BTC has nudged into the 70,200 range, echoing a familiar August crash pattern where prices plunged as whales flexed their power. New traders may miss the subtle cues, but beware: we're in the midst of a setup likely to mirror that major August nosedive. Whales are circling, and market manipulation feels imminent.

In my analysis, BTC has a mere 2% chance to break its all-time high, but a whopping 98% chance of a monumental crash in the next 48 hours! Now isn’t the time to open any trades, especially long positions—this could be the biggest crash we’ve seen yet.

🔍 Tread carefully, and follow for live updates as the market unfolds. Let's ride this storm together!

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$BTC Bitcoin’s price took a massive turn to the worse yesterday with a decline that pushed it south by about five grand in hours.
The altcoins’ losses were even more significant, which is evident by the rising BTC dominance. Many meme coins dumped by over 20%.
BTC’s Crash
The business week was actually going relatively well for the primary cryptocurrency. The asset had a strong start on Monday when it pumped to a four-week peak of over $72,500 amid the growing demand for the spot ETFs.
It failed to maintain its run and retraced to $67,500 on Wednesday after the US announced the March inflation data, which was actually higher than expected. Nevertheless, the cryptocurrency recovered some ground in the next few days and even challenged $71,000 on Friday.
However, it didn’t see much success there. Just the opposite, the latest US Fed speeches regarding the central bank’s monetary policy started a violent correction that drove BTC south by about five grand, leaving nearly $1 billion in liquidations.
Bitcoin has managed to regain some traction and now stands above $67,000. Still, its market capitalization has plummeted ty $1.330 trillion on CG. The silver lining is that Bitcoin’s dominance has soared to 51.7% – gaining over 1% in a day.
Also, this crash harmed other financial markets, including gold, and you can read more about it here.
Alts Turn Red
The increasing Bitcoin dominance amid this correction means only one thing – the altcoins have performed even worse. Although many have recovered some ground since the lows from yesterday evening, the 24-hour charts are still quite painful.
The biggest losers from the larger-cap alts include XRP (-11%), SOL (-13%), DOGE (-13%), ADA (-13%), AVAX (-18%), SHIB (-12.5%), BCH (-10.5%), DOT (-13.5%), LINK (-14%), and many more.
The meme coins were also hit hard, with losses of up to 30% in some cases.
The total crypto market cap declined by over $200 billion at one point, and even though it’s slightly up since that low, it is still way below $2.6 trillion.

After staying above $60,000 for a long time, Bitcoin recently fell below $58,000, marking a drop of over 3.8% in the past 24 hours.
This decline has drawn significant attention from analysts and investors. Here’s a breakdown of the current situation and what might be in store for Bitcoin moving forward.

Bitcoin Hits Two-Month Low Amid Low Volatility
Bitcoin’s price dipped below $58,000 early on Thursday, marking a two-month low. This drop occurs during a period of unusually low volatility, with BTC prices having previously fluctuated between $60,000 and $70,000. As fear and supply increase in the crypto market, bearish expectations are rising. With Bitcoin currently at the 200-day EMA, the likelihood of a breakdown seems higher than that of a reversal, especially with trading volume surging by 55% in 24 hours.
Despite this recent dip, Glassnode’s analysis indicates that periods of low volatility are often followed by significant price movements, suggesting that a notable change could be on the horizon for Bitcoin.

Source: X
Factors Behind Bitcoin’s Recent Price Drop
Wise Advice, a crypto analyst, has highlighted several reasons for Bitcoin’s recent freefall. One significant factor is the impending distribution of nearly $9 billion worth of Bitcoin by the defunct Mt. Gox exchange. With around 140,000 Bitcoins set to be distributed to creditors in July, there is concern that these creditors might sell off a large portion of their holdings. Given that the price of Bitcoin was around $600 when Mt. Gox collapsed, these creditors stand to make considerable profits, potentially putting pressure on the BTC market.
Additionally, Bitcoin miners have begun selling their BTC holdings. Since Monday, they have offloaded over $150 million worth of Bitcoin on exchanges. This selling pressure is partly due to a drop in daily miner revenue, which has fallen from $79 million to $29 million following the Bitcoin halving event. To sustain their operations, miners are forced to liquidate their assets.
In the past 24 hours, approximately $231.9 million worth of long positions have been liquidated. This has further intensified the Bitcoin price drop, creating a feedback loop of declining prices and increased liquidations.
Market Conditions and Potential Buy-The-Dip Opportunity
As supply increases, long liquidations are rising, leading to concerns that the bearish trend might push Bitcoin below the $56,000 level and potentially test the psychological $50,000 mark. On-chain data provider Santiment has noted significant sell-offs in both Bitcoin and altcoins, with prices dropping to nearly two-month lows. Despite the expected launch of spot Ethereum ETFs by July 15, Ethereum prices have also fallen below $3,200.
Santiment suggests that the current market conditions could present a buy-the-dip opportunity. They advise waiting for the initial market enthusiasm to wane and for traders to become skeptical and impatient before making new investments.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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