Bitcoin Maintains $30K as Altcoins Consolidate (Market Watch)

June 3, 2022
Crypto Potato
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Bitcoin bulls did their best to hold the important psychological level of $30K. This happens on the back of a broader consolidation across the entire market as most of the altcoins are trading flat over the past 24 hours.

Bitcoin’s Price Maintains $30K

Yesterday, Bitcoin’s price dipped below $30K for a brief period of time, but the bulls were very quick to defend the level and brought it back above it in a few hours, as seen on the chart below:

img1_btcchart
Source: Binance, powered by TradingView

At the time of this writing, the cryptocurrency is charting a daily increase of around $1.8%. The market seems to have calmed down a bit today, but the liquidations for the past 24 hours remain relatively high at above $200 million, according to data from Coinglass.

Leading the way is Bitcoin, with around $133 million worth of liquidated positions. The largest single liquidation order took place on Bybit – a BTC/USD order with a face value of $3 million.

Altcoins in Consolidation Mode

The altcoin market seems to be in consolidation mode, albeit painted almost entirely in green. Most of the large-cap cryptocurrencies remained flat for the past 24 hours, with a few slight exceptions.

img2_quantifycrypto
Source: Quantify Crypto

As seen in the above heatmap, the altcoin market failed to produce any meaningful gains, but on the other hand – it stopped bleeding as well, which could be interpreted as a good sign.

Yet, the cryptocurrency fear and greed index once again dropped towards the 10 basis points indicating “extreme fear” after having bounced a bit over the last few days.

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