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(Kitco News) - Altcoins stole the show in trading on Friday as Bitcoin's (BTC) price continued to consolidate near the $30,000 support level, prompting many crypto traders to rotate into altcoins, which have historically seen price gains after a notable move in BTC.
Stocks also rallied to close out the first half of 2023 on a positive note, boosted by the latest Personal Consumption Expenditures (PCE) Index data – the Federal Reserve’s favorite inflation gauge – which fell to its lowest level in two years. At the close of markets, the S&P, Dow and Nasdaq were all in the green, up 1.23%, 0.84%, and 1.45%, respectively.
Data provided by TradingView shows that Bitcoin climbed higher in the early trading hours, peaking at a daily high of $31,290 before reports emerged that the SEC said the recent spot BTC ETF applications were ‘inadequate’, which prompted a sell-off that dropped the top crypto to a daily low of $29,620. BTC has since climbed back above $30,400.
BTC/USD Chart by TradingView
According to Kitco senior technical analyst Jim Wyckoff, Bitcoin’s “current pause at higher price levels is not bearish and suggests the bulls are storing up energy for another burst higher in the near term.” He added that “The bulls have the solid overall near-term technical advantage.”
The majority of analysts on crypto Twitter saw the whipsaw in Bitcoin price as an overreaction to the SEC announcement, calling it the latest round of FUD (fear, uncertainty, and doubt) intended to prompt holders to sell their tokens.
Remember when the SEC sued major #Crypto exchanges?
— Rekt Capital (@rektcapital) June 30, 2023
Fast forward to today and #BTC has made new Yearly Highs
FUD exists to distract you in the short-term to sabotage your long-term investing goals$BTC #Crypto #bitcoin
Cubic Analytics founder Caleb Franzen encouraged crypto traders to “relax” as the Bitcoin chart continues to post “higher highs and higher lows.”
Fam, relax.
— Caleb Franzen (@CalebFranzen) June 30, 2023
When the BlackRock ETF application was announced, the price of #Bitcoin was roughly $26k and it rose to new YTD highs above $31k.
We're still trading above $30k and people are losing their minds?
Couldn't be me.
Higher highs and higher lows.
And MN Trading founder Michaël van de Poppe reassured investors that the bull market for Bitcoin remains intact, and said the top crypto is still on track to reach $35,000 - $40,000 in the near future.
Today wasn't bad news.
— Michaël van de Poppe (@CryptoMichNL) June 30, 2023
The markets overreacted by a ton.
No need, the bull is here for #Bitcoin, continuation seems very likely from here as all lows are taken.
$35-40K is on the cards.
Altcoins surge higher
It was a bullish day for the altcoin market as a total of 18 tokens in the top 200 recorded double-digit gains, with ‘dino coins’ posting some of the largest gains amid rising institutional interest.
Daily cryptocurrency market performance. Source: Coin360
eCash (XEC) posted the largest gain for the day, increasing 52.82% to trade at $0.000036, followed by a 30.7% gain for Horizen (ZEN) and a 25% gain for Litecoin (LTC).
The overall cryptocurrency market cap now stands at $1.19 trillion, and Bitcoin’s dominance rate is 49.5%.
