$BONK is mooning | Squarebbly on Binance Square

Trending Articles

Bookmarked and Liked

--

Bullish

$BONK is mooning 

Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.

BONK

0.00001928

-1.17%

269

0

Replies 0

Explore the latest crypto news

⚡️ Be a part of the latests discussions in crypto

💬 Interact with your favorite creators

👍 Enjoy content that interests you

Email / Phone number

Relevant Creator

@Square-news-Creator

Explore More From Creator

Crypto market down again Good time to jump in $BTC $FLOKI $PEPE

--

Traders Are Abandoning Meme Coins – What's Happening? Since April 2024, the dominance of crypto memes in the altcoin market has significantly decreased! Signaling a potential shift in trader strategies, who might turn away from speculative trading to focus on fundamentals. Memecoins are collapsing! Is it time to invest in fundamentals? Data from CryptoQuant reveals a steady decline in the dominance of memecoins since September 2022, with a significant drop below 0.03 in May 2024. This trend suggests a shift towards a more fundamental approach to crypto investments! Similar to what was observed a few years ago. Despite the decrease in dominance, the liquidity of memecoins has doubled since the beginning of the year. Reaching a historical peak of 128 million dollars in June. This indicates a complex evolution of the crypto market sentiment, despite recent corrections and massive sell-offs that followed. Memecoins like Dogwifhat (WIF), Memecoin (MEME), and Book of Meme (BOME) have experienced liquidity growth ranging from 200% to 4000% in native units. However, the overall crypto market capitalization has fallen below 2.4 trillion dollars, with a notable decline for memecoins to 49.9 billion dollars. Is the crypto market moving to a new stage? This transition could reflect a growing maturity of the crypto market. Investors would seek assets with strong fundamentals, real utility, and significant market capitalization. Notable events of 2024, such as the memecoin frenzy on Solana (SOL) and increased institutional interest, could also play a role in this market dynamic. The decrease in the dominance of memecoins could be an indicator of an evolving crypto market, where speculation gives way to a more rigorous analysis of fundamentals. This could mark the end of an era of meme-based trading and pave the way for a new phase of growth supported by more stable and economically sound assets.

--

Why is Crypto Down Today? BTC Price Below $63,000 Amid Market Pressures & Trader Liquidations The cryptocurrency market experienced a significant downturn on Monday, June 24, 2024, as Bitcoin’s price plummeted below the $63,000 mark. This sudden drop led to the liquidation of over 60,000 traders and caused ripple effects throughout the crypto ecosystem. Bitcoin, the world’s largest cryptocurrency by market capitalization, fell to a low of $62,634, marking its lowest point in several weeks. The price decline resulted in more than $130 million in losses for traders in a single day. This sharp decrease caught many off guard, triggering a series of automatic liquidations on various trading platforms. The recent price movement continues a downward trend that began last week. Bitcoin had reached a weekly high of $67,000 last Tuesday but has since experienced consistent bearish pressure. By Friday, the price had already dropped to $63,500, with the weekend seeing a brief stabilization around $64,000 before Monday’s significant decline. Several factors appear to be contributing to this market correction. One notable element is the decrease in whale transactions. Over the past two days, these large-scale transactions have dropped by 42%, falling from 17,091 to 9,923. This reduction in activity from major players in the market has likely contributed to the overall bearish sentiment. There has been a wave of withdrawals from derivative exchanges. Some traders have adopted a “risk-off” approach, reducing their exposure by moving assets away from these platforms. The Interexchange-Flow-Pulse (IFP) indicator, which tracks Bitcoin movements between spot and derivative exchanges, has turned red, signaling a decline in market confidence. Another factor putting pressure on Bitcoin’s price is the outflow from spot exchange-traded funds (ETFs). The previous week saw substantial withdrawals from these investment vehicles, contributing to the overall bearish trend in the market.

