{"id":625257,"date":"2024-06-18T23:00:03","date_gmt":"2024-06-18T23:00:03","guid":{"rendered":"https:\/\/wncen.com\/?p=625257"},"modified":"2024-06-18T16:08:12","modified_gmt":"2024-06-18T16:08:12","slug":"bitcoin-tumbles-below-65000-should-you-panic-or-buy","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/bitcoin-tumbles-below-65000-should-you-panic-or-buy\/","title":{"rendered":"Bitcoin Tumbles Below $65,000: Should You Panic Or Buy?"},"content":{"rendered":"

As Bitcoin dips below the $65,000 mark, currently trading at $64,886, the cryptocurrency market is witnessing a heightened sense of urgency among traders.<\/p>\n

This recent downturn reflects a broader trend observed over the past week, with Bitcoin shedding approximately 2.4% of its value. The last 24 hours alone saw a further decline<\/a> of 1%, signaling growing market nervousness.<\/p>\n

Related Reading: CoinShares: Altcoins Defy Trends As Bitcoin Faces $600M in Outflows \u2013 What\u2019s Next?<\/a><\/div>\n

Should You Panic?<\/h2>\n

Analysts from the blockchain analytics platform Santiment highlight<\/a> the ongoing decline phase as a steepest three-day decline in active Bitcoin wallets since the peak earlier in March, suggesting a significant shift<\/a> in investor behavior and market sentiment.<\/p>\n

However, this contrasts sharply with ETH, as Ethereum wallets continue to increase, indicating divergent investor confidence between the leading cryptocurrencies.<\/p>\n

\"Trend
The trend in Bitcoin and Ethereum holders. | Source: Santiment<\/a><\/figcaption><\/figure>\n

The increase in Ethereum wallets suggests a bullish outlook for ETH despite the bearish pressure on Bitcoin. Meanwhile, according to Bitfinex analysts, the ongoing sell-off has been significantly influenced<\/a> by long-term Bitcoin holders and whales adjusting their holdings amid the market’s consolidation phase.<\/p>\n

This behavior is typical of long-term holders who opt to reduce their positions during periods of market uncertainty to capitalize on or mitigate losses<\/a>.<\/p>\n

The Bitfinex analyst reveals that the Hodler Net Position Change metric has consistently shown negative values, indicating that these significant players are moving their holdings to exchanges, potentially to sell, exerting downward pressure<\/a> on Bitcoin prices.<\/p>\n

This trend is echoed by the rising Bitcoin Exchange Whale Ratio, which tracks large deposits into exchanges relative to overall market activity.<\/p>\n

\"Bitcoin
Bitcoin Exchange Whale Ratio. Source: Bitfinex Weekly Alpha Report<\/a><\/figcaption><\/figure>\n

As more whales transfer their Bitcoin to trade on platforms, the increased potential supply on the market can lead to price drops<\/a>.<\/p>\n

Should You Buy?<\/h2>\n

Despite these pressures, some analysts remain cautiously optimistic about a potential rebound. CrediBULL Crypto, a prominent analyst, suggested<\/a> on X that BTC might be nearing its lower support levels, with the current prices potentially front-running a deeper market low that many fear.<\/p>\n

\n

There’s a chance our $BTC<\/a> bottom is in with this SFP.<\/p>\n

Below is what I am watching for now.<\/p>\n

Yes, we can still technically go lower into the “dream long” zone below, but as I’ve previously said it would not surprise me to see that zone front run.<\/p>\n

That being said, you sell the\u2026 pic.twitter.com\/cI6moqbadJ<\/a><\/p>\n

\u2014 CrediBULL Crypto (@CredibleCrypto) June 18, 2024<\/a><\/p><\/blockquote>\n

Funding rates in the crypto derivatives market serve as a critical indicator of trader sentiment. Recent data from Coinglass indicates<\/a> that funding rates are slightly positive, which traditionally signals a bullish outlook among traders.<\/p>\n

Related Reading: Bitcoin Mining Cost At $86,700: Price To Surpass This Soon?<\/a><\/div>\n

Notably, positive funding rates imply that more traders are betting on the price of Bitcoin going up and are willing to pay a premium to hold long positions in futures contracts.<\/p>\n

\n

#BTC<\/a><\/p>\n

Funding rates are slightly positive, showing bullish .<\/p>\n

Buy the dip.<\/p>\n

\ud83d\udc49https:\/\/t.co\/iyLrhuoty0<\/a> pic.twitter.com\/YFfCsGMTni<\/a><\/p>\n

\u2014 CoinGlass (@coinglass_com) June 18, 2024<\/a><\/p><\/blockquote>\n

This metric can often counterbalance the prevailing market sentiment, suggesting that despite the sell-off, a section of the market is preparing for a potential price increase.<\/p>\n

\"Bitcoin
BTC price is moving sideways on the 4-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

