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Bitcoin price falls to lowest level since May, Ethereum (ETH) down 18 percent



 Bitcoin ( BTC ) continued to fall today, June 12, after thin trading volume over the weekend fueled renewed selling pressure.

Similar to 1929?

As data shows, BTC/USD has slipped to interim lows of $27,150 for the sixth consecutive day of losses.


A few hours before the weekly close, the market-leading cryptocurrency threatens to continue its negative series, which recently shot the bird with an inglorious record of nine negative weekly closes in a row.


In order to avoid this and create a second positive weekly close instead, BTC/USD would have to gain a little more than USD 2,000 from the current price level of just under USD 27,400.

Weekend thinning liquidity has now doomed the crypto market leader, with analysts fearing it could even drop to last May's 10-month low.


“Bitcoin failed to hold $29,300 and is still falling. Let's see how the $28,500 mark does," Cointelegraph expert Michaël van de Poppe warned yesterday . To which he added:


"If that level doesn't hold, it could go down to $26,000 or $24,000."

As fears of a market-wide "capitulation" intensify, traders' eyes are turning to the stock market, which still shows a high correlation to the crypto market. In this regard, Mike McGlone, Lead Analyst at Bloomberg Intelligence, argues that the high-risk markets (i.e. stocks and crypto) may have peaked in the last two years.


"If the stock market continues to go down, then everyone else has probably already passed their zenith," as the expert pessimistically suspects . And further:


"A normal retracement could then feel like a crash and the big soar in risky investment products of 2020/21 could go down in history like 1929 and 1999."

With the downturn to almost only 27,000 US dollars, Bitcoin is now almost as low as after the debacle surrounding the crashed blockchain project Terra (LUNA), which had noticeably affected the entire market.


Investors and observers are therefore now asking themselves again how far the Bitcoin price could go down.


“If the price dips back into the low 20,000s then the prophecies of doom will come towards $10,000 or lower. Here at the latest would be the bottoming out," as Trader Capo of Crypto says .


For altcoins today, the picture is even worse.


A look at the top 10 cryptocurrencies shows that they are suffering even heavier losses than BTC/USD, sometimes by more than 10%.


The market-leading Altcoin Ether ( ETH ) has accordingly fallen by almost 7%, with the price slipping below the realized price for the first time since May.


The Realized Price considers the cumulative price at which each individual currency unit of a cryptocurrency was last sold. The dip below this level now puts ETH at great risk of losing even more ground. Meanwhile, Bitcoin is still holding just above the realized price of $24,000.


“The weekend downturns have seen Ethereum price fall below the realized price of $1,781,” according to crypto market researchers Glassnode . And further:


“This means that the market has an average unrealized loss of -18.44%. On the other hand, the Realized Price of ETH 2.0 is $2,404, which in turn represents an Unrealized Loss of -39.6%.”

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