Bitcoin faced a challenging day on Monday as its price dropped below the $60,000 mark, sliding over 6% against the U.S. dollar. By 1:30 p.m. EDT on June 24, the cryptocurrency hit a low of $59,809 per coin.
The bearish market trend has been putting pressure on bitcoin, leading to a decline of 8.2% in its value over the last week. Despite the significant downturn, trading volume has remained relatively steady amidst strong selling pressure.
Neil Roarty, an analyst at Stocklytics, commented on the tough day for bitcoin, stating, "Bitcoin is feeling the Monday blues as prices fall below $62,000 for the first time in almost six weeks. Some are suggesting that this could indicate a fundamental shift in market sentiment, especially as bitcoin seems to be moving independently from the Nasdaq, which reached record highs last week."
Roarty also mentioned concerns about miner capitulation and the German government's sale of confiscated bitcoins. He raised the possibility of bitcoin dropping further, with $50,000 being seen as a potential near-term target for bears. However, Roarty highlighted the volatile nature of the crypto market, noting that fortunes can change rapidly.
Data from coinglass.com revealed that over $286.33 million in crypto long positions were liquidated in the past day, with $140.36 million coming from bitcoin longs. A total of 85,865 crypto derivatives traders were liquidated, resulting in a combined wipeout of $326.26 million in both long and short positions. The largest liquidation order took place on Binance, involving a BTC/USDT position worth $15.36 million. As of 2:00 p.m. EDT on Monday, bitcoin is trading at $60,196 per coin.
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