Bitcoin (BTC) Commences the New Week with a Decline! What is the Cause of the Decline?
Bitcoin and cryptocurrency prices have today regained bearish market momentum, following significant gains observed over the weekend.
At present, Bitcoin (BTC) has stalled above $55,000 after dropping to levels around $54,300, while Ethereum (ETH), Solana (SOL), XRP, and the wider market have also experienced a decline.
ETH and the prices of other major altcoins have fallen between 5% and 8%, whereas only Notcoin (NOT) and Starknet (STRK) have seen small gains.
On the other hand, PEPE has become the cryptocurrency that has suffered the most, with a decrease of 11.1% in the last 24 hours, followed by Jupiter (JUP) and Dogwifhat (WIF).
According to Coinglass data, leveraged positions worth $279.3 million were liquidated in the past 24 hours, with $113 million of this amount consisting of short positions and $165.7 million consisting of long positions.
The largest liquidation was observed in Bitcoin, amounting to $115.9 million, followed by ETH with $50 million, and Solana with $15 million.
Within the last 24 hours, 80,633 investors have been liquidated, with the largest single liquidation occurring on the BTC/USDT trading pair, valued at $22.24 million on the OKX exchange.
The total liquidation amount within the past 24 hours is $279.32 million, with 80,633 investors being liquidated. The largest single liquidation order is on the OKX – BTC-USDT-SWAP, valued at $22.24 million.
Why is Bitcoin Falling?
For Bitcoin’s price, uncertainties within the cryptocurrency market, possible selling pressure from the German government, and ongoing negative factors such as over 100,000 creditors awaiting cryptocurrency funds from the Gox bankruptcy estate continue to persist.
In the face of this selling pressure and uncertainty, investors are growing anxious about the possibility of further declines.
At this point, Lin Chen, Asia Business Development Head of Deribit, the largest options exchange, argued in his assessment that if the US markets show growth on July 8, BTC may find a bottom.
Lin Chen, who shared this, stated that although Bitcoin’s price experienced a slight recovery over the weekend, market sentiment remains stagnant this week.
Chen emphasized the need to pay attention to the opening of the US stock markets on Monday for Bitcoin, stating, “If the stock markets rise again, the downward trend in Bitcoin may come to an end, and BTC may potentially find a bottom.”
*This is not investment advice.
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