--

Brace for gains: July is a historically winning month for Bitcoin June is a historically losing month for Bitcoin (BTC), a pattern repeating as the end of the month approaches. Conversely, July is a historically winning month, with primarily positive returns for investors who built long positions. Finbold retrieved data from CoinGlass, highlighting Bitcoin’s monthly returns for the last 12 years since 2013. Notably, all nine months have had gains on their 12-year averages and medians except for June, August, and September. This year’s June has not been different. As of this writing, BTC registers 5% losses month-to-date, just one week before it ends. On average, June brought 0.19% losses to Bitcoin traders and a median of 0.5% negative performance since 2013. Historical pattern forecasts a nearly 10% surge for Bitcoin in July On the other hand, July has a 7:11 winning ratio since 2013, with 2020 having the most positive returns. This month has previously marked the start of last cycle’s bull market with 24% gains from July 1 to 31, 2020. Over the years, July has accumulated gains of 7.98% and 9.6% on average and median, respectively. If this pattern repeats, Bitcoin could surge from nearly 10% up to 25% in 31 days. Interestingly, prominent cryptocurrency analyst Credible Crypto forecasts an impending 30-day impulse for BTC to $100,000. Other analysts have been eagerly awaiting a 4-month resistance range breakout at $72,000, eyeing the $83,000 level. BTC could reach any of these targets in July, consolidating the historical winning month. Bitcoin price analysis In the meantime, Bitcoin trades at $64,260, testing the range’s support while trying to regain momentum. The leading cryptocurrency has accumulated 52.25% gains year-to-date. If BTC remains trading at this level by the end of the month, a 10% to 25% rally could drive Bitcoin to $70,000 and up to $80,000 by July 31. A target aligned with other analysts’ projections.

--

The market’s anticipation of a possible Bitcoin (BTC) rebound seems to have been dampened, considering that indicators suggest further downside in the coming days. In line with this, trading expert Alan Santana projected in a TradingView post on June 23 that investors should expect a ‘major low’ for Bitcoin before experiencing any rebound. Turning to the timing of the next major low, Santana based his speculation on historical patterns. The analyst observed that it took exactly 48 days for Bitcoin to establish a major low after the all-time high. Using this pattern, he predicted two potential dates for the next low: July 8, 2024, and July 25, 2024. The expert leaned towards the 8th of July because this is the ideal day when considering when Bitcoin printed its latest lower high. Santana used TradingView’s index, which indicates that the bounce after the May 1 low ended on May 21, leading to the July 8 projection. If the last high is considered to be set on June 7, 2024, the date shifts to July 25, 2024. The psychological impact It’s worth noting that Santana initially based his analysis on the psychological barrier some investors face with Bitcoin’s high prices. He mentioned that a section of investors might not be willing to pay $70,000 for one BTC as they believe it is too expensive. However, he noted that while this doesn’t directly impact technical analysis, it is a factor to consider. While emphasizing that prices can be misleading, Santana pointed out the importance of human psychology and market participants’ perceptions in predicting market behavior. According to the trading expert, understanding these psychological factors can aid in accurately forecasting market trends. Bitcoin price analysis At the time of reporting, Bitcoin was at $64,148, with weekly losses of almost 4% after losing the $66,000 mark earlier in the week. Overall, Bitcoin’s key resistance is between $66,000 and $66,600, with significant support around $64,000 to $64,500, where the asset has found some stability. These levels remain the focus moving into the new week.

--

Latest News

Three Arrows Capital Co-Founder's Wife Sells Singapore Mansion For $38.5 Million

--

Ethereum(ETH) Drops Below 2,500 USDT with a 0.57% Decrease in 24 Hours

--

MicroStrategy Transfers 1,652 BTC to New Address

--

Ethereum Spot ETFs Experience Significant Net Outflows

--

BlackRock IBIT Sees No Net Inflow Or Outflow For First Time In 14 Days

--

Trending Articles

$BTC /USDT 15-minute chart, with the cur

How I Turned $200 into $1 Million: 5 Key Lessons That Changed My Financial Life Forever

900 Million XRP in Single Hour – What's Happening?

Solana (SOL) Price Prediction October 2024, 2025, 2026, 2030, 2040 – 2050

CryptoRegenClub

Cardano Set to Unlock 18.5 Million ADA Tokens: What Does It Mean for Investors?

Cookie Preferences

ba-one-trust-cookie