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The week was unfavorable for the virtual currency market as it recorded a sharp decline, with Bitcoin being the hardest hit. Dropping by more than 2% in an hour during the US trading session, the coin fell down to $65,100, its four-week low. This fall from the $67,000 level meant the asset had experienced a 7% decline in the past week. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXfLZS7l8fPbuYQO2yid1XTK3FgiWhlsYx_bY6lYpJ80ftrDJI0fQm2ZiPHynBsTTaDxFsoPlZTelb3TGuF6mFhS_TbphEZNlE6cY1lb4ZDvYkoRU7skDdQOZfE_eQKExdC2kWpaYdlgSbBqzigngDNSAbpD?key=bg85SItCR2YjvpY1Qy81Iw" alt="">
 <figcaption class="wp-element-caption">
 BTC/USD 24 Hour Price Chart (Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener nofollow">CoinMarketCap</a>)
 </figcaption>
</figure> 
<h4 class="wp-block-heading">Altcoins Suffer Greater Losses</h4> 
Altcoins were not doing any better than Bitcoin and suffered worse losses. The CoinDesk 20, an index of leading coins, declined 11.7% since the previous Friday. Ether, the second largest cryptocurrency, also dropped by 2.7% and is now trading at $3,380.&nbsp; 
Top altcoins, including Solana, Avalanche, Cardano, and Near, also recorded negative percentages of 15-20%, as they also followed the big red candle of BTC. 
Market dynamics this week were harsh. Nearly $180 million in leveraged derivatives positions were liquidated over the past 24 hours, with the week totaling over $870 million. These corrections have effectively removed excess leverage from the markets. 
Adding to the pressure, recent economic data and Federal Reserve projections did not align with investor expectations for a softer monetary policy, further dampening the market mood. Increased dollar strength and political uncertainties in Europe also contributed to the downturn, overshadowing earlier optimism for a Bitcoin rally. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/14/why-bitcoin-is-falling-behind-nasdaq-insights-revealed/" target="_blank" rel="noreferrer noopener">Why Bitcoin Is Falling Behind Nasdaq: Insights Revealed</a> 
</blockquote>

Bitcoin Price Nears $65,000 Support Level, Will It Hold?

The Crypto Times

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