Bitcoin, Ethereum, Dogecoin Fall On Investor Worries: Analyst Warns Of King Crypto’s Dip Below $60K

Major cryptocurrencies faced selling pressure over the weekend as investors remained skeptical about future market trends.

Cryptocurrency Profit +/- (Last 24 hours) Price (recorded at 8:30 p.m. EDT)
Bitcoin BTC/USD -1.90% $63,097.30
Ethereum ETH/USD -2.33% $3,420.82
Dogecoin DOGE/USD -1.11% $0.1226

what happened: Bitcoin The world’s largest digital asset has been on a downward trend since hitting $71,000 earlier this month, dropping below $63,000 during trading hours on Sunday, widening its monthly losses to nearly 7%.

Ethereum Share prices also continued to fall as traders waited for the spot ETF to be listed on the stock exchange.

Speculation was cautious as open interest in Bitcoin futures fell by 0.76% over the past 24 hours. Most of the new positions were long positions in the top cryptocurrency. However, the overall market trend was in favor of a price decline, according to the long/short ratio.

The Crypto Fear and Greed Index is now “neutral” ahead of the last trading week of June, a sharp reversal from the “extreme greed” seen in the first week of the month.

Top Gain (24 hours)

Cryptocurrency Profit +/- Price (recorded at 8:30pm EDT)
Ton Coin (tons) +2.76% $7.55
phantom (FTM) +1.10% $0.5851
fetch (FET) +0.33% $5.76

The global cryptocurrency market capitalization is $2.3 trillion, down 2.02% in the past 24 hours.

Stock futures were unchanged during the overnight trading hours. Dow Jones Industrial Average Futures As of 8:30 p.m. EDT, it was down 0.05%. S&P 500 Increased by 0.05% Nasdaq 100 Futures It rose 0.16%.

Major stock indexes soared to record highs last week on the back of rallying shares of AI giants. NVIDIA Inc. NVDA The stock was trending up, but the gains were short-lived due to a sharp sell-off late in the day.

The drop was driven by a 3.5% drop in the AI ​​giant’s shares. NVIDIA Inc. NVDAThis has been a major driver of stock prices recently.

This week, investors’ attention will be focused on Friday’s release of personal consumption data, the Federal Reserve’s preferred inflation gauge. CME FedWatch tool Predicted There is a 90% chance that interest rates will remain unchanged at the FOMC meeting on July 31st.

look more: Best Cryptocurrency Scanner

Analyst Note: Popular Crypto Traders Marty Party He noted that Bitcoin’s relative strength index is “nearly oversold,” creating favorable conditions for a rebound.

He then predicted a rise to $65,000 before remaining range-bound until the US election.

In contrast, a prominent anonymous analyst Horse A bearish alarm was sounded.

“I’m pretty confident Bitcoin will drop below $60,000 again,” the analyst predicted. “I know we’re still in the mid-range, but this much consolidation and weakness over such an extended period, with no immediate tailwinds and already diminishing demand, will almost always end in a decline before rising again.”

Read next: Raul Pal Predicts Crypto Boom in 4th Quarter of Election Year, Calls it the “Banana Zone”

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