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<p>The post <a href="https://coinpedia.org/news/bitcoin-double-top-warning-how-low-could-the-btc-price-fall/" rel="noopener noreferrer nofollow">Bitcoin Double Top Warning: How Low Could the BTC Price Fall?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>The crypto market is currently facing a major selloff, with Bitcoin leading the downturn as its price dropped to $62k, triggering losses across Ethereum and other altcoins. The total market capitalization has plummeted from $2.35 trillion to $2.26 trillion in the last 24 hours, causing investors to lose a staggering $160 billion in net wealth within a week.</p>
<h2 class="wp-block-heading" id="h-bear-conditions-and-key-factors"><strong>Bear Conditions and Key Factors</strong></h2>
<p>Investor sentiment has shifted from extreme greed to neutrality, with the fear and greed index dropping from 76 to 51. Bitcoin’s price fell more than 3%, reaching a low of $62,258 amid ongoing selling pressure. Traders are eyeing the critical support level of $61,000, previously seen in April and May. Moreover, Market data from Coinglass shows $170 million in liquidations today, highlighting high volatility and risk aversion among traders. A significant order on BitMEX saw a whale sell XBTUSD worth $10 million, adding to market turmoil.</p>
<h2 class="wp-block-heading" id="h-altcoins-follow-suit"><strong>Altcoins Follow Suit</strong></h2>
<p>The downturn in Bitcoin has had a ripple effect across the cryptocurrencies, with Ethereum witnessing a 4% decline to $3,366 over the past 24 hours. This represents a monthly decrease of more than 10%, reflecting broader market weakness. Similarly, other major altcoins such as Solana, XRP, and Dogecoin have also experienced losses ranging from 3% to 6%. The sell-off has been particularly pronounced among meme coins and AI-driven cryptocurrencies like dogwifhat (WIF), which saw a significant 14% drop.</p>
<h2 class="wp-block-heading" id="h-double-trouble-for-bitcoin"><strong>Double Trouble for Bitcoin</strong></h2>
<p>Analysts and market data highlight ongoing uncertainty ahead of key macroeconomic events such as US PCE inflation data and monthly options expiry. According to the 10x Research, there is a <a href="https://x.com/10x_Research/status/1805135718299443417" rel="noopener noreferrer nofollow">warning </a>of a potential Bitcoin price drop to $50,000 due to the formation of a double top pattern and continuous outflows from spot Bitcoin ETFs.</p>
<p>10x Research <a href="https://x.com/10x_Research/status/1805150211419128217" rel="noopener noreferrer nofollow">notes </a>that despite weaker CPI data, a breakout attempt failed three weeks ago in the market. They set a stop level at 67,000, but when breached, they adjusted their outlook due to weak money flow. Managing risk is crucial in trading fake breakouts and predicting market tops.</p>
<h2 class="wp-block-heading" id="h-caution-advised"><strong>Caution Advised</strong></h2>
<p>Based on the research <a href="https://mail.10xresearch.co/p/bitcoin-double-top-time-panic-low-prices-plunge" rel="noopener noreferrer nofollow">report</a>, recent signals indicate caution, with Ethereum’s breach of key support levels and Bitcoin entering a downtrend. As Bitcoin approaches potential topping formations within the $60,000-$70,000 range, investors are urged to remain vigilant against further declines, which historically impact altcoins significantly. Crypto moves in parabolic up-cycles, and good risk management is key to success.</p>
<p><strong>Upcoming Challenges</strong></p>
<p>Looking ahead, the crypto market faces several challenges, including the expiry of 105,000 BTC options contracts worth $6.72 billion on June 28. This event, coupled with a put-call ratio of 0.52 and a max pain point at $57,000, suggests that Bitcoin could remain under selling pressure in the near term.&nbsp;</p>
<p><strong>Good time to buy or sell? Tell us.&nbsp;</strong></p>

Bitcoin Double Top Warning: How Low Could the BTC Price Fall?

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دیگر آرٹیکلز 24 جون، 2024 پر پبلش کیے گئے ہیں

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