Bitcoin has dropped to a fresh monthly low below $63,000 amid intense selling pressure that has seen over $150M worth of long positions liquidated from the cryptocurrency market.
The global cryptocurrency market cap is down 3.5% in the last 24 hours. All the top ten largest non-stablecoins in the market are also trading in the red.
Bitcoin is trading at $62,481 at 03:57 EST after a 3% dip in the last 24 hours.
The largest cryptocurrency with a $1.23 trillion market cap has lost 10% of its value in the last two weeks amid a steady price decline.
Bitcoin Price Plunges To $62K
The recent drop in Bitcoin’s price has seen $47M worth of BTC longs liquidated in the last 24 hours, according to Coinglass data.
Long investors are traders who buy Bitcoin expecting the price to increase. These traders, also known as bulls, are now counting losses following the weekend price crash.
Bitcoin’s trading volumes in the last 24 hours have spiked by over 120%, according to CoinMarketCap. This increase could signal that sellers are behind the recent price action.
Analysts note that the bearish trend could reverse this week. Michael van de Poppe said the CME gap failed to close, potentially indicating a rally toward $64,000.
If the trend reverses, another analyst noted that BTC will potentially retest the mid-range price at $66,000.
Nevertheless, the selling pressure remains notably high. Miners are leading the selling momentum, with over 30,000 BTC, valued at $2 billion, being offloaded in the last 24 hours.
Altcoins Follow Bearish Trend
Besides the BTC price dip, other cryptocurrencies are also plunging.
Ethereum is down 3.6% in the last 24 hours, with over $28M worth of longs liquidated. Despite the market anticipating the launch of spot Ethereum ETFs on July 2, some analysts believe that ETH will not post a significant price action and could instead drop lower.
$10M worth of Solana (SOL) longs have also been liquidated after a 6.6% drop. BNB is also down by 3.3%.
XRP and TonCoin (TON) plunged 2.2% and 4.3% in the last 24 hours.
Meme coins have also not been spared in the recent bear market. Dogecoin is down 5% in 24 hours, with the total meme coin market cap dropping by 6.5% to $46 billion.
