On Tuesday, June 22, bitcoin traded below the $30,000 mark. In the last 24 hours the asset fell by 9%, according to CoinGecko.
At the time of writing, bitcoin was trading around $29,600. Ethereum price reached the $1,775 mark (−9.5% in 24 hours). BTC dominance stood at 45.4%, ETH at 16.9%.
The Block analyst Larry Cermak noted that digital gold had lost about 51% of its value relative to its 2021 peak.
Down we go. Weeeee pic.twitter.com/Dbuuv6Spu8
— Larry Cermak (@lawmaster) June 22, 2021
Bitcoin fell below 30,000 U.S. dollars, but the one-hour liquidation was less than 200 million U.S. dollars, indicating that the demand for futures has been sluggish recently.
— Wu Blockchain (@WuBlockchain) June 22, 2021
Analyst Michaël van de Poppe believes that BTC could fall below $24,000 with a subsequent rebound to around $34,000 and higher.
Let’s have that final crash to $24K and get over it #Bitcoin. pic.twitter.com/JWa8jAY8Bs
— Michaël van de Poppe (@CryptoMichNL) June 22, 2021
The Twitter account Rekt Capital stressed that Bitcoin must stay above $29,000. Otherwise the price of the leading cryptocurrency would continue to fall.
7.
And the second crucial support is the ~$29000-$32000 area (black horizontal & green box)
If a Death Cross occurs and #BTC loses these two crucial support areas shortly after…
Then the Death Cross would likely be validated and $BTC would see further downside#Bitcoin pic.twitter.com/50Gk7B7hsj
— Rekt Capital (@rektcapital) June 18, 2021
Earlier CryptoQuant chief Ki Young Ju pointed to a continued negative price trajectory for digital gold. This is evidenced by the whale capitulation index.
Investment bank JPMorgan also detected a confirmation of Bitcoin entering a bear market.
Earlier, Glassnode analysts concluded that the metrics for active users, on-chain value transferred, and transaction fees across the Bitcoin and Ethereum networks had hit fresh lows after the May correction. In their view, this could be considered a bearish factor.
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