It was a rough week for cryptocurrency markets, with bearish forces dominating trading and driving significant losses across major coins.
After a slow weekend in which Bitcoin had already slipped from its May peak near $83,000 to about $74,000, the deterioration accelerated at the start of the business week. On Monday, Bitcoin suffered a sharp decline, first dropping toward $70,000. That level briefly held, but soon failed as selling intensified and the market quickly worsened.
Over the week, Bitcoin lost multiple key support levels as every attempted bounce was cut short. Bears remained firmly in control through Friday, when BTC fell below $62,000 and dipped toward $61,000 before a rapid bounce back to roughly $63,000. That short rebound amplified liquidations across the market and was followed by renewed selling pressure and rejection.
Minutes later, the latest downward move pushed Bitcoin under $61,000, marking a new four-month low. Since its mid-May peak, BTC has surrendered more than $20,000, leaving traders and investors focused on whether the crucial $60,000 support can hold.
The weekly and monthly declines are stark: Bitcoin is down about 15% since last Friday and nearly 26% for the month. Market capitalization contracted by more than $400 billion in recent weeks, bringing the total market cap to roughly $1.2 trillion on CoinGecko. Bitcoin’s dominance over altcoins also slipped as many altcoins suffered equal or worse losses.
Notable examples of severe moves among altcoins include Cardano (ADA), which fell more than 30% after founder Charles Hoskinson announced he would step back temporarily, and Zcash (ZEC), which plunged about 41% following the disclosure of technical vulnerabilities.
Market Data
Market Cap: $2.18T | 24H Vol: $138B | BTC Dominance: 55.7%
BTC: $60,650 (-15.5%) | ETH: $1,600 (-17%) | XRP: $1.11 (-14%)
This Week’s Crypto Headlines You Can’t Miss
Strategy Sold Bitcoin, But It’s Not What You May Think. Strategy’s first sale in years—though a relatively small portion of its holdings—sparked a reaction across the community and may have contributed to deteriorating market sentiment.
Peter Schiff Warns Bitcoin Could Plunge Below $20K as Complacency Sets In. Commenting on Bitcoin’s slide, Peter Schiff warned that a loss of the $50,000 area could precipitate a much deeper decline, suggesting a potential move toward $20,000 if selling pressure intensifies.
Strive Doubles Down on Bitcoin With $185M Buy, Holdings Near 19,000 BTC. In contrast to Strategy, Strive increased its exposure with a significant $185 million purchase, bringing its total holdings close to 19,000 BTC.
Arthur Hayes Dumps Entire Zcash (ZEC) Position After Major Flaw Emerges. After reports of a critical vulnerability in Zcash circulated on social platforms, Arthur Hayes announced he sold his entire ZEC position, citing uncertainty surrounding the project.
Cardano (ADA) Faces Make-or-Break Moment as Social Buzz and Network Activity Explode. Charles Hoskinson’s decision to step back, combined with ADA’s heavy price decline, triggered a surge in social media activity and on-chain engagement for Cardano.
Ethereum Crashing to 14-Month Low Is a ‘Screaming Buy-The-Dip Opportunity’ – Analyst. Ethereum also experienced steep losses, falling to 14-month lows under $1,800 and then toward $1,600. Some analysts view the selloff as a potential buy-the-dip opportunity for longer-term investors.
Charts
This week’s technical coverage includes chart analysis for Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid—see the full price analysis for detailed setups and levels.