Bitcoin Price Drops to Lowest Since May
As low weekend liquidity exacerbates existing weakness, Bitcoin is on track for its lowest weekly closing since late 2020. BTC/USD struck a low of $27,150 on its sixth consecutive day of decline. With just hours to the weekly close, the pair was on the verge of repeating its losing skid, which had previously included nine weeks of red candles.
To prevent that scenario and achieve a second “green” finish, BTC/USD needed to raise more than $2,000 from its current spot price, which was $27,400 at the time of writing. Analysts predicted a retest of May’s ten-month lows if support levels failed to shift the mood due to weaker liquidity during the weekend’s “out-of-hours” trading. Meanwhile, at the day’s lows near $27,000, Bitcoin moved the closest to its May “mini” capitulation event since the Terra LUNA crash turmoil.
For many, the question became how to determine where the genuine macro price floor for Bitcoin would be. If the price falls into the low $20,000s, most of Connecticut will ask for $10,000 or less. According to Cointelegraph, estimates for a generational bottom range from $27,000 to a grimly bearish $14,000 or perhaps lower. A study of the top ten cryptocurrencies by market capitalization revealed more significant daily losses than BTC/USD, with some losing more than 10%.
ETH Drops Significantly
The largest altcoin, Ether (ETH), plummeted roughly 7% daily, bringing the spot price below the realized price for the first time since May.
The realized price is the aggregate price at which each token last moved. Its breach increases the likelihood of panic-based surrender for ETH. With the price drops over the weekend, the Ethereum market has gone below the $ETH Realized Price of $1,781 per coin.
The recent inflation figures (consumer price index) in the United States have harmed most markets. Most investors will closely watch the Federal Open Market Committee meeting in the United States on June 14 and 15th will be closely watched by most investors. Over the weekend, there was an ongoing sell-off, with BTC falling to the $24,000 mark. The bitcoin Fear and Greed Index remained at ‘severe fear,’ indicating that most investors were highly pessimistic.
