{"id":625674,"date":"2024-06-20T22:00:54","date_gmt":"2024-06-20T22:00:54","guid":{"rendered":"https:\/\/ktsl888.com\/?p=625674"},"modified":"2024-06-20T16:34:39","modified_gmt":"2024-06-20T16:34:39","slug":"bitcoin-crash-below-66000","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-crash-below-66000\/","title":{"rendered":"Bitcoin Crash Below $66,000 Stuns Market, Why A Drop To $54,930 Is Possible"},"content":{"rendered":"

The Bitcoin price crash<\/a> below $66,000 has taken the market by surprise, leading to over $90 million in liquidations in a 24-hour period. But even after dropping so much already, analysts do not believe that the worst is over. In particular, crypto analyst Ali Martinez has said that Bitcoin may still have a ways to go before the crash is over, prediction another 20% decline from here.<\/p>\n

Bitcoin Falls Below Major Pricing Band<\/h2>\n

Crypto analyst Ali Martinez posted a new analysis on X (formerly Twitter) on the Bitcoin price<\/a> that paints a rather bearish picture for the pioneer cryptocurrency. According to Martinez, the Bitcoin crash below $68,000 had actually pushed it below an important level.<\/p>\n

Related Reading: Analyst Says XRP Price Is Long Overdue For Bullish Wave, Here\u2019s The Target<\/a><\/div>\n

The major level of importance here is the $67,890 pricing range, which the price has now fallen below. As Martinez explains, this area is important as the \u201c+0.5\u03c3 MVRV pricing band\u201d lies here. It also means that a crash below this level is very bearish for the price, and as Martinez shows, Bitcoin has already fallen below it.<\/p>\n

This fall puts a bearish motion in place as the crypto analyst believes it may trigger a correction. Now, while corrections are normal, the expectation for how far the crash will go is what is worrying because the analyst has placed a possible $54,930 target for the price.<\/p>\n

\n

#Bitcoin<\/a> has dropped below the +0.5\u03c3 MVRV pricing band at $67,890, which may trigger a correction toward the mean pricing band at $54,930. pic.twitter.com\/zZvswgpUpS<\/a><\/p>\n

\u2014 Ali (@ali_charts) June 19, 2024<\/a><\/p><\/blockquote>\n

Such a crash would mean that the Bitcoin price<\/a> would fall another 20% from its current level. Given the previous crashes, this could be devastating for altcoins, whose prices could fall another 50% if BTC were to crash below $55,000.<\/p>\n

Navigating The Drop In Interest<\/h2>\n

One interesting development for Bitcoin is the drop in interest<\/a> that has been experienced this week. For example, the daily trading volume, according to CoinMarketCap, fell 43.5% in the last day along. This brings the Bitcoin daily trading volume to around $19 billion from the almost $40 billion recorded the previous day.<\/p>\n

Related Reading: Cardano Bucks Bears As Large Transactions Climb To $10 Billion, Can This Drive Price To $1?<\/a><\/div>\n

This drop in trading volume indicates that investors are taking fewer positions. With the uncertainty surrounding the market, this comes as no surprise, given that investors are prone to wait for the situation to improve before taking more positions.<\/p>\n

The Crypto Fear & Greed Index has also declined, showing<\/a> that fear is growing in the market. It is now sitting at a score of 60, which shows greed, a long way from May\u2019s score of 76, which showed extreme greed in the market.<\/p>\n

At the time of writing, the Bitcoin price is holding at $65,667, with a 0.77% gain in the last day.<\/p>\n

\"Bitcoin
BTC price crashes again | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price crash below $66,000 has taken the market by surprise, leading to over $90 million in liquidations in a 24-hour period. But even after dropping so much already, analysts do not believe that the worst is over. In particular, crypto analyst Ali Martinez has said that Bitcoin may still have a ways to go before the crash is over, prediction another 20% decline from here. Bitcoin Falls Below Major Pricing Band Crypto analyst Ali Martinez posted a new analysis on X (formerly Twitter) on the Bitcoin price that paints a rather bearish picture for the pioneer cryptocurrency. According to Martinez, the Bitcoin crash below $68,000 had actually pushed it below an important level. Related Reading: Analyst Says XRP Price Is Long Overdue For Bullish Wave, Here\u2019s The Target The major level of importance here is the $67,890 pricing range, which the price has now fallen below. As Martinez explains, this area is important as the \u201c+0.5\u03c3 MVRV pricing band\u201d lies here. It also means that a crash below this level is very bearish for the price, and as Martinez shows, Bitcoin has already fallen below it. This fall puts a bearish motion in place as the crypto analyst believes it may trigger a correction. Now, while corrections are normal, the expectation for how far the crash will go is what is worrying because the analyst has placed a possible $54,930 target for the price. #Bitcoin has dropped below the +0.5\u03c3 MVRV pricing band at $67,890, which may trigger a correction toward the mean pricing band at $54,930. pic.twitter.com\/zZvswgpUpS \u2014 Ali (@ali_charts) June 19, 2024 Such a crash would mean that the Bitcoin price would fall another 20% from its current level. Given the previous crashes, this could be devastating for altcoins, whose prices could fall another 50% if BTC were to crash below $55,000. Navigating The Drop In Interest One interesting development for Bitcoin is the drop in interest that has been experienced this week. For example, the daily trading volume, according to CoinMarketCap, fell 43.5% in the last day along. This brings the Bitcoin daily trading volume to around $19 billion from the almost $40 billion recorded the previous day. Related Reading: Cardano Bucks Bears As Large Transactions Climb To $10 Billion, Can This Drive Price To $1? This drop in trading volume indicates that investors are taking fewer positions. With the uncertainty surrounding the market, this comes as no surprise, given that investors are prone to wait for the situation to improve before taking more positions. The Crypto Fear & Greed Index has also declined, showing that fear is growing in the market. It is now sitting at a score of 60, which shows greed, a long way from May\u2019s score of 76, which showed extreme greed in the market. At the time of writing, the Bitcoin price is holding at $65,667, with a 0.77% gain in the last day. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":625688,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-625674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nBitcoin Crash Below $66,000 Stuns Market, Why A Drop To $54,930 Is Possible<\/title>\n<meta name=\"description\" content=\"The Bitcoin price crash below $66,000 has taken the market by surprise, leading to over $90 million in liquidations in a 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Crash Below $66,000 Stuns Market, Why A Drop To $54,930 Is Possible","url":"http:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-crash-below-66000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-crash-below-66000\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/Bitcoin_d8b9a9.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/Bitcoin_d8b9a9.jpeg?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analyst","bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","crypto","crypto analyst","crypto news"],"dateCreated":"2024-06-20T22:00:54Z","datePublished":"2024-06-20T22:00:54Z","dateModified":"2024-06-20T22:00:54Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Crash Below $66,000 Stuns Market, Why A Drop To $54,930 Is Possible\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bitcoin-crash-below-66000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bitcoin-crash-below-66000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/Bitcoin_d8b9a9.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/Bitcoin_d8b9a9.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analyst\",\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"crypto\",\"crypto analyst\",\"crypto news\"],\"dateCreated\":\"2024-06-20T22:00:54Z\",\"datePublished\":\"2024-06-20T22:00:54Z\",\"dateModified\":\"2024-06-20T22:00:54Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/Bitcoin_d8b9a9.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/625674"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=625674"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/625674\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/625688"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=625674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=625674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=625674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}