A downward spiral in the Bitcoin trend line over the last 24 hours has lead to more speculation in the crypto market, as most experts have mentioned a few reasons for the same.
The crypto market uptrend of June 20 hit the brakes as the overall selling pressures increased. The Bitcoin trend line suffered a sharp dip from above $66,000 to blow $64,000. Since then, it has seen a minor recovery till around $64,000, but the next few days could see higher volatility. A section of crypto analyst firms attributed Bitcoin whales for causing the sudden decline.
Until the dip, BTC was going up steadily to $67,000. The current crypto patterns are not bullish enough to cause a recovery to this level immediately. However, analysts expect a price jump for BTC soon, as it may have hit its lower circuit in its trading range. If buyers and institutional investors sense a buying opportunity at this level, the market could recover faster.
If Bitcoin has indeed bottomed out, it could start going up next week. Conversely, if it hasn’t, one can see a further downtrend till $60,000. The crypto patterns of 2024 have mimicked that of the previous week, when the market had stagnated for months. After the triggers from the discussions around the spot ETFs, the crypto market had then seen a big price hike.
BTC/USD 1D price chart
Bitcoin is currently trading at around $64,100 on June 21, 2024, with BTC/USD trading lower by a margin of 3.63% in the last 24 hours. Bitcoin’s market cap was trading at around $1.26 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (67,707.81), as BTC’s 24-hour volume was at around $26.63 billion. The global crypto market cap decreased by around 3.37%, trading above $2.34 trillion. BTC’s year-to-date returns are at 52.46%.
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