Bitcoin experienced a significant drop in price on Monday, slipping below the $60,000 mark and declining by over 6% against the U.S. dollar. By 1:30 p.m. EDT on June 24, the cryptocurrency’s value had plummeted to an intraday low of $59,809 per coin.
The day proved to be a challenging one for Bitcoin (BTC), as it struggled against a bearish market and approached the near $60,000 level for the first time since May. Within just 30 minutes after 1 p.m., the price of bitcoin hit a low of $59,809 per unit. Bearish trends have been dominating the markets, causing BTC to lose 8.2% of its value over the past week. Despite the downturn, trading volume has remained relatively low due to strong selling pressure.
Neil Roarty, an analyst at the investment platform Stocklytics, shared his insights on the situation with Bitcoin.com News. “Bitcoin is having a tough time on this Monday, with prices dropping below $62,000 – the lowest level in almost six weeks,” Roarty commented. “Some bearish investors believe this signals a fundamental shift in the market sentiment. They point out that bitcoin no longer seems to be following the Nasdaq, which reached record highs last week,” he added.
Roarty also touched upon the topics of miner capitulation and the German government’s disposal of confiscated BTC. “If the negative sentiment persists, how far could we fall? Anything is possible, but some bears are already eyeing the $50,000 mark as a potential near-term target,” the market strategist noted. “On the other hand, bulls should remember that in the world of crypto, fortunes can change rapidly.”
In addition, data from coinglass.com showed that $286.33 million in crypto long positions were liquidated in the past day, with $140.36 million in BTC long positions being included. During the same period, 85,865 crypto derivatives traders faced liquidation, resulting in a total wipeout of $326.26 million in both long and short positions. The largest liquidation order occurred on Binance, involving a BTC/USDT position worth $15.36 million. As of 2:00 p.m. EDT on Monday, BTC is being traded at $60,196 per coin.
What are your thoughts on the current state of the bitcoin markets? Feel free to share your opinions and insights in the comments section below.
