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Home Crypto News & Analysis Bitcoin

today price steady after Monday’s collapse

by Dr. Jane Chen
June 28, 2024
in Bitcoin
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today price steady after Monday’s collapse
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Between yesterday and today, the collapse of the Bitcoin price that started over the weekend ended.

The situation seemed to be critical, but in the end it turned out to be solid anyway.

The crash of Bitcoin and the price analysis today

In reality, although many have defined it as such, it was not a true and proper collapse.

However, the loss was clear and rapid, even though it was perfectly consistent with the behavior of the past four months.

On Sunday, the price of BTC was around $64,300, but from the evening it started to fall. The decline continued through the night and continued throughout the day on Monday.

In the end, after falling below $59,000 with a loss of more than 8% in just over 24 hours, it recorded a small bounce that eventually brought it back above the $61,000 mark.

However, today it has fallen back below $61,000, although still above $60,000.

The fact is that last Thursday it was above $66,000, and the previous Monday it was also above $67,000. Not to mention the fact that about twenty days ago it reached almost $72,000.

So in less than three weeks it lost more than 15%, and on Monday the cumulative loss was even higher.

The lateralization

While these numbers may clearly indicate that there was a real and proper crash, stretching the analysis backwards, one realizes that talking about a crash is actually not appropriate.

In fact, the current price is still well above that of February 27, when it rose above $57,000.

Practically from February 27th until today, the price of Bitcoin has not returned to the levels just before.

In fact, 2024 started at around $42,000, and even on February 26th it had not surpassed $55,000.

After that growth phase there was actually another one, which only lasted a few weeks though. At that point, after setting new all-time highs at around $73,800, a long period of lateralization began, which is still ongoing, during which the price has always fluctuated more or less between $57,000 and $72,000.

This is a very wide range of fluctuations, but it is not at all unusual in relation to the price of Bitcoin.

During this phase of lateralization within such a wide range, the average price around which Bitcoin oscillated was around $64,000.

The price situation today after the Bitcoin crash

In light of this, while Sunday and Monday cannot be said to have been a true and proper crash, it can be said that the current price is below the average of the last four months.

The key points are three.

The first is exactly $64,000, which is the average price of the last 4 months, since Bitcoin went into lateralization.

The second is the $72,000, which is the wall beyond which it can’t seem to go during this period.

The third is $57,000, which is the bottom of the current lateralization range.

At this moment, it is very far from the $72,000 wall, but not yet particularly close to the bottom of this phase. However, it is indeed below the average price.

The last days

In recent days, the price of Bitcoin seems particularly sensitive to the strength of the dollar.

On June 7, the dollar began to strengthen, and this strengthening process seems destined to continue. The hypothesis is that the dollar is unlikely to start weakening until the US presidential elections on November 5th, while after the election it may start to do so.

It is not at all a coincidence that the price of Bitcoin began to decline from June 7th, falling from over $71,000 to under $61,000 in less than three weeks.

In particular, first on Friday, and then on Monday after the weekend break, the Dollar Index returned to around 105.9 points, while it was at 104 on June 6, and this probably caused the collapse of the past few days.

Sure, the heavy selling of BTC by miners also contributed, and the news of other liquidations like that of Mt.Gox or the German and US governments, but yesterday the collapse stopped in an unusual way.

In fact, the Dollar index rose above 106 points, although it has now fallen slightly below this threshold, but the price of Bitcoin did not react negatively, except with a return below $61,000.

So between yesterday and today the collapse of the past few days has definitely come to an end.

Disclaimer for Uncirculars, with a Touch of Personality:

While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.

No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.

And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.

Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!

UnCirculars – Cutting through the noise, delivering unbiased crypto news

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Dr. Jane Chen

Dr. Jane Chen

Armed with a PhD in cryptography and years of research, Dr. Chen dives deep into the technical intricacies of blockchain. Her insightful analyses of white papers and on-chain data provide a unique understanding of the technology's potential and limitations.

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