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

Benzinga – by Aniket Verma, .

Leading cryptocurrencies faced selling pressure over the weekend, as investors remained skeptical of the market’s upcoming moves.

Cryptocurrency Gains +/- (last 24 hours) Price (Recorded 8:30 p.m. EDT)
Bitcoin (CRYPTO: BTC) -1.90% $63,097.30
Ethereum (CRYPTO: ETH) -2.33% $3,420.82
Dogecoin (CRYPTO: DOGE) -1.11% $0.1226

What Happened: Bitcoin plunged below $63,000 during Sunday trading hours, expanding the world’s largest digital asset’s monthly losses to nearly 7%. The King Crypto has trended downward since hitting $71,000 earlier this month.

Ethereum continued to bleed as well, as traders waited for spot ETFs to be listed on stock exchanges.

The speculative market exercised caution as Open Interest in Bitcoin futures fell 0.76% in the last 24 hours. Most of the new positions were long on the apex crypto. That said, the overall bias of the market was in favor of price declines, according to the Long/Short Ratio.

The Cryptocurrency Fear & Greed Index flashed “Neutral” ahead of June’s last trading week, a sharp reversal from “Extreme Greed” seen during the first week of the month.

Top Gainer (24-Hours)

Cryptocurrency Gains +/- Price (Recorded at 8:30 p.m. EDT)
Toncoin (TON) +2.76% $7.55
Fantom (FTM) +1.10% $0.5851 (FET) +0.33% $5.76

The global cryptocurrency market cap stands at $2.3 trillion, shrinking 2.02% in the last 24 hours.

Stock futures traded flat during overnight trading hours. The Dow Jones Industrial Average Futures fell or 0.05%, as of 8:30 p.m. EDT. Futures tied to the S&P 500 gained 0.05%, while Nasdaq 100 Futures edged 0.16% higher.

Major stock indices spiked to record highs last week on AI giant NVIDIA Corp. (NASDAQ:NVDA) rally. However, heavy sell-offs during the latter part cut short the ascendancy.

The pullback was fueled by a 3.5% drop in shares of AI giant NVIDIA Corp. (NASDAQ:NVDA), the major driver of stocks lately.

This week, investors’ focus will be on the personal expenditure data, the Federal Reserve’s preferred inflation gauge, due for release on Friday. The CME FedWatch Tool predicted a 90% chance of interest rates being steady at the upcoming FOMC meeting on July 31.

See More: Best Cryptocurrency Scanners

Analyst Notes: Popular cryptocurrency trader MartyParty noted that Bitcoin’s Relative Strength Index was “almost oversold,” a condition favorable for a bounce.

He predicted a move to $65,000 next, and then on, rangebound movement through to the U.S. elections.

To the contrary, a well-known analyst with the pseudonym HORSE sounded a bearish alarm.

“I am fairly confident Bitcoin trades below $60,000 again,” the analyst forecasted. “I know we are still mid range, but consolidation and weakness this long, without a close tailwind and already dwindling demand, almost always resolves down before up again.”

Read Next: Raoul Pal Foresees Crypto Boom In Election Year’s Q4, Names It ‘Banana Zone’

Photo courtesy: Shutterstock

© 2024 Benzinga does not provide investment advice. All rights reserved.

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