# NEW

Crypto Pre-drink: June 11, 2024

Crypto Pre-drink

KEYTAKEAWAYS

  1. Bitcoin finds support between $68,000 and $69,000 after a pullback, with significant liquidations noted for major cryptocurrencies.
  2. Four altcoins, including Binance Coin and Toncoin, show potential for gains amid general market downturn.
  3. AI-linked cryptocurrencies decline following underwhelming updates at Apple's WWDC2024; Apple shares also fall despite overall stable equity markets.

CONTENT

In the Crypto Pre-drink, we serve up a daily shot of the hottest crypto news and market insights to fuel your investment decisions.

 


BITCOIN RETRACEMENT SETS THE STAGE FOR ALTCOIN OPPORTUNITIES

 

The cryptocurrency market experienced a downturn following the release of U.S. nonfarm payroll data last Friday, causing Bitcoin to retest the $68,000 threshold. According to Rakesh Upadhyay, a senior analyst at Cointelegraph, this pullback may seem severe but has led to a healthy deleveraging process in the market.

 

Despite the setbacks, Bitcoin and Ethereum saw liquidations of $1.3 billion and $800 million respectively, yet Bitcoin managed to find support between $68,000 and $69,000.

 

ANALYST PREDICTS IMMINENT HIGHS FOR BITCOIN AND ALTCOINS

 

While Bitcoin struggles, Upadhyay has identified four altcoins showing bullish signals for a potential surge. Here’s a quick rundown of these coins:

 

  • Binance Coin ($BNB): After retracting from a high of $722 to $635, if it bounces back robustly, it may retest and potentially break above the $722 resistance level.
  • Toncoin ($TON): Despite recent failures to breach the $7.67 resistance, support around the $6.80 mark could catalyze a breakthrough, aiming for the $10 mark.
  • Filecoin ($FIL): Currently consolidating between $5 and $6.77, a breakout above $6.77 could propel it towards $9.35.
  • Injective ($INJ): Exhibiting an ascending triangle pattern, a break above $29.93 could see it rally towards $41.74.

 

DECLINE IN AI-LINKED CRYPTO TOKENS POST APPLE EVENT

 

Despite stability in Bitcoin and broader crypto markets, AI-linked cryptocurrencies slumped on Monday after Apple’s WWDC2024 event underwhelmed traders. Tokens like Render (RNDR), Fetch.ai (FET), SingularityNET (AGIX), and Bittensor (TAO) dropped 3%-6%. The CoinDesk Computing Index, which includes AI-related tokens, fell by 2.5%, underperforming other digital assets.

 

Expectations were high for significant AI announcements at WWDC2024. Although Apple introduced “Apple Intelligence” and announced a partnership with OpenAI, the market reacted negatively. Following the event, Apple shares dropped nearly 2%, contrasting with slight gains in major U.S. equity indices.

 

 

binance ref


DISCLAIMER

CoinRank is not a certified investment, legal, or tax advisor, nor is it a broker or dealer. All content, including opinions and analyses, is based on independent research and experiences of our team, intended for educational purposes only. It should not be considered as solicitation or recommendation for any investment decisions. We encourage you to conduct your own research prior to investing.

 

We strive for accuracy in our content, but occasional errors may occur. Importantly, our information should not be seen as licensed financial advice or a substitute for consultation with certified professionals. CoinRank does not endorse specific financial products or strategies.


WRITER’S INTRO

CoinRank Exclusive brings together primary sources from various fields to provide readers with the most timely and in-depth analysis and coverage. Whether it’s blockchain, cryptocurrency, finance, or technology industries, readers can access the most exclusive and comprehensive knowledge.


NEWSLETTER

SUBSCRIBE

CoinRank