Bitcoin Month-Long Rally Comes To An End: Price Plunges Below $65,000

Name	Symbol	Market	Market Cap ($)	Algorithm
Dogecoin	DOGEUSD	Crypto	17,561,636,534	Scrypt

Name

Symbol

Market

Market Cap ($)

Algorithm

Dogecoin

DOGEUSD

Crypto

17,561,636,534

Scrypt

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.00308	-2.45%	0.12262	0.12259	0.12262

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.00308

-2.45%

0.12262

0.12259

0.12262

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.12861	0.12159	0.12628	0.1257	0.055786 - 0.228990

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.12861

0.12159

0.12628

0.1257

0.055786 - 0.228990

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	00:39:31	126.10	0.12262	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

00:39:31

126.10

0.12262

USD

Price x Volume	Volume	Base Symbol	Related Pairs
32,160,338.57	260,091,373.80	DOGE	DOGEEUR	DOGEGBP	DOGEBTC

Price x Volume

Volume

Base Symbol

Related Pairs

32,160,338.57

260,091,373.80

Bitcoin Month-Long Rally Comes To An End: Price Plunges Below $65,000 – What’s Next For BTC?

19/06/2024 6:30am

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

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DOGEUSD Dogecoin