Bitcoin price analysis
Bitcoin Price Eyes $70000 Rebound As On-Chain Metric Hints End of Correction
Published
2 weeks agoon
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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
![BITSTAMP:BTCUSD Chart](https://s3.tradingview.com/snapshots/6/6rOjwSZh.png)
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 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
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Dumb Money May Cause Bitcoin Price Correction, Here’s Why
Published
2 weeks agoon
June 23, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/06/crypto-crash.jpg)
The Bitcoin (BTC) price is facing significant downward pressure. As of now, BTC trades at around $64,000 remaining stagnant amid the unfavorable market conditions. Whilst, analysts are concerned about dumb money invading the territory and pushing the Bitcoin price lower.
Dumb Money Vs BTC
According to IntoTheBlock data, about 5.45 million addresses have accumulated 3.03 million BTC between the range of $64,300 and $70,800. Hence, this large concentration of Bitcoin at high prices forms a significant supply barrier. If the Bitcoin price continues to drop, these holders or dumb money traders might sell to limit their losses. This could eventually intensify the downward pressure.
![](https://coingape.com/wp-content/uploads/2024/06/20240623_130638.jpg)
![](https://coingape.com/wp-content/uploads/2024/06/20240623_130638.jpg)
For context, dumb money refers to the individual or retail investors who act emotionally and are less informed about the market trends. These traders are subject to panic selling during a downturn. Moreover, this selloff trend has already been noted for Bitcoin when the price extended below $67,000.
Meanwhile, dormant Bitcoin wallets have been notably active this week. As Bitcoin price dipped below $65,000, an on-chain analyst revealed that a single Bitcoin wallet moved 25,000 BTC in six separate transactions. In addition, this movement added to the market’s anxiety.
The Bitcoin Spend Output Age Bands data shows that this wallet’s BTC, aged between 3 to 5 years, could be gearing up for a selloff as market sentiment turns pessimistic. Furthermore, the coming week is critical for the crypto market. Bitcoin and altcoins are under heavy selling pressure.
Over the past month, Bitcoin has fallen 10%, while altcoins have dropped by 20-30%. Additionally, 104,000 BTC options, worth $6.72 billion, are set to expire on Friday, June 28, 2024. With a put-call ratio of 0.52 and a max pain point at $57,000, the Bitcoin price is expected to remain under selling pressure.
Also Read: Crypto Market: PCE Inflation & Key Events To Shape Investors Sentiment This Week
What’s Next For Bitcoin Price?
Traders are also bracing for the U.S. GDP growth rate data on Thursday and the Fed’s preferred inflation data, the PCE inflation data, on Friday. These coincide with the significant BTC options expiry. Moreover, this overlap could lead to increased volatility and potential price drops below $60,000, possibly even hitting $57,000.
Adding to the pressure are substantial Bitcoin ETF outflows, exceeding $500 million in the past week. Furthermore, the German government has been sending large amounts of BTC from its holdings to exchanges, increasing market supply.
However, despite the ongoing selloff, more than 87% of Bitcoin holders are still in profit. This indicates that there is room for further profit-booking, which could drive prices down further. Market analysts believe that Bitcoin price consolidation may continue until the end of summer 2024. Hence, a new bull run might begin around September, with major activity expected around the U.S. elections.
Another key factor to watch is the PCE price release next Friday for May. A decline in core PCE already suggests downside risks for the index. Thus, weak retail sales may also contribute to this trend, though personal income could see an improvement.
One positive sign is the reduction in Bitcoin exchange balances. In the last 30 days, over 107,000 BTC have exited crypto exchanges, which could lead to a supply crunch. The recent Bitcoin halving event also reduced block rewards to 3.125 BTC, limiting new BTC creation and helping to keep supply in check.
Earlier this month, the Federal Reserve took a hawkish stance on rate cuts despite cooling inflation data. This caused a selloff, with over $4 billion worth of Bitcoin sold by whales and miners. However, if the Fed does cut rates, some analysts believe BTC could reach $100,000 by the end of the year.
![](https://coingape.com/wp-content/uploads/2024/06/20240623_130631.jpg)
![](https://coingape.com/wp-content/uploads/2024/06/20240623_130631.jpg)
In a post on X, Rekt Capital, popular crypto analyst, wrote, “Strong rejection from this Lower High resistance yesterday to precede extra downside today. Bitcoin isn’t ready to end its June downtrend just yet. But this is still the downtrend line to watch for a break once Bitcoin is ready to reverse to the upside.” His analysis suggests further downtrend for BTC in the short term.
Also Read: Block CEO Jack Dorsey Says Bitcoin Can Replace US Dollar
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bitcoin price
$50,000 on the Brink if this Critical Level Crumbles
Published
2 weeks agoon
June 21, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/06/Bitcoin-Price-Bloodbath.jpg)
Bitcoin price is facing a precarious moment this week amid growing risk of the elongated correction from $70,000 reaching critical support at $60,000. As the market becomes more unstable, irrational selling due to panic may worsen the situation leading to a bloodbath as altcoins join the fall.
The largest digital asset risks sliding to $50,000 ahead of the grand recovery likely to shape the bull run in the second half of 2024.
Altcoins have seen their value slashed in equal measure, with Ethereum price barely holding onto support at $3,500. Solana may close the day below the $130 level if bulls fail to arrest the bearish situation in time.
