Cryptocurrency prices on June 11: Bitcoin falls below $68K ahead of US CPI data

"The crypto market continued its downward trend over the last 24 hours, marking this week as critical and highly volatile due to the upcoming FOMC meetings and U.S. CPI and PPI announcements," noted the CoinDCX Research Team.

Meanwhile, Vikram Subburaj, CEO of Giottus, said, "Bitcoin has dropped below $68,000 after breaking down from a horizontal wedge pattern. Friday's stronger-than-expected US jobs data has dampened market hopes for a US interest rate cut in September. Bitcoin’s price actions may be influenced by a carry trade strategy, with institutions buying spot ETFs and while shorting its futures to profit from price differences."

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In addition to Bitcoin, altcoins and meme coins like BNB (4%), Solana (2.8%), XRP (1.9%), (2.2%), Shiba Inu (2.4%), and Chainlink (2.9%) mirrored the downward trajectory.

The volume of all stablecoins is now $82.35 billion, which is 97.24% of the total crypto market 24-hour volume, according to CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, fell to $1.333 trillion. Bitcoin's dominance is currently 54.27%, according to CoinMarketCap. BTC volume in the last 24 hours rose 94.13% to $29.5 billion.

Edul Patel, CEO of Mudrex, said, "Bitcoin is currently consolidating around the $68,000 level following recent liquidations. Bears are attempting to push the price below $68,000, but bulls may also engage in strong buying at this level. The next support level for BTC is at $67,400, while resistance is at $68,600."

Meanwhile, the CoinDCX Research Team observed, "Technically, the trend is bearish in the lower time frame, but in the higher time frame, it remains bullish."

(Disclaimer: The views expressed by experts are their own and do not necessarily reflect those of The Economic Times)

Source: Forex-Markets-Economic Times