Markets

Bitcoin and Altcoins Face Aggressive Liquidations

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The current price of Bitcoin is $58,854. This means that the largest cryptocurrency by market cap has fallen to its lowest point in two months. This is a very serious development when it comes to the cryptocurrency market. Let’s analyze whether what we are seeing in the Bitcoin market is an isolated incident or a pattern visible across the entire cryptocurrency market.

Bitcoin Price Trend: An Overview

In the last 30 days, Bitcoin has seen a decline of over 14.7%. Over 3.6% decline has been witnessed in the last 7 days, and almost 3.6% decline has been noted in the last 24 hours. At the beginning of the month of July 2024, the price of BTC was hovering around $62,814. Since then, the price of Bitcoin has been steadily weakening, showing three consecutive red candles. The previous month’s peak was nearly $71,100 and the trough was nearly $60,100. On the last day of June, the Bitcoin market witnessed strong buying pressure, pushing the price to a weak peak of $62,694. The small body of the candle representing July 1 indicated the emergence of strong selling pressure. Although that day, BTC managed to close on a positive note for the buyers, in the subsequent days, sellers took control of the market. Currently, the price remains at a crucial point – the lowest in the last two months.

General analysis of the cryptocurrency market

It is important to know whether this is an isolated incident. The best way to understand is to analyze other prominent cryptocurrencies. Let us consider the case of Etherem and Solana. In the last 30 days, Ethereum has seen a drop of over 14.3%. In the last 7 days, the price has witnessed a drop of 4.7%. Over 4.7% drop has been observed in the last 24 hours. Similarly, Solana has reported a serious drop of over 18.0%. Over 0.6% drop has been recorded in the last 7 days and as much as 9.7% drop has been recorded in the last 24 hours. Things are no different in BNB and XRP.

Impact on Bitcoin Traders and Investors

According to a post published on X by Santiment, many crypto traders bought Bitcoin when it was close to $60,000. They were hoping that the price would go up. Currently, traders are selling their coins as the price of BTC is falling.

There is an assumption that this development may increase the current selling pressure in the Bitcoin market. What do you think? Could this affect the entire crypto market?

Read too: Here’s How Low Bitcoin Price Can Go? Top Analyst Weighs In

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