The post Crypto Price Analysis 6/24: BTC, ETH, SOL, AVAX, DOGE, TON, ICP, HBAR, RNDR appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) has registered a considerable decline over the past couple of weeks, dropping from $71,119 to its current price level of $62,356. Over the past week, the asset has fallen by nearly 6%. According to analysts, the cryptocurrency is gradually dropping toward its support level. They urged traders not to fall prey to factors such as boredom or mini pumps and dumps.  Bitcoin (BTC) Price Analysis Bitcoin has been on a downward trajectory since June 6, after its price reached $70,979. Since then, bearish sentiment has increased significantly, with the price dipping below $70,000 the next day. Here, BTC found support thanks to the 20-day SMA, but sellers took control once again, dropping the price below the 20-day SMA to $67,376 on the 11th. The price managed to stage a recovery the following day but was back in the red on the 13th, dropping to $66,109. BTC saw some sideways consolidation at this point. However, by the 17th, BTC was back in the red and dropped below the 50-day SMA on the 18th. Source: TradingView The price attempted a recovery on the 20th, as seen from the price chart, but failed to move past the 50-day SMA. Bitcoin’s recent decline has considerably impacted the market, with its dip below the 62,500 mark liquidating thousands of traders. Several reasons behind the recent decline, such as the drop in whale transactions. Outflows from spot Bitcoin ETFs have also impacted the market. Looking at current trends, Bitcoin could drop to $60,000 as it drops toward its support level. Any further drop from here could see BTC drop as low as $57,500. Ethereum (ETH) Price Analysis Like Bitcoin, Ethereum (ETH) has also been on a downward trajectory, having shed nearly 5% over the past week. ETH had recovered to $3,622 after dropping below…

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Filed under: News - @ June 25, 2024 6:26 am