It has become known that Bitcoin (BTC) is facing a new resistance level at the $63,000 price area, which it failed to break and has now fallen below $59,000. However, this decline stimulated the current recovery in its network activity, indicating the possibility of a new rise. So far, July has seen an increase in activity on the Bitcoin network.

The cryptocurrency market is still suffering losses with the decline in current trading value. On this line, the value of Bitcoin declined by approximately 12%, or about $20.8 thousand, to reach its lowest levels since late 2020. This decline reflects a decline in the value of Bitcoin by 65% ​​compared to the levels it reached during the month of November 2021. According to studies, it recorded The cryptocurrency market has declined unparalleled, bringing its value to less than a trillion dollars.

The cryptocurrency market witnessed a sharp decline today, with all major cryptocurrencies losing their gains, leading to huge losses for investors.
The rest of the digital currencies did not survive this decline, as Ethereum, the second largest cryptocurrency, fell by 5%, reaching $3,190, Binance Coin fell by 6.15% to $532, while Solana fell by 8.54% to $134.

U.Today - An enormous $102 billion in Bitcoin and Ethereum options are set to expire, which should push the volatility of the cryptocurrency market upward again - 107,000 BTC worth $6.6 billion and $3.6 billion worth of Ethereum.
With their impact on price dynamics and investor behavior, options play a critical role in the cryptocurrency market. A derivative known as an option gives buyers the right but not the responsibility to purchase or sell an asset at a fixed price prior to the contract's expiration.
Due to traders and investors' adjustments to their positions, the volume of options scheduled for expiration can cause large price swings. Understanding these market fluctuations requires a special grasp of the max pain idea.
The maximum pain is the price at which the greatest number of options contracts (calls and puts combined) will expire, resulting in the greatest possible financial loss for options holders. This target is $57,000 for Bitcoin and $3,100 for Ethereum. Due to market makers' attempts to reduce their payouts, the price of the underlying asset frequently tends to move toward the maximum pain point as the expiration date draws near.
The crypto market has faced difficulties in June, with a more negative outlook as the prices of ETH and BTC have gotten closer to their respective maximum pain points. Such closeness suggests that many options holders were unprepared for these price levels, thinking them improbable.
When traders unwind their positions and market makers hedge their exposures, the expiration of such a large volume of options may cause volatility to increase. Another important metric to take into account is the Put/Call ratio.
The ratio for Bitcoin is 0.5, meaning that there are more call options than puts. Ethereum exhibits a similar trend with a ratio of 0.59. Despite the recent market correction, these ratios point to a general bullish attitude among traders.

Solana price predictions After VanEck submitted an application to the Solana Trust, can the price of the coin reach $10,000?
The price of Solana-SOL rose by 7% within an hour to $148 after major investment firm VanEck submitted an application to launch a Solana spot exchange-traded fund (spot SOL ETF).
VanEck's order follows the launch of its spot BTC ETF last January, as well as its recent order for a similar Ethereum ETF, which may launch within the next few weeks.

On Monday, the price of Bitcoin fell sharply by 5% to reach the level of $61,000. This sudden decline surprised investors and led to a large wave of liquidations. In just 24 hours, the liquidation value of cryptocurrencies reached approximately $300 million.
Reasons for Bitcoin's decline
Liquidation of long positions is one of the important reasons. The market witnessed a noticeable increase in the liquidation of long positions in Bitcoin, as $85.4 million worth of these positions were liquidated, which increased the selling pressure on the price. These liquidations occur when the market price reaches the liquidation price of leveraged positions, triggering automatic sales to cover losses, thus further declining the price and causing high market volatility.

In the past few days, the price of Bitcoin fell below the level of $66,000, which made many doubt the currency’s ability to withstand and return to rising again.

But only hours passed until the price of Bitcoin rebounded and rose again above the level of $66,000, which contributed positively to raising the prices of most alternative digital currencies.

The cryptocurrency market has witnessed significant fluctuations in recent days, as the price of Bitcoin fell to approximately $64,000 before stabilizing slightly above this level of $65,000.

As is usual in such cases, many altcoins were also affected, following a similar path, but it is noteworthy that some of them managed to outperform Bitcoin, especially in recent days.

Bitcoin price witnessed a period of relative stability after falling from the $70,000 level.

Despite this long market correction, this did not stop investors from increasing the amount of their cryptocurrencies.

On June 20, Lookonchain announced that a smart whale had purchased 6,070 bitcoins worth $395 million during a market downturn.

The price of Bitcoin witnessed a continuous decline, as it was unable to find catalysts for recovery during this week.

The decline in the price of Bitcoin negatively affected the entire cryptocurrency market, as most alternative digital currencies witnessed a decline in their value during the past 24 hours.

Bitcoin price fell below $64,000:
Over the past few days, Bitcoin has faced major challenges, as it has been unable to achieve any kind of actual recovery.