Crypto market saw bears gradually taking over bulls, with the market cap tumbling from $2.35 trillion to $2.26 trillion in the last 24 hours. Crypto investors lost $160 billion in net wealth in a week as market sentiment slips to “Neutral” today. The crypto market fear and greed index continues to slide from 76 (extreme greed) last month to 51 (neutral) on June 24.
Bitcoin price plunges more than 3% to a 24-hour low of $62,258 amid continued selling pressure and uncertainty. Traders eye BTC price to slip below $61,000, the support level it hit in April and May as well. BTC spot and derivatives traders look extremely bearish due to a focus on U.S. PCE inflation data and monthly options expiry.
Ethereum price also tumbled 4% in the last 24 hours, making the monthly drop to over 10%. ETH price is currently trading at $3,366 with a trading volume rising 73% as investors liquidated their holdings.
Altcoins such as Solana, XRP, Toncoin, Dogecoin, Cardano, and Shiba Inu tumbled 3-6% in the last 24 hours. Meme coins and AI coins are witnessing massive selloff, leading to correction in the crypto market. dogwifhat (WIF) leads with a 14% fall in the past 24 hours.
Crypto Market Nears Crash As Traders Brace For Macro Events
Coinglass data indicates the popular cryptocurrencies recorded a liquidation of $170 million today, with $127 million liquidated in the last 12 hours. Over 70k traders were liquidated, with the largest single liquidation order happened on crypto exchange BitMEX after a whale sold XBTUSD valued at $10 million.
Over $80 million in long positions in BTC, ETH, SOL, DOGE, NOT, ORDI, PEOPLE, WIF, PEPE in the last 4 hours due to uncertainty in the market. This has caused the crypto market to bleed today.
A week ago, CoinGape warned about BTC price crash potentially to the $57k level near the month’s end due to key macro events and options expiry. Investors are bracing for both US PCE and monthly options expiry on Friday, expecting a sharp correction before the date as the Fed eyes only single rate cuts this year. Moreover, key macro events such as ISM manufacturing data, Fed Chair Powell speech, the FOMC meeting release, and jobs and unemployment rate data are due in the first week of July.
Over 105K BTC options of notional value $6.72 billion are about to expire on June 28, per the largest derivatives exchange Deribit. With a put-call ratio of 0.52 and the max pain point at $57,000, Bitcoin price is more likely to remain under selling pressure.
Also Read: Big Capital Rotation Into Altcoins to Begin In Two Weeks, Predicts Analyst
Analyst Predicts Bitcoin Price Drop To $50K
Markus Thielen, founder of crypto research company 10x Research, said it’s the time to make tough decisions as BTC price action looks weak amid continuous outflows from spot Bitcoin ETFs. He predicts Bitcoin could crash to $50,000 due to double top pattern formation. The key support level is at $60,000.
#Bitcoin Double Top? Is It Time to Panic? How Low Prices Could Plunge? https://t.co/UOr9cWTisg pic.twitter.com/rtoTDf14E7
— 10x Research (@10x_Research) June 24, 2024
BTC on-chain data and other analysts have also pointed to weaker BTC price action in the coming weeks. The concerns around massive selloffs by dumb money have risen, which could push BTC much lower.
Also Read: ETH Price Reversal Soon As Ethereum ETF Coming In Two Weeks
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
