Bitcoin’s price movements have once again failed to impress as the asset faced strong resistance at $66,400 and plummeted towards $64,000 for the third time in one week. This downward trend has not only affected Bitcoin but also spilled over into the altcoin market, with several coins experiencing significant losses, particularly in the meme coin sector. Recent price fluctuations have left investors and traders uncertain about the future direction of the market.
Just a week ago, Bitcoin surged to $70,000 multiple times, only to face harsh rejections that drove its price below $65,000 by the end of the week. Over the weekend, Bitcoin managed to regain some ground and stabilize slightly above $66,000. However, the start of the new week brought fresh challenges as BTC attempted to break past $67,000 but was met with strong selling pressure, resulting in a drop to a monthly low of $64,000. While Bitcoin made a recovery and briefly touched $66,500, it failed to sustain gains and is now struggling to stay above $64,000.
The recent price fluctuations in the cryptocurrency market coincide with significant outflows from spot Bitcoin ETFs. Following a brief pause on June 19, withdrawals spiked to nearly $140 million, with GBTC surpassing FBTC in terms of outflows. As Bitcoin’s price decline continues, its market capitalization has slipped to $1.265 trillion, while its dominance over altcoins has slightly increased to 51.5%. However, altcoins, especially larger-cap coins like Ethereum (ETH) and Binance Coin (BNB), have also experienced sharp declines, with ETH dropping below the $3,500 support level and BNB falling to $583.
A broader sell-off in the altcoin market has led to losses in several popular coins, including SOL, SHIB, DOT, LINK, XRP, DOGE, and ADA. Moreover, meme coins have been hit particularly hard, with coins like WIF, JASMY, BONK, BRETT, PEPE, and FLOKI all plummeting by more than 8% in a single day. The cumulative market capitalization of all cryptocurrencies has shed approximately $50 billion in value, reflecting the heightened volatility and uncertainty in the market.
The recent price movements in the cryptocurrency market highlight the ongoing challenges and uncertainties faced by both Bitcoin and altcoins. As investors navigate through this turbulent period, it is essential to exercise caution and closely monitor market developments to make informed decisions.
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