The post Why is Bitcoin down today? BTC slips below $64K appeared on BitcoinEthereumNews.com.

Bitcoin’s price is down today; it’s the lowest in over a month. As Bitcoin’s price dipped below $64K, the total crypto market capitalization declined by over $70 billion. Bulls are struggling to maintain market stability as the negative crypto weekend kicks in. Also Read: Bitcoin faces an ‘extended level of FUD’ – Santiment reports Bitcoin saw a 2.30% decline on June 21, hitting $63,500, marking its lowest point in more than a month. Currently, the value of Bitcoin (BTC) stands at $63,730.01. This represents a slight decrease of 0.4% compared to an hour ago and a 1.3% decline since yesterday. The current value of BTC is 4.0% lower than its value a week ago. Bitcoin market crashes Last week on Friday, the crypto market experienced a significant drop towards $65K, but fortunately, the bulls swiftly regained control over the market during the weekend. However, as soon as the new week began, BTC bears regained control and thwarted any hopes of a quick recovery. Furthermore, Bitcoin liquidations are on the rise, indicating that many futures traders are experiencing significant losses. However, the decline is certainly not limited to Bitcoin alone. Source: CoinGecko Conversely, Bulls might find solace in the fact that indicators monitored by analysis firm Santiment reveal that crowd sentiment for BTC has entered its fourth consecutive week of “extreme negative” readings. The Weighted Sentiment Index by Santiment analyzes bitcoin mentions on X (formerly Twitter), evaluating the ratio of positive to negative comments and trading volumes to understand the overall sentiment of the crowd towards bitcoin. The index has remained in negative territory since May 23, with a reading of -0.73 as of Friday. The crypto market faces historic declines Additionally, data from Google Trends indicates a decrease in retail search interest. The tool helps users to analyze and compare…

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Filed under: News - @ June 21, 2024 7:12 pm