Bitcoin (BTC) suffered further losses on June 12, as a thin trading volume on weekends encouraged continued sales.
An expert likens the “pump” of risk assets to 1929
Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD reached a low of $ 27,150 on the sixth consecutive day of declines.
With hours left over the weekend, the couple was in danger of continuing the losing streak, which had previously been a record nine weeks of red candles in a row.
To avoid that conclusion and put in another “green” close, BTC / USD had to reach $ 2,000 from the current substitute, which at the time of writing was $ 27,400.
As support levels failed to change the mood thanks to thinner liquidity in the “off-peak” trading weekend, analysts feared a re-examination of the ten-month low in May was expected.
“Well, Bitcoin could not hold $ 29.3K and started falling more. Looking for how the $ 28.5K area will react,” said Michaël van de Poppe, a contributor to Cointelegraph. wrote in its latest BTC update on June 11th.
“If that doesn’t work, there are $ 26 / 24K on the cards.”
As people continued to talk about the “capitulation” of cryptocurrencies, others focused on the fate of highly-linked stock markets. Mike McGlone, a senior commodity advisor at Bloomberg Intelligence, said that risky assets could already have peaked in the past two years.
“If the stock market continues to decline, almost everything will have peaked,” he said said Twitter followers.
“Only a normal return can be like a collapse and the risk pump 2020-21 could go down in the history books like 1929 and 1999.
At the low of the day near $ 27,000, at the same time, Bitcoin next traded its “mini” capitulation event in May since that day of turmoil in the hands of the Terra LUNA explosion.
For many, the question was how to know where the true macroeconomic floor for Bitcoin might lie.
“If the price reaches the lowest ISK 20,000, you will see that most CTs call for ISK 10,000 or even lower. That will be the bottom line, “Crypto’s popular Twitter account Il Capo argued.
As the Cointelegraph reported, generational speculations range from up to $ 27,000 to brutally bearish $ 14,000 or even lower.
Ethereum makes key price changes
For altcoins, the picture was more insecure.
Related: Bitcoin prices threaten the lowest weekend since 2020 as inflation hits the market
A look at the top ten cryptocurrencies by market value revealed a larger daily loss than BTC / USD, with some falling above 10%.
Ether (ETH), the largest altcoin, fell 7% on the day and hit instant prices below real for the first time since May.
Actual price refers to the total price at which each symbol was last moved and its breach put ETH at increased risk of submission-based panic. Bitcoin’s real price, around $ 24,000, was barely touched during the May decline.
“With the fall in prices over the weekend, the Ethereum market has fallen below $ ETH to $ 1,781,” said Glassnode, the chain’s research firm. comment on the attached table.
“This means that the market has an average unrealized loss of -18.4%. The real value of ETH 2.0 deposits is higher at $ 2,404, with an unrealized loss of -39.6%.
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