Bitcoin Price Eyes $70000 Rebound As On-Chain Metric Hints End of Correction

The Bitcoin price prediction indicates reduced volatility over the weekend, as evidenced by Doji candles on the daily chart. The easing selling pressure has stalled the correction trend in altcoins, with many revisiting their crucial monthly support levels. However, with BTC experiencing continuous outflows from the U.S. listed ETFs and miners capitulating, the selling pressure could potentially drive the asset below $60,000.

Also Read: Could Japan’s Banking Crisis Trigger Another Bitcoin Rally? Arthur Hayes Think So

Bitcoin Price: SOPR and Flag Pattern Hint at Potential Bullish Breakout

The current correction trend in BTC was initiated in the second week as the price reverted from $72000. The bearish turnaround has tumbled the asset 10.7% to trade at $64275, while the market cap plunged to $1.267 Trillion.

Furthermore, Bitcoin miners have sold over 30,000 BTC, equivalent to approximately $2 billion, since June, marking the fastest pace of sell-off in over a year, according to crypto analytics firm IntoTheBlock. This significant sell-off comes in the wake of the recent Bitcoin halving, which has tightened miners’ profit margins, prompting this substantial liquidation of reserves.

🚨 Bitcoin miners have sold over 30k BTC (~$2B) since June, the fastest pace in over a year. The recent halving has tightened margins, prompting this sell-off. pic.twitter.com/dy289bu7p4

— IntoTheBlock (@intotheblock) June 22, 2024

This reduction in rewards, coupled with the rising operational costs, has led to increased financial pressure on miners, necessitating the sale of their holdings to cover expenses.

However, an analysis of the daily chart shows this correction as part of the sideways trend from the flag pattern. The two trendlines, serving as dynamic resistance and support, are the primary factors influencing BTC price movement.

If the pattern holds true, the current consolidation is temporarily sideways before the coin initiates the next recovery after the resistance breakout.

Also Read: Bitcoin News: Dormant Wallet Moving $1.6B Bitcoin Fuels BTC Crash to $57K Concerns

Moreover, CryptoQuant’s author Axel Adler Jr. has highlighted that the Spent Output Profit Ratio (SOPR) for short-term holders, based on a 90-day moving average, has fallen below 1.0. This could signal the end of the current market correction and the beginning of a new bullish trend.

The SOPR (Spent Output Profit Ratio) for short-term holders (90-day simple moving average) falling below 1.0 could signal the end of a correction and the beginning of a new bullish trend.

More time is needed for this to occur. pic.twitter.com/NIpNw3IdI3

— Axel 💎🙌 Adler Jr (@AxelAdlerJr) June 23, 2024

The SOPR measures the profit and loss of Bitcoin holders. A value below 1.0 indicates selling at a loss, often a sign of a market bottom and potential reversal.

Thus, with a broader bullish trend, the BTC is likely to breach the flag pattern with a decisive breakout. A successful breach will set the recovery to $89150, followed by an extended rally to $13500.

Technical Indicator 

• EMAs: A bearish crossover between the 20 and 50-day Exponential Moving Average bolsters the prolonged correction in BTC.
• Average Directional Index: An uptick in the daily ADX slope at 21% highlights the sellers strengthening their grip over this asset and continuing as the dominant force.

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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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