The recent turbulence in the cryptocurrency market intensified last Friday when Bitcoin (BTC) reached its lowest value in over five weeks, falling below $64,000. This event marked a new low for the leading cryptocurrency after a week of unsuccessful attempts to surpass the $70,000 mark. Instead, the value of Bitcoin plunged straight to $64,000, representing the lowest monthly quote observed.
The weekend continued with low volatility, keeping Bitcoin stable, slightly above $65,000. However, as the week began, a brief price increase pushed the cryptocurrency above $66,500. However, it didn’t last long, and the bears quickly took control, initiating a decline that culminated in a new drop to $63,350 the following day. This value is the lowest recorded since May 15, highlighting a significant market retracement.
Even after this sharp drop, Bitcoin managed to recover slightly, stabilizing above $64,000. However, similarly, most major altcoins are correcting negatively. ETH tested the key support of $3,355 and recovered above $3,500. XRP hit the $0.45 support before the bulls appeared. ADA remained below the $0.40 support zone. Solana lost over 8% in the week and is now close to $134.
Meanwhile, Avalanche (AVAX) experienced one of the largest drops among the major high-volume altcoins, losing over 10% of its value in just one day. The cryptocurrency is now struggling to stay above the $25 level, reflecting the overall market pessimism.
Other altcoins like SHIB and DOGE fell over 10% in the week, while PEPE recorded an 8% drop. On the other hand, WIF, STRK, and NOT experienced even steeper declines, surpassing 15%.
Cryptocurrency Market Today:
At the time of publication, the BTC price was quoted at $64,266.29, with a 1% increase in the last 24 hours.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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