The significant decline in cryptocurrencies that has been ongoing for days slightly eased into today's transactions.
![Bitcoin Rebounds Above K, Ethereum Heads Towards .4K](https://img.php.cn/upload/article/000/000/000/171931967624623.jpg)
The
sharp decline in cryptocurrencies, which has been ongoing for days,
somewhat eased into today’s transactions. Bitcoin, which dropped to $58,450 during June 24’s trades, testing its lowest level in
seven weeks, rebounded
above $61,000 on Tuesday with buying interest. After falling below the $3,300 level on Monday, Ethereum also reversed from the $3,250 mark and headed
towards the $3,400 level. Expectations from the bankrupt Japanese cryptocurrency exchange Mt. Gox, indicating that customers will receive their BTCs in July and these
could be subject to sale on the market, have been the
main determinant on the market over the past
two days. Cryptocurrency Markets Expert Helin Celik stated that the
recent drop in Bitcoin occurred in a
low-volume market and a panic-driven manner. Celik, especially noting the
lack of significant participation in these sales from major investors known as “whales,” also mentioned that sales from miners have started to decrease from current levels. Celik pointed out that transaction fees did not show a significant increase during the
recent decline, emphasizing that this confirms a
low-volume market. Celik, mentioning that the
recent retreat of U.S. stock markets from peak levels, news of the German government selling Bitcoins in its possession, and developments indicating that Mt. Gox will return Bitcoin to its customers have been effective on the markets, warned, “From a
technical standpoint, a downtrend view continues in Bitcoin. Sustainability
above the $60,000 support is crucial. However, if pricing
above $64,800 is seen again, a return to the uptrend may be possible.” Taking into account the approaching process of the Fed’s interest rate cut, Celik expressed that Bitcoin investors should not panic, saying: “This week, on Friday, there is the Core PCE data closely followed by the Fed, and there have been expectations
below par since February in this data. Weekly initial jobless claims will also come on Thursday. If these data come in
good, a recovery in cryptocurrencies may occur
towards the end of the week.”
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