Bitcoin, Ethereum and Dogecoin collapse on investor concerns: analyst warns of King Crypto’s drop below $60,000

Major cryptocurrencies faced selling pressure over the weekend as investors remained skeptical of the market’s upcoming moves.

What happened: Bitcoin fell below $63,000 during Sunday trading hours, expanding the world’s largest digital asset’s monthly losses to nearly 7%. King Crypto has been on a downtrend since reaching $71,000 earlier this month.

Ethereum continued to bleed as traders waited for spot ETFs to list on exchanges.

The speculative market exercised caution as Open Interest on Bitcoin futures fell 0.76% over the past 24 hours. Most of the new positions were long the top cryptocurrencies. That said, according to the Long/Short ratio, the overall market trend was in favor of falling prices.

The cryptocurrency’s Fear & Greed Index was “neutral” ahead of the final trading week of June, a sharp reversal from the “Extreme Greed” seen during the first week of the month.

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The global cryptocurrency market capitalization stands at $2.3 trillion, with a contraction of 2.02% in the last 24 hours.

Stock futures remained stable during the overnight trading hours. THE Dow Jones industrial average futures fell 0.05%, as of 8:30 pm EDT. Futures related to S&P500 gained 0.05%, while Nasdaq 100 Futures increased by 0.16%.

Major stock indexes hit record highs last week on the artificial intelligence giant NVIDIA Corp. NVDA rally. However, strong selling during the latter part halted the rise.

The retreat was fueled by a 3.5% drop in the AI ​​giant’s shares NVIDIA Corp. NVDA, the main mover of stocks lately.

This week, investors’ attention will focus on data on personal spending, the Federal Reserve’s preferred inflation indicator, which will be released on Friday. The FedWatch tool for ECM expected a 90% chance of stable interest rates at the next FOMC meeting on July 31.

See more: Best Cryptocurrency Scanners

Analyst Notes: Famous cryptocurrency trader MartyParty noted that Bitcoin’s Relative Strength Index was “nearly oversold,” a favorable condition for a rebound.

He predicted a subsequent move to $65,000 and then a rangebound move until the US elections.

Instead, a well-known analyst with the pseudonym HORSE raised a bearish alarm.

“I am quite confident that Bitcoin will trade below $60,000 again,” the analyst predicted. “I know we’re still at a medium level, but consolidation and weakness for this long, without a tailwind and already declining demand, almost always ends up going down and then up again.”

Read next: Raoul Pal Predicts Crypto Boom in Fourth Quarter of Election Year, Calls It the ‘Banana Zone’

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