Bitcoin attempted to conquer the $9,300 but to no fruition. The price pulled back and failed to breach the level. Meanwhile, the DeFi market continues to boom, with numerous projects marking double-digit daily increases.
Bitcoin Price Fails at $9,300
Bitcoin didn’t manage to claim $9,300 yesterday and has since retraced to its current trading level at around $9,200.
As CryptoPotato reported, this is a vital level to watch in the short-term and should provide a good indication of how confident buyers are in the market right now. As of yet, it appears that confidence is slim.
As such, there are currently a handful of significant support levels to watch out for down the line, that could provide certain opportunities for a rebound. The first one is approximately at $8,965, and this is where buyers can potentially recover. Below that, it’s essential to consider the 100-days EMA, which sits at around $8,850.
On another note, despite the current indecisiveness, Bitcoin’s price closed its third-best Q2 in history, charting gains of about 42% over the period. It also outperformed a lot of legacy market participants, including the S&P 500, Crude Oil, Gold, and the US Dollar.
DeFi Market Booms
While Bitcoin is seemingly stagnating, the market for Decentralized Finance continues to expand. Many small-cap projects are popping in the past couple of days.
Just a few days ago, Changpeng Zhao, CEO at the world’s leading exchange, Binance, announced that CoinMarketCap – the data aggregator that Binance acquired a few months ago, devised a dedicated section for the DeFi market. This makes it considerably less challenging to track the price performance of different altcoins in the field.
— CZ Binance 🔶🔶🔶 (@cz_binance) June 30, 2020
Notably, there are quite a bit of projects that are marking double-digit increases. These include Kyber Network (KNC) with 18.5%, Synthetic Network (SNX) with 23.15%, Aave (LEND) with 13.4%, Bancor (BNT) with 23.9%, Loopring (LRC) with 13.5%, and so forth.
Meanwhile, data from Defi Pulse shows that the total value locked in DeFi protocols is now over $1.7 billion, up more than $700 million in the past 15 days alone.
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Cryptocurrency charts by TradingView.