At one point, over $100 billion was lost from the total crypto market value. Bitcoin faced tons of volatility, especially overnight, falling to a monthly low of $64,000. Fluctuations in altcoins were similar; Numerous large declines caused losses to 190,000 traders on a daily basis. Here are the latest developments for Bitcoin price and altcoin prices…
Bitcoin price tumbled
The cryptocurrency market has been subject to a significant selling wave in the last 24 hours. While the Bitcoin price fell below $65,000, there were also sharp declines in Ethereum and altcoins. Bitcoin lost 5% of its value on a weekly basis, falling to a monthly low of $64,000 following high volatility on Monday night. This decline shows that Bitcoin is in a downward trend in the short term. This massive volatility hurt overleveraged investors; because more than 190,000 of them sank the other day.
The total value of liquidated positions is over $480 million in the same time period. The largest order liquidated at once was on Binance. According to CoinGlass, it was worth $6.44 million and included the ETH/USDC trading pair. The FED’s signals of keeping interest rates higher for longer than expected caused investors to exit Bitcoin. Bitcoin investment funds recorded an outflow of $620 million last week. The situation looks similar this week. On Monday, June 17, nine spot Bitcoin ETFs in the US recorded outflows totaling $208 million.
Expectation of $63,800 in Bitcoin
Popular cryptocurrency analyst Rekt Capital points out that the Bitcoin price cannot exceed the $60,573-$71,524 range. With each attempt to rise, the Bitcoin price is rejected from the upper limit of this range and goes deeper into the range. Bitcoin needs to rise above $71,350 to enter a parabolic phase, but the current situation does not support this rise.
This level is now considered a weak support point as Bitcoin price closed below $67,200 on a weekly basis. In this case, analysts consider the possibility of Bitcoin price falling to $63,800.
There is also a decline in altcoins
The performance of the altcoins was quite similar, with many experiencing significant price declines. Despite recovering slightly, SHIB and DOGE are still down around 10% on the day. SOL, AVAX, LINK, ADA and DOT fell 7-9%. The decline in Bitcoin was also reflected in the altcoin market. Ethereum lost 4.39%, Solana lost 9.25% and Dogecoin lost 9.74%. Shiba Inu, on the other hand, experienced a sharp decline of 12.12%. XRP, on the other hand, bucked the market trend and gained 0.33%.
However, the cryptocurrency market overall appears to be in a downward trend. The recent selling pressure has pushed the Bitcoin price below $65,000. It will be clear in the coming days whether Bitcoin will stay above this level or go lower. The general course of the market seems to be shaped depending on the movements of Bitcoin. Another issue that investors follow closely will be the Federal Reserve’s interest rate policy.
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