Bitcoin Slumps to $27K Low as Inflation Fears Worsen
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At press time, the entire crypto market has a valuation of $1.10 trillion, a significant drop from its $1.30 trillion monthly high. Just last week, Bitcoin traded above the $32K mark but failed to extend its bullish gains, resulting in a prolonged sideways momentum. This choppy pattern persisted until Friday when BTC refreshed an aggressive bearish momentum. The benchmark cryptocurrency now struggles to hold above the $27K support after shedding 3.55% over the last 24 hours and 7.77% in the last seven days.
Altcoins had it much worse over the past few days, with double-digit losses seen across the sector. Second-largest cryptocurrency, Ethereum (ETH), has had one of the worst performances I’m the past few days, printing a seven-day loss of over 18% and a 24-hour loss of 6.5%. Ethereum currently trades near the $1,450 level, losing over $500 since the start of June.
Reports show that liquidations surged in the last 24 hours, with over 180,000 traders getting liquidated since yesterday. As mentioned earlier, the market liquidations ran up to $500 million. Ethereum losses accounted for almost $250 million of this figure.
Key Bitcoin Levels to Watch — June 12
The floor caved under Bitcoin over the weekend, as the benchmark cryptocurrency raced towards the $27K low. This comes as inflation fears spark panic among investors, causing them to seek cover in safer assets.
The flagship cryptocurrency currently trades around the $27.6K level after rebounding from its revisit to the May 12 low. We could see additional bullish retracement over the coming hours as the price enters overheated conditions. However, a bullish recovery above the $30K psychological level in the near term seems unlikely, as I expect to see a bearish resumption after the 4-hour stochastic indicator returns to neutral levels.
Meanwhile, my resistance levels are at $28,000, $29,500, and $30,000, and my key support levels are at $27,000, $26,000, and $27,000.
Total Market Capitalization: $1.10 trillion
Bitcoin Market Capitalization: $526.9 billion
Bitcoin Dominance: 47.3%
Market Rank: #1
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