Bitcoin passes $23.8K May low as crypto market cap drops under $1 trillion

Bitcoin (BTC) faced continued selling pressure before the June 13 Wall Street open as Ether (ETH) revisited multi-year lows.

Bitcoin battles for $24,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD eclipsing its ten-month lows set in mid-May.

The largest cryptocurrency faced bearish triggers on multiple fronts, these coming from both within and beyond the crypto sphere.

FinTech protocol Celsius appeared on the brink of meltdown after operations were halted, turning billions of dollars in collateral into new risk for crypto markets. In an event ironically similar to that which caused the May rout, Bitcoin and altcoins kept falling as fresh uncertainty filled the air.

Macro conditions were hardly better, with Asian markets selling off and Wall Street futures looking set to continue the downtrend which set in last week.

Inflation concerns likewise remained ahead of crucial comments from the United States Federal Reserve due June 15.

"I call it.. the long bear," popular analyst Crypto Chase summarized.

"For real though, we do not know when Fed will change tune, developments of war in Ukraine, US presidential election on horizon, supply chain issues, etc. Markets do NOT like uncertainty. I can be a trader of bounces sure, but investor? Not yet."

Others were more confident, both on longer and shorter timeframes.

Here is your smart money. Since our Wave 3 peak at 65k they have increased $BTC holdings from approx. 11M to over 13M. This is a re-accumulation range, not distribution. Look at the comments below- most say "they must be selling" or "they already sold". Nah, the data doesn't lie. https://t.co/LVLhiNWNxMpic.twitter.com/2QqXEKWmDY

— CrediBULL Crypto (@CredibleCrypto) June 13, 2022

"The expectations are that the FED will hike on next week's meeting," Cointelegraph contributor Michaël van de Poppe added.

"Normal, and highly expected. However, this expectation is overshooting towards extensive hikes (75bps). I don't see that. Probably 50bps and that's it. Markets always overreact."

The overall cryptocurrency market cap meanwhile fell under the $1 trillion mark for the first time since February 2021.

Ethereum faces $1,000 price target

Continuing the bearish theme, altcoins looked even more primed to hemorrhage value on the day.

Related: Lowest weekly close since December 2020 — 5 things to know in Bitcoin this week

Ethereum, fresh from dropping below its realized price over the weekend, now traded below its all-time highs set during Bitcoin's previous halving cycle.

This is the last time $ETH went oversold on the weekly (hasn’t confirmed here yet).

I had no followers, but macro bottom ticked it.

Note, you can push way lower on weekly rsi, not trying to catch a bottom. https://t.co/kLCynTKTcS

— The Wolf Of All Streets (@scottmelker) June 12, 2022

ETH/USD fluctuated near $1,230 at the time of writing, a level last seen in January 2021. The old cycle's peak, set in January 2018, was around $1,530.

"Things getting so bad so fast that the 200W SMA for $BTC & $ETH will both be severely tested," crypto venture capital fund Placeholder founder Chris Burniske concluded.

"$ETH likely breaks it cleanly & heads to bigger psychological test of $1K, $BTC will put up a bigger fight but given the clouds on the horizon hard to see it not toying w/ $20K & below."

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.