Ethereum

Bitcoin

Resistance

Drops

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-resistance-and-drops-significantly/" data-wpel-link="internal">Bitcoin Faces Resistance and Drops Significantly</a><br></p>
<p><br> </p> 
<p class="p1" style="text-align: justify">Bitcoin’s price tried to break the significant support level of $70,000 last night but faced major resistance, preventing the break. Within about an hour, Bitcoin’s price pulled back over $2,000. Altcoins also faced selling pressure, triggering an $80 billion loss in the total crypto market value.</p> 
<h2 class="p1" style="text-align: justify" id="bitcoin-s-drop-creates-shock">Bitcoin’s Drop Creates Shock</h2> 
<p class="p1" style="text-align: justify">The total value of liquidated positions in the futures market rose to approximately $170 million daily. Many analysts reported that Bitcoin’s price movements were quite dull over the weekend but started June 10 on a more positive note. The asset attempted to trade at $70,000 against psychological resistance and saw further increases in the afternoon.</p> 
<p class="p1" style="text-align: justify">Despite briefly surpassing this level, bears quickly halted the move, preventing a decisive victory. On the contrary, Bitcoin almost immediately began to lose value, dropping over $2,000 within about an hour. This resulted in the price falling to its lowest level since June 3, at $67,500, and the market value dropped to $1.335 trillion, according to CoinGecko <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a>.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-361156 size-full" src="https://coin-turk.com/wp-content/uploads/2024/06/btc.webp" alt="" width="1532" height="684"></p> 
<h2 class="p1" style="text-align: justify" id="what-s-happening-in-the-crypto-market">What’s Happening in the Crypto Market?</h2> 
<p class="p1" style="text-align: justify">Altcoin projects also continue to suffer significantly during this process. Ethereum fell by 3.5% during the day to $3,560, and similar declines were seen in popular projects like SOL, DOGE, TON, SHIB, and LINK. <a href="https://en.coin-turk.com/bnb-coin-shows-signs-of-recovery-after-testing-key-support-level/" data-wpel-link="internal">Binance Coin</a>, which performed best last week, dropped by more than 7% in the last 24 hours. As a result, BNB fell below $620.</p> 
<p class="p1" style="text-align: justify">Recent popular projects like NOT (-19%), W (-15%), JSMY (-11%), and BRETT (-10%) also experienced significant declines during this period. In the last 12 hours, the total value of liquidated positions in the futures market reached up to $170 million daily. Over 75,000 <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> suffered significant losses in the same time frame.</p> 
<p class="p1" style="text-align: justify">Interestingly, Ethereum was responsible for the largest share of the pie and the largest liquidation position, including Ethereum itself. The liquidation value exceeded $6.5 million and occurred through Binance.</p>  
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-faces-resistance-and-drops-significantly/" data-wpel-link="internal">Bitcoin Faces Resistance and Drops Significantly</a></h5>

Bitcoin Faces Resistance and Drops Significantly

Table of Contents

COINTURK NEWS

Other articles published on Jun 11, 2024

Europol Drops Bitcoin Bomb: Mining Hotbed For Criminal Activity

Cryptocurrencies Suffer Ongoing Decline

Bitcoin and Ethereum Face Significant Selling Pressure

LUNC Price: Understanding Terra Classic’s Bearish Case Ahead of SEC-TFL Settlement

5 Celebrity Meme Coins You Should Probably Sell This Week

Crypto.com Makes Headlines With Its VASP License Approval in Ireland

Join our free newsletter for daily crypto updates!