$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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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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