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Bitcoin Falls To Critical Level; While zkSync, ZeroLayer and IoNet Erased Gains, What’s Next For BTC?


(24 June 2024, 09:25 AM IST):

As we kick off a new week, the cryptocurrency market is painted in red, with major altcoins and memecoins facing significant declines. The primary driver behind this downturn is Bitcoin (BTC), which has plunged below $63,000, hitting $62,864 for the first time since May 14, 2024. This marks a 2.41% decrease, bringing Bitcoin’s market cap to $1.24 trillion.

Newly launched tokens like zkSync, ZeroLayer, and IoNet have also seen their gains wiped out amid today’s market slump. Ethereum (ETH) isn’t faring much better, dropping 3.06% over the past 24 hours to $3,405, with a market cap of $416 billion.

Will Bitcoin Rise?

Currently, Bitcoin is forming an ascending triangle pattern and could fall to the $62,000 resistance line. From this critical level, Bitcoin might make a significant move, either upward or downward. However, there is a strong possibility of a pullback, which could see BTC rising to $71,000.


Newly Launched Tokens Decline:

Top Crypto Losers Today
Source: Coinmarketcap

zkSync (ZK): The Layer-2 token zkSync has experienced an 11.43% drop, now trading at $0.1628, with a market cap of $599 million.

ZeroLayer (ZRO): ZeroLayer (ZRO) has also faced a 12.76% decline, trading at $2.72. Its market cap is currently $681 million.

IoNet (IO): The DePIN token IoNet (IO) has seen the steepest drop, down 14.89% to $3.214, with a market cap of $303 million.

As the market continues to fluctuate, all eyes are on Bitcoin to see whether it will stabilize and potentially rally or continue its downward trend. Investors and traders alike are watching closely, ready to respond to whatever comes next.

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