Bitcoin Passes May Low of $23,800, Cryptocurrency Market Cap Drops Below $1 Trillion

Bitcoin (BTC) faced continued selling pressure ahead of the Wall Street open on June 13, while Ether (ETH) revisited multi-year lows.

Bitcoin fights for $24,000

Data from Cointelegraph Markets Pro and TradingView showed the BTC/USD pair eclipsed its 10-month lows set in mid-May.

The biggest cryptocurrency has faced bearish triggers on multiple fronts, coming from inside and outside the cryptosphere.

The Fintech Celsius protocol appeared on the brink of collapse after operations were halted, turning billions of dollars in collateral into a new risk for cryptocurrency markets. In an event ironically similar to the one that caused the May crash, Bitcoin and altcoins continued to fall as new uncertainties permeated the air.

Macro conditions were no better, with Asian markets selling and Wall Street futures looking set to continue the downtrend that set in last week.

Inflation concerns also remained ahead of crucial comments from the US Federal Reserve due June 15th.

“I call it a long low”, summed up the popular Crypto Chase analyst:

“Actually, though, we don’t know when the Fed will change its tune, the unfolding war in Ukraine, the US presidential election on the horizon, supply chain problems, etc. Markets DO NOT like uncertainty. I can be a jump trader for sure, but investor? Not yet.”

Others were more confident, both on longer terms and on shorter terms.

Here’s your smart money. Since Wave 3 peaked at 65K, they have increased holdings in $BTC from approx. 11M to more than 13M. This is a reaccumulation range, not a distribution range. See comments below – most say “they must be selling” or “they already sold”. No, the data doesn’t lie.

— CrediBULL Crypto (@CredibleCrypto) June 13, 2022

“Expectations are that the Fed will rise at next week’s meeting,” added Michaël van de Poppe, contributor to Cointelegraph:

“Normal and highly expected. However, this expectation is moving towards extensive highs (75bps). I don’t see it. Probably 50bps and that’s it. Markets always exaggerate.”

Meanwhile, overall cryptocurrency market capitalization has dropped below the $1 trillion mark for the first time since February 2021.

Ethereum faces $1,000 price target

Continuing the bearish theme, altcoins looked even more likely to bleed on the day.

Ether, fresh from falling below its realized price over the weekend, is now trading below its all-time highs established during Bitcoin’s previous halving.

This is the last time $ETH was oversold at the weekly close (not confirmed here yet).

I had no followers but the macro background was tagged.

Note that you can push much lower on the weekly rsi without trying to catch a bottom.

— The Wolf of All Streets (@scottmelker) June 12, 2022

ETH/USD has floated close to $1,230 at the time of writing, a level last seen in January 2021. The old cycle peak, set in January 2018, was around $1,530.

“Things are getting so bad so fast that the 200-week SMA for $BTC and $ETH will be severely tested.” concluded crypto venture capital fund founder Chris Burniske:

“$ETH likely breaks it cleanly and heads for a bigger psychological test of $1k, $BTC will make a bigger resistance but given the clouds on the horizon it’s hard to see it not playing with $20 thousand and below.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should carry out your own research when making a decision.


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