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Cryptocurrency markets are down heavily in Monday trading, as Bitcoin plunged below $60,000 for the first time in weeks.CryptocurrencyPriceGains +/-Bitcoin BTC/USD $59,931-6%Ethereum ETH/USD $3,346-2.4%Solana SOL/USD $130.20-0.2%Dogecoin DOGE/USD $0.1177-6.2%Shiba Inu SHIB/USD $0.00001685-5%
Notable Statistics: Coinglass data shows 89,508 traders liquidated in the past 24 hours, with total liquidations at $347.76 million; BTC long liquidations ($132.4 million) marked a two-month high. IntoThe Block data notes a 92.1% increase in exchange netflows; transactions greater than $100,000 dropped, as did Bitcoin holders in profit. Crypto chart analyst Ali Martinez highlighted Bitcoin's daily RSI hitting oversold territory three times in the past two years leading to price surges of 60%, 63%, and 198%, respectively. He suggested a "prime opportunity to buy the dip."
Notable Developments: White House Rehires Former Crypto Adviser To National Security Council Japanese Investment Firm Adopts MicroStrategy-Like Bitcoin Strategy, Set To Purchase $6M Worth BTC Using Funds From Bonds Sale Mt. Gox To Start Repaying Bitcoin In July: $9B In Sell Pressure Coming? Crypto Billionaire Justin Sun Doubles Down On Ethereum, Reportedly Buys $49M Worth Of Assets In 3 Days Excitement Over Spot ETFs Launch? Bitcoin Miner Wars: Riot Platforms Pursues Board Changes At Bitfarms Top Losers:CryptocurrencyPriceGains +/Ordi ORDI/USD $33.98-15%Uniswap UNI/USD $8.82-11%Gnosis GNO/USD $286.55-10%
Trader Notes: Unipcs noted that "everyone feels so sure well keep dipping because markets have been down only." He sees July has "historically been a bullish month for crypto." His table indicated that July's average return stands at around 8% while the median stands at 10% compared to -0.7% and -0.5%, respectively in June.
Crypto analyst Micha?l van de Poppe stated that Bitcoin has become the most oversold on the Mt. Gox news in a year. The last two times were the FTX crash and August 2023 correction.
Rekt Capital is monitoring the situation:
In a very detailed post, CrediBULL Crypto highlighted that "The orange zone below at $58,000-$60,000 is a last chance level to keep us from seeing much more downside."
He also predicted that things could get ugly ($53,000-$54,000) as the next major area of demand. However, he adds "Hold it and technically we still have a higher low above the $56,000 lows from last month."
The trader added, "Even if this level is held we now have to look to build a new impulsive structure to the upside since the prior impulse was invalidated."
Whats Next: The influence ofBitcoin as an institutional asset classis expected to be thoroughly explored at Benzingas upcomingFuture of Digital Assetsevent on Nov. 19.
Read Next: Is Bitcoins New 5% Tumble Still A Bull Market Correction?
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