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Bitcoin price is once again struggling to break the $70,000 resistance level. The sideways BTC and ETH price action is causing uncertainty in the altcoin markets. Nevertheless, many altcoins, including Toncoin (TON), KASPA and BRETT, are up on Tuesday, indicating a persistent demand for these digital assets.
The overall market sentiment remains mixed after a failed breakout attempt by Bitcoin and Ethereum prices on Monday. However, the broader altcoin market still showed some gain today as the Total 3 market cap increased by 0.52%.
BTC/USD remains stuck at $69,000 as the bulls lack the momentum to push the price beyond the $70k barrier. The market participants are cautiously waiting for a major breakout in either direction before opening new trades. Many analysts believe that the crypto markets could remain sideways till the approval of S-1 filings of ETH ETF issuers by the SEC.
According to Bloomberg analysts, this approval might occur by the end of June or sooner. The following chart shows possible areas of support and resistance on the BTC daily chart.
Toncoin is having its 3rd consecutive green week. In the current week, TON crypto is up 0.89%. Since hitting its April peak of $7.70, Telegram’s native cryptocurrency has been stuck within the $5.18-$7.46 trading range, as shown in the chart below. After hitting the middle of this trading range, the price now seems to be heading for another retest of the range highs.
However, for a bullish Toncoin price prediction, bulls need to clear the $7.46 resistance by turning it into a support level.
A 4.8% surge in memecoin BRETT propelled its market capitalization above $1.12 billion. The frog-themed cryptocurrency has emerged as the most popular memecoin on the Base blockchain, a smart contract network that was launched by Coinbase exchange last year.
However, after a 46% surge on Monday, the altcoin is showing a minor pullback on Tuesday but remains 4.8% up on the last 24 hours timeframe.
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
