) price dropped 5.8% between June 23 and June 24, reaching its lowest level in seven weeks at $59,700. Despite a modest recovery to $60,400, a total of $153 million in leveraged long BTC futures was forcefully liquidated due to insufficient margin. This movement caused derivatives metrics to shift to a neutral sentiment, ending a bullish trend that had lasted five weeks.
Regardless of the possibility of interest rates going down by year-end in the United States, which would be beneficial for risk-on assets such as Bitcoin, traders are more focused on the uncertainty surrounding the U.S. presidential elections in November and inflation data. If the economy shows signs of an imminent recession, investors are likely to seek protection in cash positions and short-term U.S. Treasuries.
The U.S. Personal Consumption Expenditures inflation index is expected on June 29, with economists forecasting a 0.1% month-over-month increase in May. Traders are becoming less comfortable with the stock market, especially after chipmaker Nvidia declined 5% on June 24. Concerns about artificial intelligence demand amid stiff competition from Intel, AMD, and others have led investors to question the sector's valuations.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin 'whale games' come early as BTC price swoons below $60KBitcoin whales create grim conditions for BTC longs as BTC price plumbs seven-week lows beneath $60,000.
Source: Cointelegraph - 🏆 562. / 51 Read more »
Source: Crypto_Potato - 🏆 568. / 51 Read more »
Source: Crypto_Potato - 🏆 568. / 51 Read more »
Source: Crypto_Potato - 🏆 568. / 51 Read more »
Source: Crypto_Potato - 🏆 568. / 51 Read more »
Source: Crypto_Potato - 🏆 568. / 51 Read more »