Bitcoin loses mojo, retests $62.3K

The principal digital asset fell below $63K to a fresh multi-week low of about $62,200, setting off a chain reaction of losses in the broader cryptocurrency market. 69,206 traders were liquidated in the last 24 hours, for a total liquidation value of $162.86 million. The greatest liquidation order ever was on Bitmex for $10 million worth of Bitcoin.

Bitcoin’s performance last week was awful due to significant withdrawals from spot ETFs. The weekly high for the cryptocurrency was reached on Tuesday when it momentarily surpassed $67K, and then the bears took over and began driving it lower. There has been a decrease in interest in retail searches this year around Bitcoin, according to data from Google Trends.

After a tremendous run-up from October to March, the cryptocurrency market is going through a good consolidation, at least for investors who bought the two biggest digital assets.
However, this is a harsh correction for people who own smaller cryptocurrencies, with the mood in crypto social media circles akin to bear market despondency. Some of the biggest cryptocurrency names this year, including Solana and a few well-known meme currencies, have lost more than half of their value, while Ethereum’s ether and bitcoin are barely 15% off their yearly highs.

However, statistics monitored by research firm Santiment indicate that audience opinion for Bitcoin is currently in its fourth week of “extremely negative” reading, contrarians bulls might find solace in this.

Still, there was another significant dip to start London’s trading day on Monday morning. Within hours, Bitcoin dropped below $62,500 for the first time since May 15 and lost around two thousand dollars. If the $62,451 support level is maintained and Bitcoin breaks above the declining channel, it may rise 7.5% to $67,147, the previous resistance level.

The awesome Oscillator (AO) and the Relative Strength Index (RSI), are below their respective mean values of zero and fifty on the daily chart, Such momentum indicators need to hold their positions above their respective mean levels if bulls are making a comeback. Bitcoin is still down about 3% for the day and 6% for the previous week.

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Olumide Adesina
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
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