Bitcoin (BTC) price is at $64,400 at the time of writing, and the market was generally calm over the weekend. Investor interest wanes during holidays, and with institutional demand eroding, shallow volatility can lead to sideways movements similar to what we experienced this week. So, what is the current situation in the general cryptocurrency markets?
Bitcoin (BTC)
The king of cryptocurrencies failed in its last attempt at $72,000. Despite many good news, investors wanting to reduce risk have heavily priced in macroeconomic uncertainties. The loss increased further when the German government’s decision to sell its BTC holdings was added to the mix.
The level that needs to be reclaimed for BTC is $64,700, and continued closures below this increase the risk. If sales continue, we could see it extend to $60,200 below $63,482. The next stop will be $59,795, where the real potential for a significant drop will emerge.
On Monday, factors such as the revival of interest in the ETF channel and support from macroeconomic calmness could potentially reverse the rapid sales, bringing the price back to $66,930. This could also reverse the massive losses in altcoins. Cryptocurrencies that have significantly eroded in BTC pairs are experiencing dips even lower than last year against BTC.
Current State of Cryptocurrencies
The Fear and Greed Index continues to show a neutral zone. The last 24-hour volume decreased by 50% and fell to $34 billion. Such weak volumes remind us of the year 2024. Generally, the motto “sell and go on vacation” works during the summer months, and interest wanes. For now, we cannot say the same for this year.
The winners of the last 24 hours among the top 100 cryptocurrencies were JASMY, ZRO, KAS, BSV, and TON Coin. They gained between 5% and 10%. On a weekly basis, PENDLE, ENS, and LDO saw increases of over 8%, standing out from the days filled with nightmares.
The loser of the week is undoubtedly ZK Coin as it eroded by nearly 40%. WIF, NOT, CHZ, ZRO, and STRK saw losses of over 20%. Among these, ZRO Coin managed a notable turnaround in the last 24 hours.