As Bitcoin dips below the $65,000 mark, currently trading at $64,886, the cryptocurrency market is witnessing a heightened sense of urgency among traders. This recent downturn reflects a broader trend observed over the past week, with Bitcoin shedding approximately 2.4% of its value. The last 24 hours alone saw a further decline of 1%, signaling growing market nervousness. Related Reading: CoinShares: Altcoins Defy Trends As Bitcoin Faces $600M in Outflows \u2013 What\u2019s Next? Should You Panic? Analysts from the blockchain analytics platform Santiment highlight the ongoing decline phase as a steepest three-day decline in active Bitcoin wallets since the peak earlier in March, suggesting a significant shift in investor behavior and market sentiment. However, this contrasts sharply with ETH, as Ethereum wallets continue to increase, indicating divergent investor confidence between the leading cryptocurrencies. The increase in Ethereum wallets suggests a bullish outlook for ETH despite the bearish pressure on Bitcoin. Meanwhile, according to Bitfinex analysts, the ongoing sell-off has been significantly influenced by long-term Bitcoin holders and whales adjusting their holdings amid the market’s consolidation phase. This behavior is typical of long-term holders who opt to reduce their positions during periods of market uncertainty to capitalize on or mitigate losses. The Bitfinex analyst reveals that the Hodler Net Position Change metric has consistently shown negative values, indicating that these significant players are moving their holdings to exchanges, potentially to sell, exerting downward pressure on Bitcoin prices. This trend is echoed by the rising Bitcoin Exchange Whale Ratio, which tracks large deposits into exchanges relative to overall market activity. As more whales transfer their Bitcoin to trade on platforms, the increased potential supply on the market can lead to price drops. Should You Buy? Despite these pressures, some analysts remain cautiously optimistic about a potential rebound. CrediBULL Crypto, a prominent analyst, suggested on X that BTC might be nearing its lower support levels, with the current prices potentially front-running a deeper market low that many fear. There’s a chance our $BTC bottom is in with this SFP. Below is what I am watching for now. Yes, we can still technically go lower into the “dream long” zone below, but as I’ve previously said it would not surprise me to see that zone front run. That being said, you sell the\u2026 pic.twitter.com\/cI6moqbadJ \u2014 CrediBULL Crypto (@CredibleCrypto) June 18, 2024 Funding rates in the crypto derivatives market serve as a critical indicator of trader sentiment. Recent data from Coinglass indicates that funding rates are slightly positive, which traditionally signals a bullish outlook among traders. Related Reading: Bitcoin Mining Cost At $86,700: Price To Surpass This Soon? Notably, positive funding rates imply that more traders are betting on the price of Bitcoin going up and are willing to pay a premium to hold long positions in futures contracts. #BTC Funding rates are slightly positive, showing bullish . Buy the dip. \ud83d\udc49https:\/\/t.co\/iyLrhuoty0 pic.twitter.com\/YFfCsGMTni \u2014 CoinGlass (@coinglass_com) June 18, 2024 This metric can often counterbalance the prevailing market sentiment, suggesting that despite the sell-off, a section of the market is preparing for a potential price increase. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":625271,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,441,629,6848,1119,78790,6664,10923,1558],"class_list":["post-625257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-market","tag-bitcoin-price-prediction","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market","tag-cryptocurrency"],"acf":[],"yoast_head":"\nBitcoin Tumbles Below $65,000: Should You Panic Or Buy?<\/title>\n<meta name=\"description\" content=\"As Bitcoin dips below the $65,000 mark, currently trading at $64,886, the cryptocurrency market is witnessing a heightened...\" \/>\n<meta name=\"robots\" content=\"index, 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Tumbles Below $65,000: Should You Panic Or Buy?","url":"http:\/\/wncen.com\/bitcoin-news\/bitcoin-tumbles-below-65000-should-you-panic-or-buy\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/bitcoin-news\/bitcoin-tumbles-below-65000-should-you-panic-or-buy\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-18-15.43.56-A-dynamic-digital-artwork-depicting-a-graph-with-a-sharp-downward-trend-symbolizing-Bitcoins-price-drop-below-65000.-The-background-should-show-a-.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-18-15.43.56-A-dynamic-digital-artwork-depicting-a-graph-with-a-sharp-downward-trend-symbolizing-Bitcoins-price-drop-below-65000.-The-background-should-show-a-.jpg?fit=1024%2C1024"},"articleSection":"Bitcoin News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin analysis","bitcoin market","bitcoin price prediction","btc","btcusdt","crypto","crypto market","cryptocurrency"],"dateCreated":"2024-06-18T23:00:03Z","datePublished":"2024-06-18T23:00:03Z","dateModified":"2024-06-18T23:00:03Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Tumbles Below $65,000: Should You Panic Or Buy?\",\"url\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoin-tumbles-below-65000-should-you-panic-or-buy\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoin-tumbles-below-65000-should-you-panic-or-buy\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/DALL\\u00b7E-2024-06-18-15.43.56-A-dynamic-digital-artwork-depicting-a-graph-with-a-sharp-downward-trend-symbolizing-Bitcoins-price-drop-below-65000.-The-background-should-show-a-.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/DALL\\u00b7E-2024-06-18-15.43.56-A-dynamic-digital-artwork-depicting-a-graph-with-a-sharp-downward-trend-symbolizing-Bitcoins-price-drop-below-65000.-The-background-should-show-a-.jpg?fit=1024%2C1024\"},\"articleSection\":\"Bitcoin News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin analysis\",\"bitcoin market\",\"bitcoin price prediction\",\"btc\",\"btcusdt\",\"crypto\",\"crypto market\",\"cryptocurrency\"],\"dateCreated\":\"2024-06-18T23:00:03Z\",\"datePublished\":\"2024-06-18T23:00:03Z\",\"dateModified\":\"2024-06-18T23:00:03Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-18-15.43.56-A-dynamic-digital-artwork-depicting-a-graph-with-a-sharp-downward-trend-symbolizing-Bitcoins-price-drop-below-65000.-The-background-should-show-a-.jpg?fit=1024%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/625257"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=625257"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/625257\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/625271"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=625257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=625257"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=625257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}