Bitcoin’s price recovery run was halted at $67,000 earlier this week, and the asset has shown an inability to sustain it, currently sitting below $65,000.
Most larger-cap alts have followed suit, with BNB dipping toward $600, XRP slipping to $1.20, and ADA plunging by over 6%.
BTC Slips Beneath $65K
Bitcoin reacted well to the early June crash that drove it below $60,000 for the first time since late November 2024. The bulls intercepted the move and didn’t allow another breakdown beneath $59,000. Just the opposite; the asset started to recover ground somewhat rapidly, going to $64,000 at the start of the following business week.
The cryptocurrency spent the next several days trading sideways between $61,000 and $64,000 before the landscape on the US-Iran war front started to improve over the weekend. The POTUS promised a deal to be announced on Sunday, which faced some doubt from critics that was exacerbated once Israel carried out new attacks against Lebanon.
After condemning Israel’s actions, Trump indeed announced on Sunday evening that the US and Iran had reached an agreement, which is to be signed by the end of the current week. BTC reacted with an immediate price pump that drove it to $66,000 on Monday morning and $67,000 later that day. However, its progress was rejected there, and the asset has dropped by over two grand, currently struggling below $65,000.
Its market cap is down to $1.3 trillion on CG, while its dominance over the alts has taken a beating and has slipped to 56.2%.
BTCUSD June 17. Source: TradingView
Alts Retreat, New SIREN?
Ethereum was stopped at $1,850 earlier this week, and now sits at $1,770 after another 1.8% daily decline. BNB is close to breaking below $600, and XRP has dropped to $1.20. SOL is below $73, DOGE has dropped by almost 3%, while ZEC is down by nearly 4%.
ADA has plunged by 6%, BCH is down by 5%, and so are TAO and CRO. NEAR has plummeted by over 8% to under $2.3.
BEAT, a recent high flyer, has tanked by over 40% daily, which has sparked some comparisons to the recent SIREN crash, which wiped out almost 100% of its value after a whale got out.
The total crypto market cap has shed around $40 billion daily and is below $2.320 trillion on CG now.
Cryptocurrency Market Overview June 17. Source: QuantifyCrypto
