Bitcoin (BTC) posted further losses on June 12 as low trading volumes over the weekend encouraged continued selling.
Analysts compare the “bull cycle” of the dangerous assets with the year 1929
Data from Cointelegraph Markets Pro and TradingView show that the BTC / USD pair reached a low of $ 27,150 for the sixth straight day of decline.
With hours to go to the weekly closure, the two were in danger of losing their streak again, having already seen just nine weeks of red candles.
To avoid this outcome and achieve a second “green” close, the BTC / USD pair had to fetch more than $ 2,000 from the current spot price, which was $ 27,400 at the time of writing this report.
As support levels would not change mood due to weaker liquidity during “out-of-hours” trading over the weekend, analysts feared a retest of ten-month lows during May.
“Well, bitcoin couldn’t hold the $ 29,300 and it started to fall a little bit more. I want to see how the $ 28,500 area will play, ”he said writing Cointelegraph contributor Michaël van de Poppe in his latest BTC update on June 11th.
msgid “If that does not stand, $ 26 / 24,000 in view.”
Among the ongoing talks on “surrender” across the cryptocurrency market, others focused on the fate of highly correlated stock markets. For Mike McGlone, senior commodity strategist with Bloomberg Intelligence, risk assets in general may have risen sharply over the past two years.
“If the stock market continues to fall, almost everything will peak,” he said. declared for his Twitter followers.
“A simple normal reversal can be like an accident and the 2020-21 risk asset bull bull cycle could go down in history as it did in 1929 and 1999.”
Meanwhile, falling daily near $ 27,000, the bitcoin trade has been closer to its ‘minor’ capitation event in May since that turbulent day after the Terra LUNA explosion.
For many, therefore, the question was where the real macro price floor for bitcoin might be.
“If the price reaches the $ 20,000 low, you will see most bears call in at the $ 10,000 level or even lower. This will be a confirmation on the floor ”, Yes supported the famous Twitter account Il Capo of Crypto.
As Cointelegraph reported, estimates on the knee floor range from $ 27,000 to $ 14,000 or even lower.
Ether Transfers Main Transition Price
For altcoins, on the other hand, the situation is more volatile.
Read also: Bitcoin Price Threatened to Close Lowest Weekly Down since 2020 as market inflation fears
A review of the top ten currencies by market capitalization revealed daily losses greater than the BTC / USD pair, with some losing more than 10%.
Ether (ETH), the largest altcoin, fell about 7% on the day, pushing the spot price below the realized price for the first time since May.
The realized price is the combined price at which each signal is last traded, and if exceeded puts ETH at increased risk of panic capitalization. The realization price of Bitcoin, which sits around $ 24,000, barely touched during the May fall.
“With weekend price reductions, the ether market fell below the realized ETH price of $ 1,781,” he said. said Glassnode chain analysis firm on accompanying chart.
“This means that the market has an average unrealized loss of -18.4%. The realization price of ETH 2.0 deposits is higher at $ 2,404, with an unrealized loss of -39.6%. ”
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