Cryptocurrency

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/crypto-market-faces-another-turbulent-period/" data-wpel-link="internal">Crypto Market Faces Another Turbulent Period</a> 
Cryptocurrency markets are once again trying to stay afloat amid another upheaval. The reasons for the decline are numerous. The rise of the right in the European Union Parliament, France heading for early elections, macroeconomic issues, rising bond yields with the uncertainty of the Fed while the ECB cuts rates, and much more. So, how do market experts evaluate this decline? 
<h2 style="text-align: justify" id="cryptocurrency-decline">Cryptocurrency Decline</h2> 
The price of Bitcoin (BTC) fell continuously for 24 hours to as low as $66,696. It then moved towards new lows and dropped to $66,000 on the Binance exchange. This was the expected basic scenario for Fed week, and by Friday, the accelerated sales were just beginning to be understood by new <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a>. This is how things work in crypto; investors here are much more active in early pricing. 
In such a market that is open 24/7 and shows high volatility, there is honestly no other way. Popular <a href="https://en.coin-turk.com/key-insights-on-cryptocurrency-market-trends/" data-wpel-link="internal">crypto analyst</a> Roman wrote the following; 
<blockquote> 
 “We are approaching support. If a reversal occurs, I will want to enter long positions.” 
</blockquote> 
Another analyst, Castillo Trading, said similar things to Roman and wrote that he had been following the $67,000 support for buying opportunities for a long time. Especially in altcoins, BTC‘s decline here offers significant opportunities. 
<blockquote> 
 “We knew some decline in BTC was possible. Opening new longs above $70,000 would have been difficult. Now we have entered a period where I am more willing and comfortable to add.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-361310 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/06/Castillo-BTC-Tahmin.png" alt="" width="1626" height="817"> 
<h2 style="text-align: justify" id="analyst-comments">Analyst Comments</h2> 
Popular crypto analyst Jelle could not understand why such declines disturb people while the uptrend continues. The BTC price, which has been below the all-time high for 15 weeks, had made similar moves in the past. Moreover, the current decline continued to $66,000. In November 2022, this figure was a dream for many investors, but now it is a disappointment for most. That’s crypto. 
<blockquote> 
 “15th week below all-time highs. This week we are returning to the key support level of $67,500 with a red start. It may be disturbing, but nothing has changed. Don’t be shaken.” 
</blockquote> 
Scott Melker was also quite relaxed, just like Jelle; 
<blockquote> 
 “Today is a good drop, but it is only testing the support in the EQ range. It is still trading in the upper half of the range. It has been 3 months since the predictable breakdown that comes with this part of the cycle.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-361311 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/06/Scott-BTC-Tahmin.png" alt="" width="1632" height="808"> 
The size of open positions for BTC in futures trading has decreased from $37.6 billion at the beginning of June to $35 billion. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/crypto-market-faces-another-turbulent-period/" data-wpel-link="internal">Crypto Market Faces Another Turbulent Period</a></h5>

Crypto Market Faces Another Turbulent Period

Table of Contents

COINTURK NEWS

Other articles published on Jun 11, 2024

New Solana Memecoin Dog Wif M16 (DOGM16) to Explode 18,000% in 48 Hours

Gateway.fm Appoints New CSO/CCO/Co-Founder Pradeep Singh, as Mission to Democratize Web3 Infrastr...

ZkSync community reacts to airdrop debacle

Bitcoin & Ethereum Balances Hit 4-Year Lows Pre-July 2020

BlockDAG Enhances User Interface: Dev Release 48 Powers Effortless Mining, Pushing Presale To $48...

Will the SEC Approve Spot Ethereum ETFs Today? Key Details Inside

Join our free newsletter for daily crypto updates!