Bitcoin’s price movements have been underwhelming as the asset faced resistance at $66,400 and was driven down towards $64,000 for the third time in a week. The altcoins have also turned red, with significant declines, especially in the meme coin niche. Despite briefly touching $70,000 last week, Bitcoin failed to sustain its upward momentum and experienced painful rejections, pushing it below $65,000 by Friday. The weekend saw a slight recovery, with the asset trading just above $66,000. However, the start of the new business week brought another push downwards to a monthly low of $64,000.
Market Dynamics
The recent price drops in Bitcoin coincide with continuous outflows from spot Bitcoin ETFs, with withdrawals reaching close to $140 million after a pause on June 19. Yesterday’s outflows saw GBTC outpacing FBTC for the first time in days. As a result, Bitcoin is currently down 2% on the day, with its market cap falling to $1.265 trillion. Despite this, its dominance over the altcoins has slightly increased to 51.5%.
Altcoin Performance
Altcoins are also facing significant losses, with ETH dropping by over 3% and falling below the key support level of $3,500. BNB has seen a similar percentage decline to $583. Other major altcoins such as SOL, SHIB, DOT, LINK, XRP, DOGE, and ADA have also experienced losses. However, the biggest losers of the day come from the meme coin sector, with coins like WIF, JASMY, BONK, BRETT, PEPE, and FLOKI all plummeting by more than 8% in a single day. The cumulative market cap of all crypto assets has seen a $50 billion decrease in a single day.
Overall, the cryptocurrency market continues to face volatility and uncertainty, with Bitcoin struggling to maintain its price levels amidst ongoing selling pressure. Altcoins are also experiencing significant losses, with meme coins being hit particularly hard. Investors are advised to exercise caution and closely monitor the market developments to make informed decisions amidst the current turbulence.
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