{"id":462294,"date":"2022-06-13T12:42:26","date_gmt":"2022-06-13T09:42:26","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-passes-23-8k-may-low-as-crypto-market-cap-drops-under-1-trillion\/"},"modified":"2022-06-13T12:42:26","modified_gmt":"2022-06-13T09:42:26","slug":"bitcoin-passes-23-8k-may-low-as-crypto-market-cap-drops-under-1-trillion","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-passes-23-8k-may-low-as-crypto-market-cap-drops-under-1-trillion\/","title":{"rendered":"# Bitcoin passes $23.8K May low as crypto market cap drops under $1 trillion"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a407168d37fa\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a407168d37fa\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-passes-23-8k-may-low-as-crypto-market-cap-drops-under-1-trillion\/#%E2%80%9D_Bitcoin_passes_238K_May_low_as_crypto_market_cap_drops_under_1_trillion_%E2%80%9C\" >&#8221; Bitcoin passes $23.8K May low as crypto market cap drops under $1 trillion &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-passes-23-8k-may-low-as-crypto-market-cap-drops-under-1-trillion\/#Bitcoin_battles_for_24000\" >Bitcoin battles for $24,000<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-passes-23-8k-may-low-as-crypto-market-cap-drops-under-1-trillion\/#Ethereum_faces_1000_price_target\" >Ethereum faces $1,000 price target<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_passes_238K_May_low_as_crypto_market_cap_drops_under_1_trillion_%E2%80%9C\"><\/span>&#8221; Bitcoin passes $23.8K May low as crypto market cap drops under $1 trillion &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Bitcoin (BTC) faced continued selling pressure before the June 13 Wall Street open as Ether (ETH) revisited\u00a0multiyear lows.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/59fbd4b5-e041-4262-8455-6934d8c1aab1.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_battles_for_24000\"><\/span>Bitcoin battles for $24,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a>\u00a0showed BTC\/USD eclipsing its 10-month lows set in mid-May.<\/p>\n<p>The largest cryptocurrency faced bearish triggers on multiple fronts, these coming from both within and beyond the crypto sphere.<\/p>\n<p>Fintech protocol Celsius <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eared on the brink of meltdown after operations were halted, turning billions of dollars in collateral into new risk for crypto markets. In an event ironically similar to that which caused the May rout, Bitcoin and altcoins kept falling as fresh uncertainty filled the air.<\/p>\n<p>Macro conditions were hardly better, with Asian markets selling off and Wall Street futures looking set to continue the downtrend that set in last week.<\/p>\n<p>Inflation concerns likewise remained ahead of crucial comments from the United States Federal Reserve due June 15.<\/p>\n<p>\u201cI call it.. the long bear,\u201d popular analyst Crypto Chase\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Crypto_Chase\/status\/1536033365521997824\">summarized<\/a>:<\/p>\n<blockquote><p>\u201cFor real though, we do not know when Fed will change tune, developments of war in Ukraine, US presidential election on horizon, supply chain issues, etc. Markets do NOT like uncertainty.  I can be a trader of bounces sure, but investor? Not yet.\u201d<\/p><\/blockquote>\n<p>Others were more confident, both on longer and shorter timeframes.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Here is your smart money. Since our Wave 3 peak at 65k they have increased <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> holdings from approx. 11M to over 13M. This is a re-accumulation range, not distribution. Look at the comments below- most say &#8220;they must be selling&#8221; or &#8220;they already sold&#8221;. Nah, the data doesn&#8217;t lie. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/LVLhiNWNxM\">https:\/\/t.co\/LVLhiNWNxM<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/2QqXEKWmDY\">pic.twitter.com\/2QqXEKWmDY<\/a><\/p>\n<p>\u2014 CrediBULL Crypto (@CredibleCrypto) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CredibleCrypto\/status\/1536237678840135682?ref_src=twsrc%5Etfw\">June 13, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>\u201cThe expectations are that the FED will hike on next week\u2019s meeting,\u201d Cointelegraph contributor Micha\u00ebl van de Poppe <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1536249513257553920\">added<\/a>:<\/p>\n<blockquote><p>\u201cNormal, and highly expected. However, this expectation is overshooting towards extensive hikes (75bps). I don\u2019t see that. Probably 50bps and that\u2019s it. Markets always overreact.\u201d<\/p><\/blockquote>\n<p>The overall cryptocurrency market capitalizatio, meanwhile, fell under the $1 trillion mark for the first time since February 2021.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/9d4f9776-743f-4434-a210-f075af88bace.png\"><figcaption style=\"text-align: center;\"><em>Crypto market cap 1-week candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Ethereum_faces_1000_price_target\"><\/span>Ethereum faces $1,000 price target<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Continuing the bearish theme, altcoins looked even more primed to hemorrhage value on the day.<\/p>\n<p><strong><em>Related:\u00a0Lowest weekly close since December 2020 \u2014 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<p>Ether, fresh from dropping below its realized price over the weekend, is now trading below its all-time highs set during Bitcoin\u2019s previous halving cycle.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">This is the last time <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a> went oversold on the weekly (hasn\u2019t confirmed here yet). <\/p>\n<p>I had no followers, but macro bottom ticked it. <\/p>\n<p>Note, you can push way lower on weekly rsi, not trying to catch a bottom. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/kLCynTKTcS\">https:\/\/t.co\/kLCynTKTcS<\/a><\/p>\n<p>\u2014 The Wolf Of All Streets (@scottmelker) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/scottmelker\/status\/1535958675742916610?ref_src=twsrc%5Etfw\">June 12, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>ETH\/USD fluctuated near $1,230 at the time of writing, a level last seen in January 2021. The old cycle\u2019s peak, set in January 2018, was around $1,530.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/6e2d0f67-e0d1-4e88-a2a4-26799971b653.png\"><figcaption style=\"text-align: center;\"><em>ETH\/USD 1-week candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<p>\u201cThings getting so bad so fast that the 200W SMA for $BTC &amp; $ETH will both be severely tested,\u201d crypto venture capital fund Placeholder founder Chris Burniske <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cburniske\/status\/1536226062463447040\">concluded<\/a>:<\/p>\n<blockquote><p>\u201c$ETH likely breaks it cleanly &amp; heads to bigger psychological test of $1K, $BTC will put up a bigger fight but given the clouds on the horizon hard to see it not toying w\/ $20K &amp; below.\u201d<\/p><\/blockquote>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-nears-23-8k-may-low-as-crypto-market-cap-drops-under-1-trillion\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin passes $23.8K May low as crypto market cap drops under $1 trillion &#8220; Bitcoin (BTC) faced continued selling pressure before the June 13 Wall Street open as Ether (ETH) revisited\u00a0multiyear lows. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin battles for $24,000 Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD eclipsing its 10-month&#8230;<\/p>\n","protected":false},"author":1,"featured_media":462295,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvM2ViM2IwYmEtY2JjYS00NTU5LWIzMDctMDQwYzc4Mzk0ODczLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,74937,82402,74891,73785],"class_list":["post-462294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-bitcoin-price","tag-ether-price","tag-ethereum","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/462294","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=462294"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/462294\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/462295"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=462294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=462294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=462294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}