Crypto Market Stumbles as Bitcoin Fails to Break Through

The cryptocurrency market faced a downturn as Bitcoin failed to break through the $72,000 resistance level. This led to widespread losses, with Notcoin, Wormhole, and Mantra among the top losers. Despite the setback, cryptocurrencies are unlikely to reach zero due to institutional support and long-term investor commitment.

Jun 11, 2024 - 11:34
Jun 11, 2024 - 14:01
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Crypto Market Stumbles as Bitcoin Fails to Break Through

The cryptocurrency market has experienced a turbulent week, failing to break out of its consolidation phase. Bitcoin, the leading cryptocurrency, was unable to surpass the critical resistance level of $72,000, leading to a sharp decline in prices.

Bitcoin's Decline Triggers Wider Market Downturn

Bitcoin's attempt to breach the $72,000 resistance level met with significant selling pressure, causing its price to plummet to $67,500. This 6% decline dragged the entire market down by more than 3% within the past 24 hours. The market's inability to sustain momentum beyond this key resistance point triggered a wave of selling across various cryptocurrencies.

Will Cryptocurrencies Reach $0?

Despite the recent downturn, the likelihood of cryptocurrencies reaching a value of $0 is minimal. Many institutions and large-scale investors hold significant crypto assets, providing foundational support. Additionally, long-term investors remain committed to holding through market fluctuations.

Phoebe Roy I pay close attention to all kinds of data and research that tell us about the health of the Global economy, what’s going on with workers and businesses, and how they’re affected by public policy. To understand what that means on the ground, I often travel to meet people where they are, whether it’s the scene of a recent forest fire or a university contending with shrinking enrollment. While most of my work is explanatory, I also consider it part of my job to expose wrongdoing and hold power to account.