Ethereum
Analyst Warns of King Crypto Falling Below $60,000 by Benzinga
Benzinga – by Aniket Verma, .
Major cryptocurrencies faced selling pressure over the weekend as investors remained skeptical of upcoming market moves.
| Cryptocurrency | Earnings +/- (last 24 hours) | Price (recorded at 8:30 p.m. EDT) |
| Bitcoin (CRYPTO:BTC) | -1.90% | $63,097.30 |
| Ethereum (CRYPTO: ETH) | -2.33% | $3,420.82 |
| Dogecoin (CRYPTO:DOGE) | -1.11% | $0.1226 |
What happened: Bitcoin plunged below $63,000 during Sunday trading hours, increasing the world’s largest digital asset’s monthly losses to nearly 7%. King Crypto has been trending downward since hitting $71,000 earlier this month.
Ethereum also continued to bleed, as traders waited for spot ETFs to list on exchanges.
The speculative market was cautious, with open interest in Bitcoin futures falling 0.76% over the past 24 hours. Most of the new positions were long the apex cryptocurrency. That said, the overall market bias was toward lower prices, based on the Long/Short ratio.
The Cryptocurrency Fear and Greed Index turned “neutral” ahead of the final trading week of June, a sharp reversal from the “extreme greed” seen during the first week of the month.
Best winner (24 hours)
| Cryptocurrency | Earnings +/- | Price (recorded at 8:30 p.m. EDT) |
| Toncoin (TONNE) | +2.76% | $7.55 |
| Ghost (FTM) | +1.10% | $0.5851 |
| Recover.ai (FET) | +0.33% | $5.76 |
The global cryptocurrency market capitalization stands at $2.3 trillion, down 2.02% in the last 24 hours.
Stock futures traded flat overnight. THE Dow Jones Industrial Average Futures fell or 0.05%, as of 8:30 p.m. EDT. Futures contracts linked to S&P500 gained 0.05%, while Nasdaq 100 Futures Contracts increased slightly by 0.16%.
Major stock indexes hit record highs last week on AI giant NVIDIA Corp. (NASDAQ:NVDA) rally. However, strong sell-offs over the last period have put an end to this rise.
The decline was fueled by a 3.5% drop in the AI giant’s shares. NVIDIA Corp. (NASDAQ:NVDA), the biggest mover in stocks lately.
This week, investors’ attention will be on data on personal spending, the Federal Reserve’s preferred inflation gauge, scheduled for release Friday. The CME FedWatch tool predicts a 90% chance that interest rates will be stable at the next FOMC meeting on July 31.
Learn more: Best Cryptocurrency Scanners
Analyst Ratings: Popular Cryptocurrency Trader MartyParty noted that Bitcoin’s Relative Strength Index was “nearly oversold,” a favorable condition for a rebound.
He predicted a next rise to $65,000, then limited development until the US elections.
#Bitcoin daily TA Sunday June 23, 2024 – RSI almost oversold – price could test the blue 200 EMA – rebound and consolidate at 65k until elections. Expect this fork to continue. The AI targets say the same thing, a very accurate lower target almost reached, then the next target back… pic.twitter.com/oVgUVFhiSl
– MartyParty (@martypartymusic) June 23, 2024
On the contrary, a well-known analyst under the pseudonym HORSE sounded a bearish alarm.
“I’m pretty confident that Bitcoin will trade below $60,000 again,” the analyst predicts. “I know we’re still mid-term, but consolidation and weakness for this long, without a tailwind and demand already falling, almost always resolves to the downside before moving back up.”
Since I never gave a number:
My honest opinion is to expand on my argument from earlier this week that being near a bottom probably in time (the next few months) but not in price… I’m pretty confident that Bitcoin will trade again below 60,000.
I know we’re still halfway there, but…
– HORSE (@TheFlowHorse) June 20, 2024
Read next: Raoul Pal predicts crypto boom in fourth quarter of election year, calls it ‘banana zone’
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