Bitcoin, Ethereum, Dogecoin Prices Drop as Investors Fret: Expert Sounds Alarm on Bitcoin’s Potential Plunge Below $60K

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<p class="block core-block">Throughout the weekend, major digital currencies experienced downward pressure as market participants questioned the short-term trajectory of the sector.</p>
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<td>Cryptocurrency</td>
<td>24-hour Performance</td>
<td>Latest Price (As of 8:30 p.m. EDT)</td>
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<td><strong>Bitcoin</strong> <span class="ticker" data-ticker="BTC/USD" data-exchange="CRYPTO" style="display: inline-block;">BTC/USD</span></td>
<td>-1.90%</td>
<td>$63,097.30</td>
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<td><strong>Ethereum</strong> <span class="ticker" data-ticker="ETH/USD" data-exchange="CRYPTO" style="display: inline-block;">ETH/USD</span></td>
<td>-2.33%</td>
<td>$3,420.82</td>
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<td><strong>Dogecoin</strong> <span class="ticker" data-ticker="DOGE/USD" data-exchange="CRYPTO" style="display: inline-block;">DOGE/USD</span></td>
<td>-1.11%</td>
<td>$0.1226</td>
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<p class="block core-block"><strong>Market Update</strong>: <strong>Bitcoin</strong> witnessed a drop under $63,000 during the Sunday session, contributing to an approximate monthly depreciation of 7%. The dominant crypto has been on a decline since peaking at about $71,000 earlier in the month.</p>
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<p class="block core-block"><strong>Ethereum</strong>, too, has continued its descent amid anticipation of exchange-traded funds (ETFs) dedicated to its market launching on financial exchanges.</p>
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<p class="block core-block">Cautious sentiment pervaded the speculative markets as the Open Interest in Bitcoin futures decreased by 0.76% within the previous day. Although new posi...</p>
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<p class="block core-block">Despite this, the Fast or Crash Rank to `Neutral``a/stseebforeaming ns.//p>
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<p class="block core-block"><strong>Leading Crypto Performances (Past 24 Hours)</strong></p>
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<td><strong>Cryptocurrency</strong></td>
<td><strong>Performance</strong></td>
<td><strong>Latest Price (As of 8:30 p.m. EDT)</strong></td>
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<td><strong>Toncoin</strong> (TON)</td>
<td>+2.76%</td>
<td>$7.55</td>
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<td><strong>Fantom</strong> (FTM)</td>
<td>+1.10%</td>
<td>$0.5851</td>
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<td><strong>Fetch.ai</strong> (FET)</td>
<td>+0.33%</td>
<td>$5.76</td>
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<p class="block core-block">The overall market capitalization of cryptocurrencies now sits at $2.3 trillion, experiencing a dip of 2.02% over the last day.</p>
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<p class="block core-block">Stock futures remained largely unchanged during the overnight session. <strong>Dow Jones Industrial Average Futures</strong> witnessed a minute drop of 0.05%, as recorded at 8:30 p.m. EDT. Meanwhile, futures linked to the <strong>S&P 500</strong> rose by 0.05%, and <strong>Nasdaq 100 Futures</strong> marginally increased by 0.16%.</p>
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<p class="block core-block">Last week saw major stock indices reach new heights, primarily driven by a rally in <strong>NVIDIA Corp.</strong> <span class="ticker" data-ticker="NVDA" data-exchange="NASDAQ" style="display:inline-block">NVDA</span>, before subsequent sell-offs tempered the rise.</p>
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<p class="block core-block">A notable 3.5% decline in shares of tech leader <strong>NVIDIA Corp.</strong> <span class="ticker" data-ticker="NVDA" data-exchange="NASDAQ" style="display:inline-block">NVDA</span> added fuel to the pullback wave. </p>
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<p class="block core-block">Looking ahead, market watchers will closely monitor the release of personal spending data, a key inflation indicator for the Federal Reserve, which is expected on Friday. The CME FedWatch Tool <a target="_blank" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank">indicates</a> a 90% likelihood that <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39433914/bank-of-america-predicts-first-rate-cut-in-december-higher-for-longer-flavor" target="_blank">interest rates will remain constant</a> at the forthcoming FOMC meeting on July 31.</p>
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<p class="block core-block">Explore: <a target="_blank" href="https://www.benzinga.com/money/best-crypto-scanners" target="_blank"><em>Top Cryptocurrency Scanners</em></a></p>
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<p class="block core-block"><strong>Analyst Insights</strong>: Noted cryptocurrency analyst <strong>MartyParty</strong> mentioned that the Bitcoin's Relative Strength Index was approaching 'oversold' conditions, which often precedes a price rebound.</p>
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<p class="block core-block">He projected a potential rally to the $65,000 level followed by a period of sideways trading leading up to the U.S. elections.</p>
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<p class="block core-block">On an opposite note, a noteworthy analyst known by the moniker <strong>HORSE</strong> has projected a dip. </p>
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<p class="block core-block">"I'm quite convinced we will see Bitcoin go below $60,000 once more," warned HORSE. "Prolonged consolidation coupled with lack of robust tailwinds and fading demand often result in downward corrections before any uptrend resumes."</p>
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<p class="block core-block">Further Reading: <a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/24/06/39447599/raoul-pal-foresees-crypto-boom-in-election-years-q4-names-it-banana-zone" target="_blank"><em>Analyst Raoul Pal Anticipates Crypto Surge During Q4 of Election Year, Referring to It as the 'Banana Zone'</em></a></p>
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<p class="block core-block"><em>Image Credit: Shutterstock</em></p>
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