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Bitcoins (BTC) price continued its correction on June 18, dropping 1.41% and 6.5% over the last 24 hours and seven days, respectively.

Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin (BTC)dropped to a one-month low of $64,237 after losing the key support provided by the psychological $65,000 level.

Similarly, the total market capitalization has dropped by 2% over the last 24 hours to rest at $2.33 trillion at the time of publication. The 60% leap in the total trading volume is testimony to the sell-side intensity in the crypto market.

Bitcoins drop below $65,000 has led to massive liquidations across the crypto market.

Data from Coinglass shows that over the last 24 hours, $61 million worth of long Bitcoin positions have been liquidated against $24 million worth of short liquidations.

Approximately $372 million of leveraged long crypto positions were liquidated in the 24 hours against $61.8 million short positions.

Despite this poor momentum across the entire crypto sector led by Bitcoin, analysts are still optimistic about BTCs recovery in the next few weeks.

While altcoins have faced a significant long squeeze, BTC leverage remains high and steady, K33 Research analysts wrote in a report published on June 18.

The analysts sentiments appear to have been informed by Bitcoins mild and choppy price action as it consolidates in an ascending wedge, as observed by independent analyst Jelle.

Jelle shared the following chart in a June 18 post on X, showing the BTC price coiling up in an ascending wedge. According to the analyst, the latest drop has seen the price of the pioneer cryptocurrency reach an area of interest the wedges ascending trendline.

Above that, the analyst sets a six-figure target for Bitcoins price at $100,000.

Similar ambitious targets were set by fellow analyst Moustache, who explained that the BTC price was forming an inverse head-and-shoulders pattern during the daily timeframe, as shown in the figure below.

If confirmed, the price could rise with the patterns target of $87,500.

Rekt Capital said that Bitcoin has been in a constant downtrend throughout June, adding that the price needs to break out of the downtrend to initiate a price reversal.

Related: Buy the dip? Bitcoin price drops to new 1-month lows of $64K

Meanwhile, pseudonymous analyst Yoddha said that the price of the pioneer cryptocurrency displayed a similar setup to that witnessed during the 2015-2017 cycle.

According to the following charts shared on X, the analyst explained that the currency correction is just a healthy pull-back setting up BTC from a massive breakout on the upside, as it happened in 2017.

Daan Crypto Trades noticed a high liquidity level at $65K and $66.3K, which he explained could act as a magnet when price trades close to it.

CoinGlass data indicates that $64,100 is a significant area of bid liquidity just below the spot price, with about $47 million in buy orders.

This area could provide the demand pressure required to pull BTC out of the extended downtrend.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Traders unbothered by Bitcoin's sub-$65K levels, say BTC price remains 'high and steady' - Cointelegraph

Exposure to Bitcoin and Ether, the two largest cryptocurrencies, will significantly boost the returns of traditional investment portfolios.

Adding Bitcoin (BTC) and Ether (ETH) to investor portfolios will greatly improve the return on investment (ROI), according to Philippe Meyer, head of digital and blockchain solutions at BBVA.

During a panel at the Web3 Corporate Innovation Day, Meyer said that the firm had observedthat introducing a small portion of digital assets like Bitcoin or Ether is greatly improving the performance of investment portfolios:

Meyer said that a portfolio allocation of 3%5% in cryptocurrency can significantly boost investor returns:

Meyers comments come amid a crypto bull cycle, with Bitcoins price up over 146% over the past year, trading above the $65,383 mark, according to CoinMarketCap data.

Related: TRUMP token whale sells for $3.7M profit as memecoin starts decline

During 2024, Bitcoins price has significantly outperformed the return of the S&P 500, the stock market index tracking the performance of the 500 largest publicly listed firms.

Since the start of the year, Bitcoins price is up over 47% year-to-date (YTD), while the S&P 500 only rose 15% meaning that BTC has outperformed the index by over threefold, TradingView data shows.

Zooming out, the discrepancy in returns is even larger. On the yearly timeframe, BTC is up 147%, while the S&P 500 is only up 24%, meaning that BTC has outperformed the index by over sixfold.

