Bitcoin Month-Long Rally Comes To An End: Price Plunges Below $65,000 – What’s Next For BTC?
19 Giugno 2024 - 7:30AM
NEWSBTC
Bitcoin (BTC), the largest cryptocurrency by market capitalization,
experienced a significant decline on Tuesday, echoing the broader
downtrend in the cryptocurrency market. Fueled by worries about the
global economy and reduced summer liquidity, Bitcoin dropped below
the $65,000 mark for the first time since May 16. Notably,
Ethereum (ETH) also faced a 4% loss, trading at $3,400, while other
cryptocurrencies, such as XRP, Solana (SOL), and dogecoin (DOGE),
suffered even bigger declines. Market Uncertainty Persists Marko
Jurina, CEO of Jumper.Exchange, a decentralized exchange (DEX),
highlighted that during economic and market uncertainty, traders
often sell at a discount to minimize losses or exit riskier
positions until the situation becomes clearer. Related
Reading: XRP Set For Monumental Rally: Analyst Points To Extremely
Rare Signal Jurina explained that the current scenario appears to
be a combination of these factors, as weakening global economic
conditions, unresolved geopolitical issues, and thinner market
activity during the summer months contribute to heightened market
volatility. These conditions will persist for the next few
months, potentially leading to parabolic movements in either
direction for the Bitcoin price. Bitcoin has grappled with the
$70,000 threshold since its record high of $73,700 on March 14.
Although it briefly tested this level in early June, it has since
been unable to regain its bullish momentum. The cryptocurrency is
currently down 4% for the month and 9% for the quarter.
Bitcoin Correction Toward $61,000? CryptoQuant’s on-chain data
suggests that traders had reduced their holdings since late May
when Bitcoin touched the $70,000 level. This selling trend
continues without significant buying activity. Ki Young Ju, Founder
of CryptoQuant, highlighted that Bitcoin long-term holder whales
have sold $1.2 billion in the past two weeks, likely through
brokers. Additionally, there have been negative net flows in ETFs,
with $460 million outflows during the same period. Young Ju
contended that if this substantial sell-side liquidity is not
purchased over-the-counter (OTC), brokers may deposit Bitcoin to
exchanges, potentially impacting the market. On June 14, crypto
analyst Ali Martinez stressed that Bitcoin needed to break above
the $66,250 level quickly to avoid a potential correction to
$61,100. As the cryptocurrency struggles to regain bullish
momentum, Martinez hinted at a possible drop to $61,000.
Another analyst, Rekt Capital, pointed out that Bitcoin is nearing
the filling of its first Chicago Mercantile Exchange (CME) gap,
with gaps at $64,000 and $62,500. Related Reading: XRP,
Dogecoin, & Shiba Inu All See Negative Sentiment: Signal To
Buy? Overall, The prevailing evidence suggests that bearish
sentiment has once again seized control over the future trajectory
of Bitcoin’s price, signaling a challenging road ahead for the
leading cryptocurrency in the market. The extent of the potential
retracement and the bottoming-out point of this ongoing downtrend
are yet to be determined. At the time of writing, Bitcoin is
trading at $64,770. Featured image from DALL-E, chart from
TradingView.com
Grafico Azioni Bitcoin (COIN:BTCUSD)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Bitcoin (COIN:BTCUSD)
Storico
Da Set 2023 a Set 2024