According to CoinGecko data, the total market cap is down 3.3% to $2.45 trillion. Bitcoin dominance is at 51.2% while Ethereum comes second at 17.4%.
Bitcoin Price Nosedives, Crypto Fear And Greed Index Hits 63
The euphoria witnessed in the market in May is slowly fading. Bitcoin bulls covered significant ground last month from support at $56,000 and almost tapped an all-time high before suddenly stopping at $72,000.
As sentiment shot up thanks to the approval of Ethereum ETFs in the US, the fear and greed index climbed to 74. Such a move depicts a stronger bullish front, igniting FOMO and therefore creating euphoria among investors.
However, the crypto market has from last week performed dismally. The persistent price drop can be attributed to the hawkish stance of the Federal Reserve on interest rate cuts despite easing inflation.
![Crypto fear and greed index](https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-21-at-15.05.25.png)
![Crypto fear and greed index](https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-21-at-15.05.25.png)
Miners are also reported to be facing capitulation, thus closing shop and selling their BTC stack. This situation follows the halving in April which slashed rewards per block of Bitcoin mined from 6.25 to 3.125 BTC.
The uptick in selling pressure coupled with negative sentiment and failing support levels, paints a grim picture picture for Bitcoin, especially in the weekend ahead.
Bitcoin Price Analysis Growing Uncertainty
Bitcoin price perdition reveals the Money Flow Index (MFI) indicator monitoring the flow of money in and out of BTC markets is falling sharply toward the oversold region. This implies that traders are willing to sell BTC against other currencies and other digital assets than buy in, thus, creating intense headwinds.
![Bitcoin price chart | Tradingview](https://coingape.com/wp-content/uploads/2024/06/BTCUSD_2024-06-21_15-06-05.png)
![Bitcoin price chart | Tradingview](https://coingape.com/wp-content/uploads/2024/06/BTCUSD_2024-06-21_15-06-05.png)
Two death cross patterns formed on the four-hour chart escalate the bearish landscape. The black horizontal band signifies a critical support area. Bitcoin price must defend this support otherwise, the correction might continue to $60,000.
Based on the Fibonacci retracement applied to the chart, bulls have a fighting chance at $62,000 highlighted by a ratio of 0.618.
Considering support levels at $62,000, $60,000 and $58,000 have been broken before in April and May, it might be prudent to prepare for an extended bearish market to $56,000 while not ruling out $50,000.
Nevertheless, this might not be the end of the road for Bitcoin bulls as the Ethereum ETF will likely start trading on July 2. If it so happens, this may bring relief to investors, paving the way for a strong upswing to $70,000. Perhaps a break above the all-time high of around $73,000 is what Bitcoin needs to trigger FOMO ahead of its anticipated rally to $100,000 in 2024.
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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bitcoin
BTC Wipes Pre-FOMC Gains, Markets Remain Greedy
Published
3 weeks agoon
June 14, 2024By
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Bitcoin price analysis: BTC price spiked on June 12 after Senator Elizabeth Warren wrote a letter to the Federal regulators asking them to cut rates. Bitcoin price later cooled down after the FOMC press release revealed rates would remain as they were. BTC price dropped right back to pre-FOMC lows.
The price of Bitcoin hovered around $66,736 during European business hours on Friday, a 1.3% drop in 24 hours, and a further 6.1% decrease in 7 days per CoinGecko data.
Bitcoin Price Analysis: Can Bulls Bounce Off This Key Support?
BTC price action has been choppy for the most part of the past 30 days. Nevertheless, the asset continues to trend above the 50-day and 200-day simple moving averages (SMA), indicating some bullish sentiment from the market. The price action is currently at the 50-day SMA, which coincides with a major support structure around the $66,000 level. This is a strong resistance-turned-support, tested up to 5 times in the past two months.
This is the last level of defense for bulls and they can hold it, BTC price can bounce off it and make $72,500. If the bulls are unable to win the fight, Bitcoin price may find support around $60,000 and $57,000 (200-day SMA).
On the macro-scale, the weekly Bitcoin price chart shows an extremely bullish market structure—a bull flag with a possible upside potential of 66% if it resolves upward. The Fibonacci retracement tool shows price action touched the 0.5 retracement level in April when Bitcoin price crashed to a low of $56,500.
Bitcoin Fundamentals Fueling Market Greed
Data from Alternative, a market sentiment analysis firm, shows the market is greedy about Bitcoin investment. This means investors are still rushing in to buy more Bitcoin and are of the opinion there may be more upside for the king of cryptos.
Despite the lagging price, Bitcoin fundamentals have never been stronger, and this may have fueled the greedy market sentiment.
In the meantime, data from Santiment, an on-chain analysis firm, shows Bitcoin supply on exchanges fell to below 940,000, the lowest recorded since 2021. This signals that investors are bullish on the asset and are not in a hurry to sell any time soon.
MicroStrategy has also begun raising $500 million through convertible senior notes in order to buy more Bitcoin. With over 214,000 BTC already in its possession, it remains the largest Bitcoin-holding public company in the world.
Bottom Line
The impact of financial regulators in the crypto markets has been decreasing over time and as witnessed on Wednesday, it is at its all-time low, especially for Bitcoin. Good news associated with economic interest rates only resulted in a 4.5% pump. This may indicate that crypto is decoupling from political and traditional regulations.
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Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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