Bitcoin passes $ 23.8,000 in May as the market value of crypto falls below $ 1 trillion
Bitcoin (BTC) continued to face selling pressure before Wall Street opened on June 13, when Ether (ETH) resumed its lowest level of several years.
Bitcoin is fighting for $ 24,000
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD exceeded its 10-month lowest levels set in mid-May.
The largest cryptocurrency encountered bearish triggers on several fronts, these came both from and outside the cryptosphere.
The Fintech protocol Celsius appeared on the verge of meltdown after the operation was stopped, and made billions of dollars in security a new risk for crypto markets. In an event ironically similar to the one that caused the May route, Bitcoin and altcoins continued to fall while new uncertainty filled the air.
Macro conditions were unlikely to improve, with Asian markets selling out and Wall Street futures appearing to continue the downward trend that set in last week.
Inflation concerns remained similar in the face of important comments from the US Federal Reserve, which is expected on 15 June.
“I call it .. the long bear,” popular analyst Crypto Chase summarized:
“In reality, we do not know when the Fed will change tune, the development of war in Ukraine, the US presidential election on the horizon, supply chain problems, etc. The markets do NOT like uncertainty. I can certainly be a trader of bounce, but investor? Not yet.”
Others were more confident, both in longer and shorter time frames.
Here’s your smart money. Since our Wave 3 peak at 65k, they have increased $ BTC inventory from approx. 11 million to over 13 million. This is a re-accumulation area, not a distribution. Look at the comments below – most people say “they have to sell” or “they have already sold”. No, the data does not lie. pic.twitter.com/2QqXEKWmDY
– CrediBULL Crypto (@CredibleCrypto) June 13, 2022
“Expectations are that the Fed will increase at next week’s meeting,” Cointelegraph contributor Michaël van de Poppe added:
“Normal, and highly expected. However, this exceeds expectations for large increases (75 bps). I do not see that. Probably 50bps and that is it. The markets are always overreacting.”
Meanwhile, the total market capitalization of cryptocurrencies fell below $ 1 trillion for the first time since February 2021.
Ethereum is facing a $ 1000 price target
Continuing the bearish theme, so altcoins even more prepared for bleeding value on the day.
Related: Lowest weekly closing time since December 2020 – 5 things to know in Bitcoin this week
Ether, fresh after falling below the realized price over the weekend, is now trading below its record highs set during Bitcoin’s previous halving cycle.
This is the last time $ ETH was oversold on the weekly magazine (have not confirmed here yet).
I had no followers, but the macro bottom ticked off.
Note that you can push far lower on the weekly rsi, without trying to catch a bottom. https://t.co/kLCynTKTcS
– The Wolf Of All Streets (@scottmelker) June 12, 2022
The ETH / USD was hovering near $ 1230 at the time of writing, a level last seen in January 2021. The peak of the old cycle, set in January 2018, was around $ 1530.
“Things are getting so bad so fast that 200W SMA for $ BTC and $ ETH will both be severely tested,” crypto venture capital fund Placeholder founder Chris Burniske concluded:
“$ ETH will probably break it clean and go to a bigger psychological test of $ 1,000, $ BTC will set up a bigger fight, but given the clouds on the horizon it’s hard to see that it does not play with $ 20,000 and below. “
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