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Crypto Crash as Bitcoin Price Stumbles Cryptocurrencies have faced a challenging week as the market failed to break out of its consolidation phase. Bitcoin, the leading cryptocurrency, was unable to surpass its critical resistance level of $72,000, leading to a sharp decline in prices. This downturn has had a ripple effect across the crypto market, causing widespread losses. Why Are Cryptos Down Today? Bitcoin’s attempt to breach the $72,000 resistance level was met with significant selling pressure, causing its price to plummet to $67,500. This decline represented a loss of over 6%, dragging the entire market down by more than 3% within the past 24 hours. The market’s inability to sustain its momentum beyond this key resistance point triggered a wave of selling across various cryptocurrencies, leading to a broader market downturn. BTC/USD chart – TradingView The market’s reaction highlights the fragility of current sentiment and the impact that Bitcoin’s performance has on the wider cryptocurrency landscape. As the flagship digital asset, Bitcoin’s price movements often set the tone for other cryptos, and its recent struggles have sown doubt among investors. Will Cryptos Reach $0? Despite the recent downturn, it is highly unlikely that cryptocurrencies will reach a value of $0. Many institutions and large-scale investors have significant holdings in cryptocurrencies, providing a foundational level of support that prevents prices from bottoming out completely. Additionally, many investors who have entered the market in recent times are adopting a long-term perspective, aiming to hold their assets through market fluctuations in anticipation of future gains. Profit-taking is a common practice in financial markets, and the cryptocurrency sector is no exception. Investors frequently sell assets to lock in profits, especially when prices have risen significantly, which can lead to temporary price declines. However, these pullbacks often serve to correct overvalued assets, bringing them…

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Filed under: News - @ June 11, 2024 11:16 am