Newsletter$60k or $80K; Where Bitcoin Price Heading by June End?
Highlights
- As per the data from Coinmarketcap, the global crypto market cap stands at $2.42 Trillion, and a 3.72% increase in trading volume to hit $64.8 Billion.
- The Bitcoin fear and greed index is at 74% higher a bullish market sentiment.
- The BTC breakout from the flag pattern will signal the end of the current consolidation trend.
For over a week, the Bitcoin price has witnessed aggressive selling pressure leading to a downfall from $71947 to $66197. The 8.3% pullback was likely influenced by several factors like pre-CPI data uncertainty, notable outflow from the BTC ETFs, whale distribution, and Bitcoin miners’ capitulation. Amid the downfall, the coin price developed a bearish reversal pattern and broke key support to signal a downtrend continuation.
Also Read: Bitcoin Price Analysis: What’s Next For BTC As Crypto Fear And Greed Index Nosedives
Bitcoin Price Faces Downturn Amidst Miner and Whale Sell-Offs
The leading digital asset Bitcoin has been trading sideways for the past three months, taking a breather from the prevailing uptrend. This consolidation resonating within two parallel trendlines revealed the formation of a bullish flag— a chart setup often spotted at a strong uptrend to stabilize the price action for the higher rally.
On June 7th, the BTC price faced another reversal from the overhead trendline indicating the investors could witness a prolonged consolidation. The bearish turnaround tumbled Bitcoin to a 4-week low of $64936, while the market cap plunged to $1.28 Trillion.
This current correction was accelerated by the FUD surrounding U.S CPI and PPI data, while the sellers picked higher momentum with BTC ETFs witnessing significant outflow.
Moreover, in a recent analysis from crypto trader Alicharts highlighted that the Bitcoin miners sold over 1,200 BTC, worth more than $79.20 million, contributing to a recent price correction.
#Bitcoin miners have played a role in the recent $BTC price correction, selling over 1,200 #BTC, worth more than $79.20 million! pic.twitter.com/hNTnn49qRS
— Ali (@ali_charts) June 15, 2024
The data from CryptoQuant illustrated a sharp rise in miner selling starting June 10, 2024, which correlated with a decline in Bitcoin’s price. This transaction hints the miners are struggling to maintain operations after the recent halving.
Also Read: Bitcoin Notes Major Buying Pressure Despite Dip To $66K, Analyst Hints Recovery
Furthermore, the traders highlight a significant market movement by Bitcoin whales based on data from Santiment. Bitcoin whales have liquidated over 50,000 BTC in the past 10 days, amounting to approximately $3.30 billion. The provided chart shows a clear correlation between these large-scale sales and a downward trend in Bitcoin’s price over the same period.
On-chain data from @santimentfeed reveals that #Bitcoin whales have sold over 50,000 $BTC in the past 10 days, totaling approximately $3.30 billion! pic.twitter.com/4p1pQVAUMi
— Ali (@ali_charts) June 14, 2024
On Friday, the sellers breached the combined support of $66588 and the 50-day EMA slope. If the breakdown sustains, the BTC price could plunge to a low of $57000 by June end to seek support from the flag pattern’s lower trendline.
For buyers to regain control a breakout above the flag pattern is needed which could bolster a rally to $90000.
Technical Indicator:
RSI: The daily Relative Strength Index slope below 50% reflects the near-term trend is bearish.
EMAs: The upswing in the daily Exponential Moving Average (100 and 200) indicates the broader trend for Bitcoin remains bullish.
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