Bitcoin (BTC<\/a>) saw further losses on June 12 as thin weekend trading volumes fueled an ongoing sell-off.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD hitting lows of $27,150 on its sixth straight day of downside.<\/p>\n With hours to go until the weekly close, the pair was in danger of resuming the losing streak<\/a>, which had previously seen a record nine weeks of red candles in a row.<\/p>\n To avoid that outcome and put in a second \u201cgreen\u201d close, BTC\/USD needed to gain over $2,000 from the current spot price, which at the time of writing was $27,400.<\/p>\n With support levels failing to change the mood thanks to the thinner liquidity during the weekend\u2019s \u201cout-of-hours\u201d trading, analysts feared that a retest of May\u2019s ten-month lows was due.<\/p>\n \u201cWell, Bitcoin couldn\u2019t hold $29.3K and started dropping down some more. Looking to see how the $28.5K area is going to react,\u201d Cointelegraph contributor Micha\u00ebl van de Poppe wrote<\/a> in his latest BTC update on June 11:<\/p>\n \u201cIf that doesn\u2019t hold, $26\/24K on the cards.\u201d<\/p><\/blockquote>\n Amid continuing talk of \u201ccapitulation\u201d across other crypto assets, many focused on the fate of highly-correlated stock markets. Mike McGlone, senior commodities strategist at Bloomberg Intelligence, risk assets more broadly could already have seen peak exuberance in the past two years.<\/p>\n \u201cIf the stock market keeps going down, virtually everything will have peaked,\u201d he told<\/a> Twitter followers:<\/p>\n \u201cJust some normal reversion can feel like a crash and the 2020-21 risk asset pump may go down in history like 1929 and 1999.\u201d<\/p><\/blockquote>\n At the day\u2019s lows near $27,000, meanwhile, Bitcoin traded the closest to its May \u201cmini\u201d capitulation event since that day of turmoil took place at the hands of the Terra LUNA implosion<\/a>.<\/p>\n For many, the question was thus how to know where the true macro price floor for Bitcoin could lie.<\/p>\n \u201cIf price reaches low 20ks, you will see most of CT calling for 10k or even lower. That will be the bottom confirmation,\u201d popular Twitter account Il Capo of Crypto argued<\/a>.<\/p>\n As Cointelegraph reported, guesses for a generational bottom range from as high as $27,000<\/a> to a grimly bearish $14,000<\/a> or even lower.<\/p>\n For altcoins, meanwhile, the picture was more precarious.<\/p>\n Related:\u00a0Bitcoin price threatens lowest weekly close since 2020 as inflation spooks markets<\/a><\/em><\/strong><\/p>\n A look at the top ten cryptocurrencies by market cap revealed heavier daily losses than BTC\/USD, with some shedding over 10%.<\/p>\n Ether (ETH<\/a>), the largest altcoin<\/a>, fell around 7% on the day, taking the spot price below the realized price for the first time since May. <\/p>\n Realized price refers to the combined price at which each token last moved, and its breach put ETH at increased risk of panic-based capitulation. Bitcoin\u2019s realized price, at around $24,000, was barely touched during the May dip.<\/p>\n \u201cWith the price declines over the weekend, the Ethereum market has fallen below the $ETH Realized Price of $1,781,\u201d on-chain analytics firm Glassnode commented<\/a> on an accompanying chart:<\/p>\n \u201cThis means the market is holding an average unrealized loss of -18.4%. The Realized Price of ETH 2.0 deposits is higher at $2,404, with an unrealized loss of -39.6%.\u201d<\/p><\/blockquote>\n The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/db8219d0-cb0a-4087-9435-e127944b21b8.png\")
Analyst likens risk asset ‘pump’ to 1929<\/h2>\n
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Ethereum makes key realized price crossover<\/h2>\n
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