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Bitcoin is trading at less than one-third its all-time high from November 2021.
DreamstimeBitcoin and other cryptocurrencies were slipping Monday. They still remained firmly above the depths reached amid a deep selloff over the past two weeks, but were under pressure.
The price of Bitcoin was trading down 2.9% over the past 24 hours to $20,644.
The largest digital asset bottomed out below $18,000 earlier this month, the lowest levels since 2020. Bitcoin’s tumble came in tandem with trouble in the stock market, but it also was exacerbated by pressures unique to the digital asset space, including the liquidation of leveraged positions and trouble among crypto financial service providers.
“Thanks to the rebound in U.S. stock markets and the fall in U.S. yields, Bitcoin looks to have traced out a low of around $18,000 for now,” said Jeffrey Halley, an analyst at broker Oanda. “From a technical perspective, a rise above $22,000 looks possible, extending onward to $24,000”
Cryptos like Bitcoin have proved to be largely correlated with other risk-sensitive assets, like stocks, so the S&P 500’s descent into a bear market this year has heaped pressure on digital assets. A rally in the stock market last week, which looked to continue on Monday, has helped crypto traders find some short-term relief even as Bitcoin continues to trade at less than a third of its all-time high reached in November 2021.
“In the medium-term, Bitcoin remains in the danger zone, and only a rise above $28,000 negates,” Halley said.
Ether, the second-largest digital asset, fell 3.5% to $1,182. The token underpinning the Ethereum blockchain network began the month at around $2,000 and fell as low as near $900 by June 18.
Smaller cryptos, or altcoins, were mostly in the red. Solana lost 0.5% and Cardano was 2.5% lower. Memecoins — initially intended as internet jokes — were more mixed, with Dogecoin jumping 9% and Shiba Inu trading 2.5% lower.
Write to Jack Denton at [email protected]
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