The downturn in Bitcoin continues unabated, with the leading cryptocurrency recently losing the critical $25,000 mark. This has spelled disaster for altcoins, with many threatening to hit their lowest levels in three years following the latest Bitcoin sell-off. With just three hours left to the daily close, Bitcoin buyers are struggling to return to the $25,000 level.
The king of meme coins could be entering a new dip hunt as the sell-off accelerates. Bitcoin is currently below $24,900, and we could see sales continue down to $23,600. Dogecoin has been holding above $0.06 since June 11, but it’s now making closes below the 20-day EMA ($0.07), indicating that a new dip at the $0.05 level could soon occur. If Bitcoin plunges to $23,600 as feared, sellers could test the $0.05 support.
Bulls failed to hold the price above $15.28, and with the recent drop, it is now trading below $15. If the $16.2 level cannot be surpassed in the short term, we may see the price slide down to $12.8, currently appearing as the last support area.
Polygon dipped below the $0.69 support and hit the psychologically significant $0.50 level on June 10. The price has again retreated to the same area. Even though the support zone was temporarily reclaimed, Bitcoin’s meltdown is causing massive losses across all altcoins. If it stays below $0.69, the $0.5 level may be tested as a new low. Conversely, if bulls can push the price above $0.69, the MATIC/USDT pair may reach the 20-day EMA ($0.76).
The most critical indicator in the process will be whether Bitcoin can reclaim the $25,000 mark. Investors should prepare for a negative scenario in the event of a daily close below $25,000.