However, Bitcoin has lost some steam in the short term, falling 2.3% on the monthly chart, while the S&P 500 rose 2.8% during the same timeframe.

Related: Bitcoin price clusters hint at more downside: Is BTC about to lose $64K support?

Bitcoins price is currently in a correction, following slowing inflows from the United States spot Bitcoin exchange-traded funds (ETFs).

Last week, the U.S. Bitcoin ETFs broke a streak of 20 consecutive days of net positive inflows and registered three days of negative outflows. The ETFs saw over $145 million worth of outflows on June 17, according to Farside Investors data.

The primary reason behind the outflows is ETF investors lacking conviction and selling below their initial cost basis, according to Jag Kooner, head of derivatives at Bitfinex.

Kooner told Cointelegraph:

Magazine: Roaring Kittys GME shares hit $1B, BTC open interest soars, and other news: Hodlers Digest, June 28

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Bitcoin and Ether can 'greatly improve' portfolio performance: BBVA - Cointelegraph

Tue 18 Jun 2024 4 min of reading by Luc Jose A.

A new storm shakes the cryptocurrency market! Known for its volatility, the crypto market has once again surprised investors with a significant drop. Key assets like Bitcoin and Ethereum were particularly affected, but this is just the tip of the iceberg. What really happened, and what are the reasons behind this descent into hell?

The early hours of this Tuesday were particularly difficult for the cryptocurrency market, which suffered a brutal correction, causing significant losses for major digital assets. Bitcoin (BTC), the largest crypto by market capitalization, saw its price drop below the $66,000 mark, erasing gains from previous trading sessions.

Similarly, Ethereum (ETH), the second-largest crypto by market cap, plunged to $3,400, negating progress made in the previous week. Altcoins werent spared from this wave of selling either. Dogecoin (DOGE) and Solana (SOL) recorded drops of nearly 9% within 24 hours, illustrating the heightened volatility that characterizes this market.

The figures are equally alarming for other cryptos. TON and Binances BNB also felt the impact of this fall, although BNB better resisted with a limited decrease of 1.5%. At the same time, a significant reduction in Bitcoin positions held by asset managers listed in the United States was observed. In total, nine asset managers reduced their holdings by 3,169 BTC, approximately $208 million. Prestigious names like Fidelity and Grayscale were cited among the notable sellers. These two managers respectively reduced their positions by 1,224 BTC and 936 BTC.

Several factors have contributed to this sharp decline in the crypto market. Profit-taking by investors is one of the main causes of this drop, as they look to secure their gains after a period of rise. Additionally, net outflows from Bitcoin ETFs in the United States have increased downward pressure on the market. Another critical factor was the strengthening of the US dollar, triggered by political uncertainty following the surprise decision by French President Emmanuel Macron to call for early elections. This situation prompted traders to turn to the dollar, thereby weakening the price of Bitcoin, which traditionally has an inverse correlation with the US currency.

Recent speeches by officials of the US Federal Reserve (FED) have also weighed on the crypto market. FED Chairman Jerome Powell adopted a more stringent tone, signaling limited interest rate hikes for 2024, which dampened investor enthusiasm for risk assets like cryptos. Simultaneously, massive liquidations were observed, with $245 million in positions liquidated in 12 hours, including $225 million in long positions, increasing the selling pressure.

This price drop has various implications for the crypto market. On one hand, it reflects the markets increased sensitivity to macroeconomic factors and institutional capital movements. On the other hand, some analysts see this correction as a buying opportunity, especially for altcoins that are testing key support levels. The current trend shows that the crypto market could continue to fluctuate based on global economic developments and monetary policies. Investors must remain cautious and monitor signals of recovery or further declines.

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Diplm de Sciences Po Toulouse et titulaire d'une certification consultant blockchain dlivre par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'conomie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet cosystme en constante volution. Mon objectif est de permettre chacun de mieux comprendre la blockchain et de saisir les opportunits qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualit, de dcrypter les tendances du march, de relayer les dernires innovations technologiques et de mettre en perspective les enjeux conomiques et socitaux de cette rvolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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The Crypto Market is Collapsing: Bitcoin and Ether in Free Fall! - Cointribune EN