In an ongoing wave of speculation and anticipation, crypto enthusiasts remain ever watchful of the top 10 cryptocurrencies. As of July 7th, Bitcoin (BTC) continues to totter on the $31,000 mark – a dwindling speculation after the tweet storm caused by Elon Musk. Investor sentiments remain positive, viewing dips as an opportunity for buying, creating a bolstering effect.
Meanwhile, the CEO of BlackRock, Larry Fink elicited wide interest with his comments asserting Bitcoin’s international standing, independent from any specific currency. Further, he bolstered investors with a proposition that Bitcoin as a hedge against inflation could become a conversation driver.
Yet, gripping the long-end of the scepticism stick, one might wonder if Fink’s words hold enough weight to establish a consistent floor during market reductions. These positive remarks brushed shoulders with their bearish counterparts indicating an inability of Bitcoin to clock significant upswings, attributing it to short-term liquidations.
Ethereum (ETH) fans might find respite in these alternating sentiments. Despite the bears fiercely guarding the psychological resistance, both the moving averages seem to show static stability. An intriguing observation was noted with Binance Coin (BNB), wherein the moving averages indicated a bearish edge while simultaneously the bulls dynamically defended the crucial support level.
In this intricate dance of bullish defenders and bearish challengers, emerging altcoins are spinning on their axes. A closer look at Cardano (ADA) exemplifies the sentiment. Traders have been ardently buying near the support and selling close to its resistance, carefully fuelling ADA’s vitality.
Alternative coins such as SOL and LTC also display interesting trends. Solana (SOL) experienced a bounce off its 50-day SMA hinting that smaller dips were being ambitiously purchased, while Litecoin (LTC) with its audacious attempts to push past the overhead resistance faces fierce opposition from the bears.
Thus, while the crypto-market never ceases its roller-coaster ride, several positives seem to be coalescing around these alternative coins. The cautious optimism around the top cryptocurrencies may furthermore nurture a supportive ecosystem for the blossoming altcoins such as Cardano and Solana. Yet, these bullish sentiments invariably carry the shadow of bearish perspectives, stringing along the constant tension within this crypto space.
Source: Cointelegraph
