KEYTAKEAWAYS
- Bitcoin finds support between $68,000 and $69,000 after a pullback, with significant liquidations noted for major cryptocurrencies.
- Four altcoins, including Binance Coin and Toncoin, show potential for gains amid general market downturn.
- 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.
