NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Bitcoin Falls To Decisive Line At $21,500, What Levels Should BTC Hold?

Reynaldo Marquez
Reynaldo Marquez
Last Updated: June 11, 2024 2:22 pm
2 mins read
bitcoin

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 hangs by a thread as an increase in selling pressures sends major cryptocurrencies back to critical support levels. The number one crypto could return to the bottom of its current range If bulls are unable to step in and push back on this fresh bearish assault.

Related Reading: TA- Price Of Ethereum Struggles To Hold $1,700, Are Bears Taking Over?

At the time of writing, Bitcoin’s (BTC) price trades at $21,400 with a 9% loss and an 11% loss in the last 24 hours and 7 days, respectively. Ethereum continues to outperform BTC’s price as it has been able to hold on to part of the gains from last week, but bulls must draw the line at the resistance turned support on $1,700.

Bitcoin BTC BTCUSDT
BTC’s price with minor losses on the 4-hour chart. Source: BTCUSDT Tradingview

According to senior market analyst for Cubic Analytics Caleb Franzen, Bitcoin’s bearish momentum might be about to increase. The cryptocurrency is flashing a potential selling signal according to the 4-week Williams%R oscillator, an indicator used to measure an asset’s momentum.

The Williams%R indicates that Bitcoin has gone from overbought levels to oversold, according to Franzen. As seen in the chart below, whenever this indicator signals oversold, the price of Bitcoin has trended to the downside.

This indicator has successfully predicted June’s 2021 major crypto crash when the price of Bitcoin dropped from a yearly high north of $64,000, and the most recent downside trend when BTC finally lost $40,000 and reached its lowest price in two years at $17,600. The analyst said:

When the 1-month W%R plummets from “overbought” to “oversold”, this has been a precursor for a larger decline and capitulation. Could this time be different? Absolutely. But bear market momentum will be hard to defeat.

Franzen believes $21,500 will operate as an important level for a potential support re-test. If BTC’s price fails to retain these levels, the cryptocurrency might drop to $20,500 and $19,000 before seeing a rebound.

What’s Impacting The Price Of Bitcoin?

The crypto market has been experiencing relentless selling pressure due to macro-economic factors: the U.S. Federal Reserve (Fed) hiking interest rates, and high inflation which has driven off risk appetite in global markets. These factors were mitigated by recent events.

However, economist Alex Krüger believes the attention has moved from the U.S. to Europe. The old continent faces an energy crisis, the war between Russia and Ukraine, and potential dangers for economic growth across its major economies.

Related Reading: Ethereum (ETH) Dips Consecutively And Falls Below $1,800

In the current macro conditions, Krüger believes only Ethereum might have a chance to continue outperforming due to the upcoming “Merge” on mainnet, the transition from Proof-of-Work to Proof-of-Stake. Krüger said:

Two things happened overnight: equity risk off driven by bad German data, crypto hit air pocket after consolidating at the lows. Seems markets moving from focusing on the Fed to focusing on Europe. ETH is the best performing crypto asset in this dump, not about positioning

Tweet123Share196ShareSend
Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

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.

Related News

Massive Bitcoin Bid Walls Spotted On Binance: Bulls Step In With 2,800 BTC Cluster

Massive Bitcoin Bid Walls Spotted On Binance: Bulls Step In With 2,800 BTC Cluster

Bitcoin has slipped below the $100,000 mark, now trading around $97,000 for the first time since May, as selling pressure...

Sebastian Villafuerte 5 hours ago
Ethereum Whale Expands Position By 36,437 ETH – Bringing Total To $1.34B

Ethereum Whale Expands Position By 36,437 ETH – Bringing Total To $1.34B

Ethereum is trading at a critical juncture after briefly losing the $3,200 level, with bulls struggling to defend it amid...

Sebastian Villafuerte 6 hours ago
Bitcoin

Bitcoin Rejection Was No Accident — Now The Battle Shifts To $93,000–$97,000 Survival Zone

Bitcoin’s latest rejection didn’t come out of nowhere; it hit resistance exactly where the charts warned it would. Now, the...

Godspower Owie 7 hours ago
Load More

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.

Related News

Circle

Circle Stock Plummets By Almost 70% Post-IPO Debut, Analysts Issue Warnings

Ronaldo Marquez 51 minutes ago
Les mineurs Bitcoin transfèrent 7 Mds $ vers Binance : pression vendeuse en vue ?

Les mineurs Bitcoin transfèrent 7 Mds $ vers Binance

guillaumev 1 hour ago
American Bitcoin

Trump’s Sons’ Venture, American Bitcoin, Achieves Profitability In Q3–A Closer Look

Ronaldo Marquez 2 hours ago

Premium Sponsors

Press Releases

  • イーサリアム...

    18 hours ago
  • 仮想通貨おすすめ:ビットコインが半年ぶり安値の今、注目すべき銘柄とは

    ...

    18 hours ago
  • ドージコイン 今後:大型ミーム資産の影が広がる中、実用性重視の新モデルが台頭する可能性

    ドージコイン...

    19 hours ago
  • リップル 今後:米国初のスポットXRP ETFが上場、開始30分で2,600万ドルの取引高を記録

    リップル 今後:米国初のスポットXRP...

    20 hours ago
  • 仮想通貨プレセール:Bitwise幹部が示す2026年強気要因と注目すべき銘柄

    ...

    20 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.