Bitcoin Drops to $64,000 – the Whole Crypto Market is in the Red

The whole cryptocurrency market seems to be experiencing a downturn after the weekend's slight recovery when BTC managed to break above $68,000.

At the time of writing, Bitcoin (BTC) is trading at $64,320 after a 2.3% drop during the past day and has a trading volume of $33.77 billion. Bitcoin’s market cap is currently $1.267 trillion.

During the past 24 hours $291.65 million were liquidated from the crpyptocurrency market ($258.32 million in longs and $33.35 million in shorts). Bitcoin liquidations accounted for 28.5% of the total liquidations

The 1-day technical analysis from TradingView remains rather bullish with the summary showing “buy” at 11, the moving averages poitn to “buy” at 10, while oscillators remain “neutral” at 9.

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The biggest losser in the past 24 hours is Mogcoin, dropping by 13.54%. Ethereum (ETH) and LidoDAO (LDO) also registered significant declines.

Fear has tighly gripped the Bitcin community amidst the Mt. Gox repayment plan. Billions of dollars in BTC are being distributed to the bankrupt crypto exchange’s creditors.

Reportedly, the average purchase price for new large investors is about $64,000. As long as prices remain above this level, market sentiment remains optimistic and major holders are likely to hold their positions.

Looking at the daily chart, Bitcoin should avoid a drop below $64,000 and gain momentum to try to get back above the $66,300 and $68,300 crosses. These levels are significant as they have been points of significant trading activity in the past.

Alexander Stefanov