Cryptocurrency price on July 11: Bitcoin falls below $58k; Avalanche, Toncoin tank up to 5%

"Bitcoin traded over the $58,000 level yesterday, but has since consolidated to the $57,000 level due to pressure from miners and Mt. Gox refunds. Additionally, the German government has transferred more seized Bitcoin with presumed intent to sell, adding to downward pressure. BTC is having a hard time breaking through the $59,500 mark. If it doesn't climb above $58,400 today, it might drop to around $57,200," said Edul Patel, CEO of Mudrex.

The CoinDCX Research Team stated, "In the last 24 hours, the market traded mixed as the German government continued moving BTC, but inflows remained net positive, reaching $200 million the day before yesterday, indicating sustained demand. The technical price action is currently mixed, with today's CPI data expected to induce more volatility in the market."

Meanwhile, popular cryptocurrencies, including Solana, Toncoin, Dogecoin, Shiba Inu, Avalanche, Polkadot, and Chainlink, declined by up to 5%. On the other hand, BNB, XRP, Cardano, and Tron surged by up to 3%.

The volume of all stablecoins is now $54.59 billion, which is 92.53% of the total crypto market 24-hour volume, according to CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, fell to $1.146 trillion. Bitcoin's dominance is currently 53.52%, according to CoinMarketCap. BTC volume in the last 24 hours fell 13.5% to $24.6 billion.

"Technical analysis suggests Bitcoin potentially breaking the $58,500 resistance and targeting $60,000, supported by bullish trends above $57,000," said Sathvik Vishwanath, Co-Founder & CEO, Unocoin.

Rajagopal Menon, Vice President of WazirX, said, "Technical indicators show the hourly MACD losing pace in the bullish zone, signaling a potential slowdown. The hourly RSI for BTC/USD is now above 50, indicating bullish territory. Key support levels are $57,200 and $56,000, providing a safety net for declines. On the upside, major resistance levels are at $58,400 and $59,500, which need to be breached for Bitcoin to continue its upward movement."

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Source: Forex-Markets-Economic Times