Bitcoin price drops to lowest since May as Ethereum market trades at 18.4% loss

Bitcoin (BTC) saw further losses on June 12 as thin weekend trading volumes fueled an ongoing sell-off.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Analyst likens risk asset ‘pump’ to 1929

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting lows of $27,150 on its sixth straight day of downside.

With hours to go until the weekly close, the pair was in danger of resuming the losing streak, which had previously seen a record nine weeks of red candles in a row.

To avoid that outcome and put in a second “green” close, BTC/USD needed to gain over $2,000 from the current spot price, which at the time of writing was $27,400.

BTC/USD 1-week candle chart (Bitstamp). Source: TradingView

With support levels failing to change the mood thanks to the thinner liquidity during the weekend’s “out-of-hours” trading, analysts feared that a retest of May’s ten-month lows was due.

“Well, Bitcoin couldn’t hold $29.3K and started dropping down some more. Looking to see how the $28.5K area is going to react,” Cointelegraph contributor Michaël van de Poppe wrote in his latest BTC update on June 11:

“If that doesn’t hold, $26/24K on the cards.”

Amid continuing talk of “capitulation” across other crypto assets, many focused on the fate of highly-correlated stock markets. Mike McGlone, senior commodities strategist at Bloomberg Intelligence, risk assets more broadly could already have seen peak exuberance in the past two years.

“If the stock market keeps going down, virtually everything will have peaked,” he told Twitter followers:

“Just some normal reversion can feel like a crash and the 2020-21 risk asset pump may go down in history like 1929 and 1999.”

At the day’s lows near $27,000, meanwhile, Bitcoin traded the closest to its May “mini” capitulation event since that day of turmoil took place at the hands of the Terra LUNA implosion.

For many, the question was thus how to know where the true macro price floor for Bitcoin could lie.

“If price reaches low 20ks, you will see most of CT calling for 10k or even lower. That will be the bottom confirmation,” popular…



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