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06/11/2024

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Bitcoin Price Struggles Below $68K, Igniting Bearish Momentum Across Market

Bitcoin, the largest cryptocurrency by market cap has fallen below the $68k level to trade around $67,000 at the time of writing. Consequently, the general crypto market has experienced a bearish movement as...

Bitcoin Price Struggles Below $68K, Igniting Bearish Momentum Across Market

Bitcoin, the largest cryptocurrency by market cap has fallen below the $68k level to trade around $67,000 at the time of writing. Consequently, the general crypto market has experienced a bearish movement as most coins are trading in the red zone according to the crypto heat map.

Also, the global crypto market cap has declined by 3.07% to $2.45 trillion in the last 24 hours. This means that over $80 billion was lost in the market within the recorded time, raising the total liquidation above $170 million.

Bitcoin Price Triggers Bearish Movement

Meanwhile, the price of the flagship coin began the new week on a promising note, charging toward the $70k mark after a long weekend of slow price action. However, this momentum was short-lived when the bears ceased the initiative and dragged the price down, losing over $2,000 in just one hour. As a result, the price of BTC fell to its lowest in a week, $67,500. Its valuation also took a hit, falling to $1.33 trillion.

Source: CoinMarketCap

On the altcoin front, Ethereum (ETH), the second-largest cryptocurrency by market cap has also plummeted significantly. According to data provided by CoinMarketCap, the price of the coin has dropped by 3.7% over the last day to trade at $3,531.

Similarly, other popular coins like Binance Coin (BNB), Solana (SOL), and XRP have declined notably within the last 24 hours. Per the data from CMC, the mentioned altcoins have fallen by 5.4%, 3.51%, and 2.04%. Dogecoin (DOGE) and Shiba Inu (SHIB), the two leading memecoins in the market, have both declined by 2.63% and 3.49% over the last day.

Other prominent altcoins like Toncoin (TON), Cardano (ADA), and Chainlink (LINK) have all gotten their fair share of bloodbath. TON now trades at $6.89, representing a 2.98% drop, ADA at $0.43, signaling a 1.77% drop, and LINK at $15.56, showing a 2.59% decline.

In the past 12 hours, the total liquidated positions equal $118.48 million, and $168 million liquidations have been recorded in the last 24 hours according to CoinGlass data. In the same period, over 75,000 traders have been Rekt (wrecked).

At the time of writing, Bitcoin (BTC) is changing hands at $67,545, representing a 2.76% decline over the last day and trading below its support level of $67,650.

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