“The decline may continue to this level!”

Bitcoin and cryptocurrency markets started the day on a downward note due to interest rate cuts ahead of the FED’s decision, increased political uncertainty in Europe, and spot BTC ETF outflows.

Bitcoin fell more than 3% in the last 24 hours, falling to the $67,000 level, while Ethereum, the largest altcoin, fell to $3,500.

Analysts said concerns about the Fed’s ability to keep interest rates high for an extended period of time had added to selling pressure. The Fed had expected up to two rate cuts by the end of 2024, but even that was now being discussed, analysts said. September is too early to cut interest rates.

Uncertainty and negative macroeconomic data in the United States have reduced investor interest in risky assets such as Bitcoin and negatively impacted prices.

Bitcoin and Altcoin Massacre: $185 Million Evaporated!

Coinglass data shows that while this decline has reversed investors in long positions, $185.3 million in leveraged positions have been liquidated in the last 24 hours.

Of this, $160.1 million consisted of long positions and $25.2 million consisted of short positions.

More than 69,000 investors were liquidated in the last 24 hours, but the largest liquidation occurred in the ETHUSDT trading pair worth $6.6 million on the Binance exchange.

Bitcoin $49.5 million; $48 million was liquidated from Ethereum, while BTC and ETH followed Solana (SOL) and PEOPLE.

This sharp drop has left the cryptocurrency market bleeding, but it also provides investors with an opportunity to buy at the bottom.

Bitcoin’s decline may continue!

While investors were wondering whether the decline would deepen, successful analyst Michael van de Poppe predicted that BTC could fall to $64,000-$65,000.

This decline has happened before, Poppe said.

“Bitcoin continues to decline after rejecting the $71,000 region. We expect to see a test of the $64-65,000 level before the upcoming FOMC meeting and CPI data push the market higher again.

Bitcoin and cryptocurrencies almost always undergo a correction and rise before such an event occurs.

“The same price fluctuations occurred in previous months as well.”

#Bitcoin It continues to decline after rejecting the $71K area. With the upcoming FOMC meeting and CPI data, we expect to see a test of $64-$65,000 before the market reverses back to the upside. pic.twitter.com/YM6wNlLcdo

— Michael van de Poppe (@CryptoMichNL) June 11, 2024

*This content is not investment advice.