Bitcoin Takes Center Stage as ATOM Trades Sideways, Finding a Floor at $4.20

Altcoin markets slowed on Thursday while major cryptocurrencies like bitcoin and ether surged higher, aiming for new all-time highs.

As bitcoin rallied toward record territory, traders funneled billions into short positions, leading coins like ATOM to consolidate. ATOM managed to sustain support near $4.20 during the session.

Typically, strong bitcoin rallies tend to suppress altcoin volatility. Historically, altcoins like ATOM often see more significant price movements after bitcoin’s momentum fades and it begins to trade sideways—a trend suggesting ATOM could rebound once bitcoin cools off.

Technical Analysis

Over the 24 hours between 2 July at 16:00 and 3 July at 15:00, ATOM-USD traded in a range from $4.09 to $4.26, representing a 4% swing.
Solid support was observed between $4.16 and $4.17, with notable buy interest appearing around $4.20 at 13:00 on 3 July.
Though ATOM spiked to $4.26 around 07:00, it struggled to stay above resistance at $4.25.
Between 14:24 and 15:23 on 3 July, ATOM-USD dipped from $4.24 to $4.21, a drop of 0.73%.
A sharp sell-off hit between 15:03 and 15:07, dragging prices down to a session low of $4.19 before a modest bounce followed.
In the final 15 minutes of trading, ATOM stabilized near $4.21, suggesting the market found temporary balance.

CD20 Index Rises 2% Before Retracing

The CD20 index experienced increased volatility in the same timeframe, hitting a peak of $1,811.11 before pulling back to $1,793.55—a swing of $37.27 or 2%.
After dipping to support levels near $1,780 during early trading, the index rallied strongly through the morning of 3 July. Gains were trimmed in the last hour of trading as investors took profits.