, the strong liquidations caused Bitcoin to fall to $58,000 earlier this week. This movement put BTC in the “oversold” region, meaning it was very cheap. Therefore, a temporary recovery was mandatory before further declines.

Woo added that the current BTC price recovery is only technical and not fundamental. He also pointed out the presence of a reversal and a hidden bullish divergence. “So far, this technical reversal is happening,” Woo stated, emphasizing that a break of the RSI trend line would indicate a technical recovery.

On the other hand, Bitget analyst Fernando Pereira highlights that the market has shifted to a “neutral” sentiment for BTC. This movement should bring more consolidation, with days without significant price changes.

“After reaching an important support level ($60,000), BTC sentiment indicators (like Fear and Greed and the funding rate) show neutrality. Meanwhile, we see BTC’s main moving averages quite distant from the price. This situation should result in a consolidated BTC around $60,000 for a few more days,” explained Pereira.

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