Bitcoin (BTC) experienced a major decline on Monday, dropping from its previous value above $64,000 to a multi-week low below $61,000. This sudden drop resulted in significant losses for numerous investors, causing over 60,000 traders to liquidate their holdings in just one day. Currently, BTC is priced at $61,123.45, reflecting a 5.5% drop in the past 24 hours.
Similarly, most major altcoins are also trading lower. Ethereum (ETH) encountered a downward correction but managed to maintain bullish activity above $3,250. Ripple (XRP) is now trading in a range close to $0.45, while Cardano (ADA) is below the pivot level of $0.35. Solana saw a 5% decrease and is now near $125. The popular memecoins, Dogecoin (DOGE) and Shiba Inu (SHIB), both experienced a 6% drop.
Last week, Bitcoin reached its peak at $67,000 but quickly lost momentum due to intense selling pressure in the market. The sell-off was further intensified by a massive outflow of funds from spot ETFs, which shifted control from the bullish investors to the bearish ones, ultimately driving the price down to $63,500 on Friday. However, the weekend brought more stability, with Bitcoin hovering just above $64,000.
The start of Asian trading on Monday brought even more bad news, as Bitcoin suffered another significant drop, losing around $2,000 in just a few hours and reaching its lowest level since May 15th at $62,500. Although there was a slight recovery afterwards, Bitcoin still recorded a 3% drop for the day and a 6% drop for the week.
In terms of liquidations, CoinGlass reported that the total daily amount reached $135 million, which is relatively modest considering the usual volatility of the market. However, the number of affected traders reached a significant 64,463.
Additionally, there is a concerning trend among Bitcoin miners, as they have been selling their assets in record numbers. In June alone, more than 30,000 BTC were sold, marking the highest volume of the year and reducing reserves to their lowest level in 14 years, as highlighted by analyst Carl B Menger. According to Titan of Crypto, BTC is now approaching a critical level where many may give up on this cycle.
Recent events have pushed Bitcoin into a risky zone, with prices falling to $60,500 and losses accelerating by 5% in the last 24 hours. It is important to note that the views expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
