{"id":23300,"date":"2024-06-22T12:00:27","date_gmt":"2024-06-22T09:00:27","guid":{"rendered":"https:\/\/coinengineer.io\/?p=23300"},"modified":"2024-06-22T10:00:30","modified_gmt":"2024-06-22T07:00:30","slug":"bitcoin-drops-below-64000-potential-for-further-decline","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitcoin-drops-below-64000-potential-for-further-decline\/","title":{"rendered":"Bitcoin Drops Below $64,000: Potential for Further Decline to $60,000"},"content":{"rendered":"<p>Based to cryptocurrency research company CryptoQuant, <strong>Bitcoin<\/strong> has dropped below $64,000, breaching its short-term holder realized price and indicating a possible further drop to depths not seen in 49 days.<\/p>\n<p>CryptoQuant said in a June 21 X post, &#8220;<strong>Bitcoin<\/strong> is trading below the critical support level of $65.8K, now below $64K.&#8221; The company said, &#8221; Falling under this threshold suggests a possible 8%-12% correction towards $60K.&#8221; According to CoinMarketCap statistics, this barrier has not breached since May 3, when <strong>Bitcoin<\/strong> was trading at $59,122.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-drops-below-64000-potential-for-further-decline\/#Main_Support_Levels_and_Market_Reactions\" title=\"Main Support Levels and Market Reactions\">Main Support Levels and Market Reactions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-drops-below-64000-potential-for-further-decline\/#Long-term_Estimates_and_Market_Fundamentals\" title=\"Long-term Estimates and Market Fundamentals\">Long-term Estimates and Market Fundamentals<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Main_Support_Levels_and_Market_Reactions\"><\/span>Main Support Levels and Market Reactions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Based on LookIntoBitcoin statistics, <strong>Bitcoin&#8217;s<\/strong> recent loss of 2% to $63,424 below the short-term holder realized price (STH-RP) at the time\u2014$64,230. For traders, STH-RP is a vital indicator as it shows the overall cost basis of more speculative Bitcoin holders\u2014 wallets keeping Bitcoin for 155 days or less. As it has done for most of the bull markets since early 2023, this level frequently serves as a support. Breaking this threshold, however, worries traders about a further drop in the price of Bitcoin.<\/p>\n<p>&#8220;In upward trending markets, Bitcoin&#8217;s short-term holder realized price usually acts as support&#8221; pseudonymous crypto trader Crypto Caesar stated on June 19. Added LookIntoBitcoin creator Phillip Swift, &#8220;Let&#8217;s see if it holds.&#8221;<\/p>\n<p><a href=\"https:\/\/coinengineer.net\/blog\/solana-etf-application-filed-canadian-company-takes-first-step\/\"><em><span style=\"font-weight: 400;\">This Might Interest You:\u00a0<\/span>Solana ETF Application Filed: Canadian Company Takes First Step<\/em><\/a><\/p>\n<p>Based on CoinGlass data, a slide down below $60,000 would cause long position liquidation of $1.64 billion. After two major events this year\u2014the introduction of spot Bitcoin ETFs in the United States in January and the Bitcoin halving in April\u2014bitcoin has been hovering around $65,000 for some time and traders speculate on its future action.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Long-term_Estimates_and_Market_Fundamentals\"><\/span>Long-term Estimates and Market Fundamentals<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Bitcoin<\/strong> has been in 92 days of longest period of consolidation. The prolonged consistency seems to be preparing the asset for a &#8220;massive upside rally.&#8221; Founder and CEO of on-chain and market analytics company CryptoQuant Ki Young Ju says &#8220;Bitcoin network fundamentals could support a market cap three times its current size compared to the last cyclical top.&#8221;<\/p>\n<p>Young Ju underlined the continuous volatility of cryptocurrencies and the resiliency of the Bitcoin network on May 8 by referring to a chart comparing BTC&#8217;s price and the related hash rate to market capitalization ratio. Young Ju said it could &#8220;probably sustain&#8221; Bitcoin&#8217;s price to $265,000 if this ratio keeps rising.<\/p>\n<p>Driven by core network principles and more general market movements, traders and investors will be keenly observing for indicators of either a further collapse or a possible surge as <strong>Bitcoin<\/strong> negotiates key support levels and market dynamics.<\/p>\n<p><a href=\"https:\/\/t.me\/coinengineernews\"><em><span style=\"font-weight: 400;\">Click here to get the latest news from Coin Engineer!\u00a0<\/span><\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Based to cryptocurrency research company CryptoQuant, Bitcoin has dropped below $64,000, breaching its short-term holder realized price and indicating a possible further drop to depths not seen in 49 days. CryptoQuant said in a June 21 X post, &#8220;Bitcoin is trading below the critical support level of $65.8K, now below $64K.&#8221; The company said, &#8221;<\/p>\n","protected":false},"author":6,"featured_media":22294,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,9,657,1,2],"tags":[61,477],"class_list":["post-23300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coin-analysis","category-crypto-news","category-en","category-genel","category-news","tag-bitcoin","tag-bitcoin-analysis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Drops Below $64,000: Potential for Further Decline to $60,000 - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-drops-below-64000-potential-for-further-decline\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Drops Below $64,000: Potential for Further Decline to $60,000 - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Based to cryptocurrency research company CryptoQuant, Bitcoin has dropped below $64,000, breaching its short-term holder realized price and indicating a possible further drop to depths not seen in 49 days. 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