News
Bitcoin could head towards $60,000 if no course correction is seen
Bitcoin (BTC), the world’s most popular cryptocurrency, continued its downward trend over the past week and it is expected that if we do not see a course correction in the next few days, BTC could fall towards the threshold of the $60,000 later. week. According to experts, the next support for BTC lies at $62,5000, while the resistance lies at $63,300 and $64,100.
Before proceeding further, readers should note that the overall cryptocurrency market and coin prices are extremely volatile in nature. There are no foolproof methods for ascertaining how cryptocurrencies are expected to behave in the future. This article is intended to help investors stay updated on current market scenarios and the biggest events that have already taken place, as well as some upcoming events that are worth noting. Investors are advised to do their own research before accepting any calls.
Cryptocurrency prices in the last week
Last Monday (June 17), the overall cryptocurrency market capitalization stood at $2.43 trillion. The price of BTC stood at around $66,500, the price of ETH stood at around $3,500.
A week later, the overall market capitalization fell to $2.29 trillion.
Check out the best cryptocurrency prices today
Total DeFi volume stands at $4.03 billion, accounting for 7.75% of the total 24-hour market volume. In the case of stablecoins, the total volume amounts to $47.39 billion, equal to 91.05% of the total market volume in 24 hours. According to CoinMarketCap, the overall market fear and greed index stood at “Neutral” with 49 points (out of 100).
BTC’s dominance, at the time of writing this article, was 54.19%.
Over the past seven days, Bitcoin has reached a high of $66,968.16 (on June 18) and a low of $62,219.62 (June 24).
Ethereum, on the other hand, recorded a high of $3,608.30 (June 20) and a low of $3,382.38 (June 18).
What cryptocurrency traders are saying about the current market scenario
Mudrex co-founder and CEO Edul Patel told ABP Live: “Bitcoin traded at the $62,000 level over the weekend, hitting a one-month low due to the strong US dollar. If Bitcoin does not experience a bounce this week, there is a possibility of a breakout followed by a move towards the $60,000 level. The next support is found at $62,550 and then at $61,600, while resistance is at $63,300 and then at $64,100. Investors and traders should monitor these key levels closely.
WazirX Vice President Rajagopal Menon expressed his opinion: “Last week the cryptocurrency market witnessed considerable volatility, influenced by macroeconomic factors and changing investor sentiment. After the Federal Reserve’s announcement to reduce expectations of interest rate cut, major cryptocurrencies saw a decline. Bitcoin fell below $66,000, trading as low as $62,954, marking its lowest point in over a month. Likewise, Ether fell to $3,400 earlier to rebound to $3,500. Altcoins also felt the impact, with SOL and DOGE among the hardest hit, with declines of 4.5% and 10% respectively. Despite the initial decline, the market has shown resilience throughout of the week. Ether regained the $3,500 threshold, rising more than 4%, while DOGE and SHIB recorded gains of more than 3%. Bitcoin stabilized around $65,400.”
Sign up and follow ABP live on Telegram: t.me/officialabplive
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any losses arising from such transactions. Cryptocurrency is not legal tender and is subject to market risks. Readers are advised to seek expert advice and carefully read the offering documents along with relevant relevant literature on the subject before making any type of investment. Cryptocurrency market forecasts are speculative and any investments made will be at the sole cost and risk of the readers.