Cryptocurrencies Price Prediction: Bitcoin, Chainlink & Crypto – European Wrap 8 July
|Bitcoin price finds hurdle around the $58,500 level
Bitcoin (BTC) struggles against resistance near the $58,500 level but still trades up 2.93% at $57,515 on Monday. On-chain data shows that liquidations on Defi platforms exceed $17.94 million, and Exchange netflow records the highest outflow of 68,498 BTC since November 23, 2023. Meanwhile, the German Government transferred an additional 1,000 BTC, valued at $55.8 million, on the same day.
Chainlink update: Key on-chain indicators predict nearly 10% recovery in LINK
Chainlink (LINK) is down 12.39% this week, trading at $12.48 on Binance. The altcoin lost key support at $13.84 and a correction followed, pushing LINK to its July 5 low of $11.05. While whales dumped their Chainlink tokens, smaller investors scooped up the altcoin, buying the dip.
Crypto: Bears trying to break the neck of bull trend
The cryptocurrency market is moving up and down, experiencing increased volatility with swings between 2.0 and 2.15 trillion. These are very intense swings, reflecting the massive amounts of capital flowing through the market. The Cryptocurrency Fear and Greed Index is at 28 (fear), and on Saturday, it fell to 26, its lowest level since January 2023.
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