The quantum of Bitcoin whale transactions went through a slight decline over the last few days, leading to the BTC price range losing its support at $63,000 in the last 24 hours.
Bitcoin has shed minor losses at the beginning of the week, although it has remained firm above $60,000. The main reason for the dip could be a decrease in the amount of Bitcoin whale transactions recently. Data reveals how transaction activity among BTC whales is down in the last 24 hours. As a result, a slowdown emerged in the BTC price range.
The decrease in whale transactions occurred only over the weekend. Until June 21, transaction activity was usual, leading to BTC’s support at $63,000. A likely factor for this new trend could be the cautious approach taken up by crypto traders in the market. The spot ETF outflows also haven’t seen a reversal yet.
On the other hand, crypto analysts haven’t sounded any alarm bells for the market yet. Most claim traders have begun a phase of booking profits. Hence, the crypto fear and greed index has also turned neutral. With the prevailing market conditions, a move upward is highly likely if bulls take the cue.
The effects of Bitcoin’s decline also spilled over to ETH and other altcoins. Most were trading below their price levels of the previous week.
BTC/USD 1D price chart
Bitcoin is currently trading at around $61,800 on June 24, 2024, with BTC/USD trading lower by a margin of 7.13% in the last 24 hours. Bitcoin’s market cap was trading at around $1.22 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (67,367.38), as BTC’s 24-hour volume was at around $20 billion. The global crypto market cap decreased by around 4.54%, trading above $2.24 trillion. BTC’s year-to-date returns are at 49.23%.
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