Bitcoin (BTC) is sliding and threatens to touch the nadir and the lowest since May 2020 precipitated by a low liquidity crunch which is adding to the existing weakness.
The situation is no different for the second ranked cryptoasset Ethereum also was trading at a loss of 18.4% loss. Bitcoin (BTC) losses were exacerbated by weekend trading volumes precipitated by ongoing sell-off.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Data received from Cointelegraph Markets Pro and TradingView revealed a dismal picture of BTC/USD tanking to $27,150 for the sixth day in succession.
It is only hours before the weekly close and the BTC/USD is in the risk of going beyond a record nine weeks of red candles in a row. If BTC is to avoid this apocalyptic forecast BTC/USD must recover $2,000 from its present position which at the time of writing was $27,400.
BTC/USD 1-week candle chart (Bitstamp). Source: TradingView
The present support levels is not raising the gloom which is hanging upon the crypto sector and the liquidity crunch in the weekend trading is bringing reminders of the May ten months bearish terror.
Bitcoin Risks Repeat Of May Mayhem
Cointelegraph contributor Michaël van de Poppe wrote in his latest BTC update on June 11 “Well, Bitcoin couldn’t hold $29.3K and started dropping down some more. Looking to see how the $28.5K area is going to react. ,”
“If that doesn’t hold, $26/24K on the cards.”
As the BTC values hover near $27,000 it is an ominous baseline and the closest to its May “mini” capitulation event when the great crypto mayhem started to culminate into the Terra LUNA implosion.
Checking the top ten cryptoassets by their market cap revealed that there are cryptocoins which have suffered losses over than 10% much more than the daily losses of BTC/USD.
Number two crypto assets, Ether (ETH) also tanked by a massive 7% taking it to its lowest levels since May.