Foreign media market commentators noted that the crypto market has shown divergent trends after a series of declines. Bitcoin has temporarily found support around $60,000, Hyperliquid's native token HYPE has rebounded from its recent highs, while SHIB has entered oversold territory after breaking below its upward channel, but whether it has truly bottomed out still lacks stronger buying confirmation.
Bitcoin consolidates around $60,000
The article argues that Bitcoin's rapid decline from above $80,000, briefly approaching $60,000, was accompanied by significant selling and liquidation. Recently, the price has been consolidating in the $60,000 to $63,000 range, indicating that the market has temporarily recovered from its previous rapid drop.
The article notes that trading volume surged significantly as the price approached $60,000, typically indicating a concentrated release of panic selling. Simultaneously, the RSI has entered oversold territory, unseen for several months, suggesting that downward momentum may be weakening and the market has room for a technical rebound.
However, the article also points out that Bitcoin remains below its 50-day, 100-day, and 200-day moving averages, and these moving averages are still trending downwards. The upward trend line that previously supported the price has also been broken, meaning that even if the price stabilizes in the short term, any subsequent rebound will face strong resistance.
HYPE rebounded after falling from its high.
The article states that after retreating from a high of around $76, HYPE briefly fell below $60, but buying interest subsequently returned, pushing the price back up to around $65. Based on intraday performance, HYPE is one of the major crypto assets that has seen a significant rebound.
This pullback occurred after HYPE rose from below $30 in February to above $75 in early June. The article argues that profit-taking after a rapid rise is not unexpected, and this decline is also a temporary test of the previous strong trend.
From a technical perspective, HYPE briefly dipped below the 21-day moving average but quickly recovered, and is currently still above the 50-day, 100-day, and 200-day moving averages. The article argues that this indicates the medium-term upward structure remains intact. If the price continues to hold above the $65-$66 area, the market may retest $70 and the vicinity of previous highs.
SHIB still lacks confirmation of increased volume.
The article points out that SHIB has recently experienced another significant sell-off, breaking below the upward channel that had lasted for several months and hitting a new low for the period. The RSI has fallen below 30, entering oversold territory, which usually means that the bearish momentum may be nearing a temporary decline.
However, the article also emphasizes that oversold conditions do not necessarily mean the bottom has been reached. Although trading volume surged when the channel was broken, subsequent rebound attempts lacked sufficient volume support. Without sustained new buying, prices are more likely to experience a brief correction rather than initiating a longer-term reversal.
The article also mentions that SHIB is currently still trading below its major moving averages, with the 50-day, 100-day, and 200-day moving averages all trending downwards. If it cannot regain a foothold in the approximately $0.0000054 to $0.0000055 range, its short-term trend is unlikely to strengthen.
