Bitcoin Hits 20-Month Low, Ethereum, Dogecoin, XRP Also Decline: Analyst Identifies ‘Genuine Battleground’ For Beleaguered BTC Amid ‘Extreme Fear’

Leading cryptocurrencies retreated further on Wednesday as investors awaited the crucial inflation report for guidance on the direction of interest rate cuts. Crypto Bloodbath Continues Bitcoin fell below $60,000 for the first time since October 24, as trading volume popped 40% over the last 24 hours. The apex cryptocurrency is now down more than 51% from its record highs. Ethereum fell to an intraday low of $1,550 before paring some of its losses overnight. XRP and Dogecoin also traded in the red. Cryptocurrency-related stocks were hammered, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing down 9.26% and 7.34%, respectively.  Nearly $1 billion was liquidated from the cryptocurrency market in the last 24 hours, with $800 million in bullish long positions alone wiped out, according to Coinglass data Bitcoin’s open interest rose 0.37 over the last 24 hours. An increase in open interest, alongside a drop in spot price, typically signals that new short sellers are entering the market, hoping for the decline to continue. “Extreme Fear” sentiment intensified, returning to levels seen earlier this month, according to the Crypto Fear & Greed Index. Top Gainers (24 Hours)  Cryptocurrency (Market Cap>$100 M) Gains +/- Price (Recorded at 9:25 p.m. EDT) o1.exchange (O)       +44.39%     $0.7833 BNB Attestation Service(BAS)                    +27.55%     $0.04033 LAB (LAB)               +20.19%     $16.86 The global cryptocurrency market capitalization stood at $2.09 trillion, representing a 2.74% decline over the last 24 hours. Read Also:Standard Chartered Says Forget Bitcoin, ETH Because AAVE Can Do A 50X By 2030 Stocks Fall Alongside Stocks extended their slide on Wednesday. The S&P 500 fell 0.10% to end at 7,358.22, while the tech-heavy Nasdaq Composite dipped 0.43% to settle at 25,476.6. The Dow Jones Industrial Average was the outlier, rallying 182.06 points, or 0.35%, to end at 51,848.90. Investors will closely watch Thursday’s Personal Consumption Expenditures price index report, considered the Federal Reserve’s preferred measure of inflation, for guidance on the central bank’s interest rate policy. The CME Group’s FedWatch tool showed markets pricing a 50% likelihood of the Fed increasing rates during the September meeting. Why This Level Is A ‘Battleground’ For BTC Rekt Capital, a widely followed cryptocurrency analyst and trader, warned that Bitcoin’s daily close below the red-shaded band, around $60,000, and a subsequent bearish retest could confirm further downside. #BTC Let’s see if Bitcoin Daily Closes below these mid-June candle-bodied lowsDaily Close beneath the red area followed by a post-breakdown bearish retest could confirm further downside sooner rather than later$BTC #Bitcoin https://t.co/xxA3083beD pic.twitter.com/tKa7PrcaTg — Rekt Capital (@rektcapital) June 24, 2026 On-chain analytics firm CryptoQuant highlighted that Bitcoin’s drop below $60,000 triggered a “new wave of panic” among some investors, prompting them to move their BTC back to exchanges, representing “persistent” short-term selling pressure. “The $60,000 level has gradually become a genuine battleground, where the confrontation between weak hands and strong hands is at its most intense,” the firm added. $479M in BTC Flows Into Binance as Panic Selling Picks Up”At 7,600 BTC and a price around $63K, that’s roughly $479 million in potential sell-side pressure sitting on Binance alone.” – By @Darkfost_CocRead more ⤵️https://t.co/cUrTVQmpJ9 pic.twitter.com/USlPH9TgCe — CryptoQuant.com (@cryptoquant_com) June 24, 2026 Read Also:How Galaxy Digital Turned A $65 Million Bitcoin Mining Rescue Into A $4.5 Billion AI Infrastructure Deal Photo: Sodel Vladyslav / Shutterstock Up Next: Transform your trading with Benzinga Edge’s one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today’s competitive market. Get the latest stock analysis from Benzinga: This article Bitcoin Hits 20-Month Low, Ethereum, Dogecoin, XRP Also Decline: Analyst Identifies ‘Genuine Battleground’ For Beleaguered BTC Amid ‘Extreme Fear’ originally appeared on Benzinga.com © 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.



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