BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.
On June 7, Bitcoin (BTC) broke down from a symmetrical triangle that had been in place since May 19.
It’s likely in the process of completing the fifth and final wave of a bearish impulse that could take it below $30,000.
BTC had been trading inside a symmetrical triangle since May 19. After consolidating for nearly a month, it finally broke down from the pattern on June 7.
So far, BTC has reached a low of $32,351. The closest support area is near $27,000, created by the 0.618 Fib retracement support level.
The total cryptocurrency market cap took a more-than 9% dive in the past 24 hours to the $1.5 trillion level. This is the lowest market cap reached so far in the month of June. Apart from stablecoins, nearly every asset in the top-100 is in the red today.
There are only two cryptocurrencies that have had positive price moves today. Arweave (AR) is up 27% on the day, while Theta Fuel (TFUEL) is up nearly 18%.
On the other hand, BakeryToken (BAKE) is seeing the worst of the market rout. BAKE is down 20% in a move to the $3.15 price point and has nearly fallen out of the top-100 cryptocurrencies by market cap.