On Monday, the cryptocurrency market saw a new drop, with Bitcoin (BTC) plummeting from values above $64,000 to a new multi-week low, settling below $61,000. This abrupt decline resulted in significant losses for many investors, liquidating over 60,000 traders in a single day. At the time of publication, the price of BTC was quoted at $61,123.45, with a 5.5% drop in the last 24 hours.
Similarly, most major altcoins are trading lower. ETH experienced a downward correction, but bulls remained active above $3,250. XRP is now trading in a range near the $0.45 level. ADA is trading below the pivot level of $0.35. Solana is down 5% and is close to $125. The main memecoins, DOGE and SHIB, recorded a 6% drop.
During the previous week, Bitcoin had reached peaks of $67,000, but soon lost strength in the face of intense selling in the market. The selling pressure was exacerbated by a massive outflow of funds from spot ETFs, shifting market control from the “bulls” to the “bears,” who pushed the price down to $63,500 on Friday. However, the weekend proved to be more stable, with Bitcoin hovering slightly above $64,000.
The start of the Asian trading session on Monday did not bring good news, with another significant drop, causing Bitcoin to lose about two thousand dollars in a matter of hours, reaching the $62,500 level, the lowest since May 15. Although there was a slight recovery later on, Bitcoin still recorded a nearly 3% drop on the day and 6% throughout the week.
In the context of the liquidations, CoinGlass reported that the daily total reached $135 million, a relatively modest number considering the usual market volatility. Simultaneously, the number of impacted traders reached 64,463.
Additionally, the market has observed a concerning trend among Bitcoin miners, who have been selling their assets in record numbers. Over 30,000 BTC were sold in June, the highest volume of the year, reducing reserves to the lowest level in 14 years, as noted by analyst Carl B Menger. According to Titan of Crypto, “BTC is now approaching a critical level where many will give up on this cycle.”
Recent events have brought Bitcoin into a risky zone, dropping to $60,500, with accelerated losses in the last 24 hours, reaching 5%.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.