Tuesday saw a broad crypto market retreat, with Bitcoin briefly falling below the $65,000 support level and multiple major altcoins tumbling by double-digit percentages.
Key Market Movements
- Bitcoin (BTC): Opened at $66,665, dipped to $64,300, then rebounded to $65,056 (-2.36% over 24h).
Altcoins: Only 6 of the top 200 altcoins posted gains, while 80 suffered double-digit losses.
- Top gainers: CVX (+14.6%), ELF (+14.1%), FTX Token (+7%).
- Worst performers: CFX (-19.7%), CORE (-19.4%), MEW (-19.2%).
Liquidation and Sentiment
- $372M** in long positions liquidated vs. **$61.8M in shorts (Coinglass data).
- Crypto total market cap: $2.32T, BTC dominance at 54.5%.
- Binance and OKX traders increased net long positions despite BTC's drop below $68K.
Market Indicators
- Spot Premium: Signals reduced speculation; buy orders shifted from $65K to $64K.
- Funding Rates: Turned negative for the first time in months (CrediBULL Crypto calls this a buying opportunity).
- Whale Demand: Remains weak per CryptoQuant, with stablecoin liquidity growth at its slowest since November 2023.
Expert Insights
Max (Because Bitcoin CEO):
"Altcoins underperform BTC near cycle ATHs—this pattern repeats historically. OTHERS.D (altcoin metric) drops sharply, as seen now and in past cycles."
- Peter Brandt: Notes BTC's chart resembles gold’s 2009/2020 inverted head-and-shoulders pattern, hinting at a bullish reversal.
FAQ
Q: Should I buy Bitcoin now?
A: Analysts suggest $62K-$63K is a strong accumulation zone, but monitor whale activity and macroeconomic trends.
Q: Why are altcoins falling harder than BTC?
A: Typical cycle behavior—investors favor BTC’s liquidity during volatility spikes.
👉 How to navigate crypto downturns
Q: When might the market reverse?
A: Watch for a break in BTC’s June downtrend line (Rekt Capital) or sustained spot premium recovery.