Bitcoin Breaks $ 23,800 in May, Cryptocurrency Market Falls Below $ 1 Trillion

Bitcoin Breaks $ 23,800 in May, Cryptocurrency Market Falls Below $ 1 Trillion

The sale of Bitcoin (BTC) was under constant pressure ahead of the opening of Wall Street on June 13, with Ether (ETH) again visiting multi – year lows.

1 hour candle chart of the BTC / USD pair (Bitstamp). Source: Trade View

Bitcoin struggles to get $ 24,000 back

Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair had reached its ten – month low of mid – May.

The largest cryptocurrency has been hitting bearish triggers on miscellaneous, coming from both inside and outside the cryptosphere.

The Fintech Celsius protocol appeared on the verge of collapse after operations were halted, turning billions of dollars into collateral into a new risk for cryptocurrency markets. In an ironic case similar to the one that led to the May chase, bitcoin and altcoins continued to slide as the air of another uncertainty came on.

Macroeconomic conditions have not been much better: Asian markets are selling out and Wall Street futures markets look set to continue the downward trend that began last week.

Concerns about inflation remained high ahead of key comments from the U.S. Federal Reserve, due on June 15.

The popular analyst Crypto Chase will surely have found the right formula to sum up the case: “I call it … the long dive”.

“In reality, however, we do not know when the diet will change, developments in the war in Ukraine, the US presidential election on the sky, supply chain issues, and so on. Uncertainty markets do NOT like. I can be a bounce trader of course, but an investor? Still “.

Others were more confident, on longer and shorter time frames.

Here is your smart money. Since our third wave peak at 65k, they have increased their BTC holdings from around 11 million to over 13 million. It is a range of re-accumulation, not distribution. Take a look at the comments below – most say “they have to sell” or “they’re already sold out”. No, the details do not lie. – CrediBULL Crypto (@CredibleCrypto) June 13, 2022

“Nutrition is expected to rise at next week’s meeting,” he said. added Michaël van de Poppe, Cointelegraph participant:

“Normal, and looking forward to it. However, this expectation represents a significant increase (75 basis points). I do not see that. Probably 50bps and that’s it. Markets are always overreacting. »

Meanwhile, the overall capitalization of the cryptocurrency market fell below the $ 1 trillion mark for the first time since February 2021.

One week candle chart of cryptocurrency market capitalization. Source: Trade View

Ether price target is $ 1,000

Continuing the bearish theme, altcoins seemed to lose even more value as the day went on.

Read also: Lowest weekly close since December 2020 – 5 things to know about bitcoin this week

Ether, having fallen below its realization price over the weekend, is now trading below its all-time highs set during Bitcoin’s previous semiconductor cycle.

This is the last time ETH was oversold this week (not confirmed here yet). I had no followers, but the macro bottom marked it. Note that you can push the weekly RSI much lower, without trying to bottom out. – The Wolf Of All Streets (@scottmelker) June 12, 2022

ETH / USD was fluctuating close to $ 1,230 at the time of writing, a level that was last seen in January 2021. The old high cycle, established in January 2018, was around $ 1,530.

Weekly retention chart of ETH / USD (Bitstamp). Source: Trade View

“Things are getting so bad and so fast that the 200-week SMA will be heavily tested for BTC and ETH,” he said. completed Chris Burniske, founder of cryptocurrency venture capital fund Place Holder:

“ETH is likely to build a clean slate and undergo a larger $ 1000 psychological test, while BTC struggles more, but given the falling clouds in the sky, it is hard to imagine that it is not. going after $ 20,000 and less. »

The views and opinions expressed herein are those of the author only and do not necessarily reflect the views of All investment and business transactions involve risk. You should do your own research before making a decision.

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