After rallying towards its highest valuation this week, Bitcoin saw another drop in the market, with the top cryptocurrency now playing around the value of $65,000. It was as much as a $5,000 drop that was first seen last June 11 and 12, but later saw a climb the following day; however, it did not take long for the most prominent cryptocurrency in the world to plummet again as the week closes.
Bitcoin Drops to $65,000 to Close the Week
Bitcoin's graph this week is full of red, but there are also several green parts from the charts, and this was because its price dropped to $65,000, with this valuation closing the week for the top coin, according to CoinDesk.
Currently, the largest cryptocurrency in the world has seen a steep 7.5 percent decline in the past seven days worldwide, down by more than two percent in the last 24 hours.
Not only that, CoinDesk reported that during the US trading session earlier today, Bitcoin saw a 2.1 percent drop in only an hour to $65,100, coming from its $67,000 price.
Earlier this week, Bitcoin saw a hopeful climb to $70,000 on June 11, according to CoinMarketCap. However, while playing around $69,000 to $70k, the top coin saw a massive drop to $65,000 in only hours of the same day.
What is Happening to BTC and Other Crypto?
Bitcoin saw a massive decline in the market despite experts and participants projecting a breakout for BTC to new record highs, one that would surpass its $72,000 all-time high.
Moreover, other cryptocurrencies were also affected by BTC's drop, as Ethereum dropped to around $3,400 with a 10 percent drop, alongside Cardano, Solana, Near, and Avalance all saw a 15 to 20 percent decline.
Bitcoin's Performance in 2024
From 2021 to 2024, the world saw Bitcoin struggle in the market. For a long time until last year, it played around the $20,000 valuation before it saw a turning point towards the end of the year. Many were hopeful in January as BTC's price kept climbing, and by February, the top coin surpassed $50,000 and was a cause for celebration in the entire industry.
Throughout the month, Bitcoin saw it climb toward $60,000, a price that was special for the coin as this threshold was also its previous all-time high of $68,000. Fast-forward several weeks, and it recorded a new all-time high, hitting the famed $72,000 mark, a price that was thought to be a long shot for the coin. However, it did not stay long and dropped back to the sub-$70,000 price.
Many still believe that BTC is volatile, and in May alone, it was seen how much the top coin rose and fell to different valuations, yet there are still hopefuls on the top coin. This mid-June weekend, Bitcoin closed at yet another decline in this tumultuous week, also affecting the different coins surrounding it in the market, despite expectations of a BTC breakout.
Related Article: Bitcoin Is Rallying Once Again, Forecasts Remain at $80,000
