Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, has surged above the $60,000 mark after the German government’s BTC wallet liquidated its holdings last week, prompting whales to buy the cryptocurrency on the dip.
CryptoQuant analyst Minkyu Wu noted that whales purchased 47,000 BTC at an average price of $57,000, suggesting that “the bottom of BTC may be almost reached.”
These whales bought over 47,000 #BTC at an average price of $57,000.
This suggests that #BTC may have almost reached the bottom.#BTC #Bitcoin pic.twitter.com/MpNqAETAqZ
— 우민규 (Uminkyu) (@Woo_Minkyu) July 10, 2024
According to CoinMarketCap data and a chart provided by TradingView, Bitcoin has finally reclaimed its 200-day moving average after briefly falling below it in early July. The digital asset’s Relative Strength Index (RSI) is 56.26, confirming that buyers have regained control, leading to higher prices. BTC is currently trading at $62,587.
Meanwhile, Mog Coin (MOG) has jumped 6.88% in the last 24 hours and is trading at $0.000002024 at the time of writing. The altcoin’s trading volume has increased by 22.66% to $42.42 million, giving MOG a market cap of $728 million.
TradingView’s chart shows an RSI of 67.27 for MOG, suggesting that bulls are in control. However, if the price rally continues, the altcoin could enter overbought territory, potentially attracting sellers to capitalize.
Synthetix (SNX) has also seen a significant gain of 12% in the last 24 hours, trading at $1.92 with a market cap of $628 million. The altcoin’s trading volume has doubled to $30.5 million. According to TradingView, the RSI for SNX is 52.47, confirming that the bulls have taken the reins.
It is noteworthy that the SNX token was recently in the oversold zone. Buyers took advantage of the fall, bought up the digital asset and are now enjoying a significant increase.
Finally, Pendle (PENDLE), a DeFi protocol whose total value locked (TVL) has fallen significantly in recent weeks, has seen gains of over 14% in the last 24 hours. The cryptocurrency is priced at $4.38, up from a low of $3.82.
The TradingView chart shows that the price action is struggling to escape the clutches of the bears. Despite the significant gains, the RSI for PENDLE is 49.26, indicating that the bears and bulls are almost equal.
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