Cryptos edge lower as June comes to a close; 'not the best, not the worst'

Crypto markets have edged lower after three straight days of gains — but Bitcoin is still changing hands above the psychologically important US$35,000 level.

At noon AEST, BTC was trading for US$35,040, down 2.4 per cent from yesterday, while the overall crypto market was down 0.6 per cent to US$1.5 trillion.

Ethereum was changing hands for US$2,266, up 4.6 per cent from yesterday, making it the best gainer among the top 10 coins.

Telcoin was the best gainer in the top 100 coins, up 17.2 per cent to US3c. Compound and Maker were the only other coins to post double-digit gains.

Quant was the biggest top 100 loser, down 6.7 per cent, followed by Filecoin at 6.4 per cent.

Monthly close ‘neutral’

The monthly close for Bitcoin occurred at 10am, Sydney time (which is midnight, UTC), and traders were watching carefully to see how it went. BTC finished at US$35,220, according to Coingecko.

“I’m not gonna lie, it’s not the best close,” tweeted Bitcoin Charts. “But it’s also not the worst. So, things are pretty neutral as we don’t have any significant divergence on the lower time frames right now.

“We do need to remain above 35k though. That’s a pretty significant liquidity/psychological level.”

So far, this current period in the 2021 cycle is very similar to the 2013 mid-cycle correction

A #BTC Monthly Candle Close above ~$34500 would mean that BTC will continue to respect historical Mid-Cycle tendencies$BTC #Crypto #Bitcoin

— Rekt Capital (@rektcapital) June 30, 2021