Crypto Week Ahead: Bitcoin Might Head Towards $60,000 If No Course Correction Is Seen

Over the past seven days, Bitcoin (BTC) price achieved a high of $66,968.16.

BTC dominance, at the time of writing, stood at 54.19 percent.

Source : Eivind Pedersen/Pixabay

Bitcoin (BTC), the most popular cryptocurrency in the world, continued on its downward trend over the past week and it’s largely expected that in case a course correction is not seen in the coming days, then BTC might dip towards the $60,000 mark later this week. As per experts, the next support for BTC lies at $62,5000, while resistance lies at $63,300 and $64,100.

Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile in nature. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their own research before taking any call. 

Crypto Prices Over The Past Week

Last Monday (June 17), the overall crypto market cap stood at $2.43 trillion. BTC price stood at around $66,500, ETH price stood at around $3,500.

A week later, the overall market cap dipped to $2.29 trillion.

DeFi's total volume stands at $4.03 billion, at 7.75 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $47.39 billion, at 91.05 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Neutral’ with 49 points (out of 100).

BTC dominance, at the time of writing, stood at 54.19 percent.

Over the past seven days, Bitcoin achieved a high of $66,968.16 (on June 18) and a low of $62,219.62 (June 24).

Ethereum, on the other hand, saw a high of $3,608.30 (June 20) and a low of $3,382.38 (June 18).

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, "Bitcoin traded at the $62,000 level over the weekend, hitting a one-month low due to the strong US dollar. If Bitcoin does not experience a rebound this week, there is a possibility of a breakout followed by a move towards the $60,000 level. The next support lies at $62,550 and then $61,600, while the resistance is at $63,300 and then $64,100. Investors and traders should closely monitor these key levels."

WazirX Vice President Rajagopal Menon offered his take, “The crypto market experienced notable volatility last week, influenced by macroeconomic factors and shifting investor sentiment. Following the Federal Reserve's announcement trimming interest-rate cut expectations, the biggest cryptos saw declines. Bitcoin dropped below $66,000, trading as low as $62,954, marking its lowest point in over a month. Similarly, Ether fell to $3,400 before rebounding to $3,500. Altcoins also felt the impact, with SOL and DOGE among the worst affected, trading 4.5% and 10% lower, respectively. Despite the initial downturn, the market showed resilience later in the week. Ether reclaimed the $3,500 mark, climbing over 4%, while DOGE and SHIB saw gains of over 3%. Bitcoin stabilised around $65,400.”

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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.