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

Ronaldo Marquez

11 months ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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.

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.

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

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.