Claim $500Bitcoin (BTC) Price Poised to Breakout From June Downtrend, Key Levels to Watch
Highlights
- Rekt Capital's analysis suggests that Bitcoin is forming an early-stage Bull-Flag pattern.
- The analyst stated that Bitcoin is set to break out from this downtrend soon.
- The current BTC retracement aligns with the typical 22% correction seen in the market cycle, indicating a possible positive initial reaction.
Throughout this month of June, the Bitcoin (BTC) price has been on a continuous downtrend failing to sustain above $62,000 as of now. As of press time, Bitcoin is trading at $61,657 levels with a market cap of $1.2 trillion. On the weekly, the Bitcoin price is down by nearly 5%. However, popular market analyst Rekt Capital believes that the Bitcoin price is set to give a major breakout from the June downtrend.
Bitcoin Price Eyes A Breakout From June Downtrend
In a recent analysis, Rekt Capital predicted that the ongoing downtrend in the BTC price is soon about to end. He also highlighted that continued price stability could further lead to a breakout challenge in the future.
By observing the current daily price action in Bitcoin, Rekt Capital noted that BTC seems to be forming an early-stage Bull-Flag pattern (as visible in the orange band). If this pattern gains strength, Bitcoin could potentially challenge the June downtrend while giving a major breakout on the upside.
As CoinGape reported, the Bitcoin bears are currently having a stronghold in the market and dominating BTC price movements. Amid strong miner capitulation, several market analysts believe that the BTC price can correct further from the current levels.
Also Read: Will Bitcoin Price Drop to $50,000 Soon?
Key Levels to Watch for BTC
Rekt Capital has further added that the current BTC price retracement is nearing the typical 22% correction seen throughout the market cycle. This correction also shows a positive initial reaction aligning with the support levels of previous all-time highs.
Rekt Capital emphasized that while downside wicks below the pattern bottom (marked in orange) are acceptable, it is crucial for Bitcoin’s price to close within the structure on a weekly basis to maintain this support level.
However, there could be major liquidation in place if the BTC price slips to $60,700. Popular analyst Ali Martinez stated that we could be seeing $22 million liquidated if the BTC price drops under this level.
Also, traders are keeping a close watch on the Bitcoin options expiry today with $6.6 billion worth of contracts at stake.
Also Read: $6.6 Billion in Bitcoin Options Expiring Soon
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Crypto Gains New Use Case as Iran Turns to Digital Assets for Weapon Sales
- Bitcoin Could Rally to $170,000 in 2026 If This Happens: CryptoQuant
- Lighter Team Under Fire After Alleged $7.18M LIT Token Dump Post-Airdrop
- Binance Market Maker Hack: Trader Rakes in $1M via Failed BROCCOLI Price Manipulation
- Breaking: UK Begins New Initiative to Crack Down on Crypto Tax Evasion
- Shiba Inu Price Eyes a 45% Rebound as Burn Rate Spikes 10,700%
- Expert Predicts Ethereum Price Rebound to $4k as BitMine, Long-Term Holders Buy
- Bitcoin Price Prediction Ahead of FOMC Minutes
- U.S. Government Shutdown Looms: These 3 Crypto Predictions Could Explode
- Grayscale Files for First U.S. Bittensor ETF: Will TAO Price Rally to $300 in January?
- Shiba Inu Price Prediction: Will SHIB Show Golden Cross Signal in 2026?
