Greed

2024

Bitcoin

For over a week, the <a href="https://coingape.com/bitcoin-is-cheap-says-robert-kiyosaki-reminding-people-about-rich-dads-lessons/" rel="noopener noreferrer nofollow">Bitcoin price</a> 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 <a href="https://coingape.com/bitcoin-etf-outflows-hit-228-2-million-amid-btc-price-dip-whats-happening/" rel="noopener noreferrer nofollow">Bitcoin miners’ capitulation</a>. Amid the downfall, the coin price developed a bearish reversal pattern and broke key support to signal a downtrend continuation.
Also Read: <a href="https://coingape.com/markets/bitcoin-price-analysis-btc-wipes-pre-fomc-gains-markets-remain-greedy/" rel="noopener noreferrer nofollow">Bitcoin Price Analysis: What’s Next For BTC As Crypto Fear And Greed Index Nosedives</a>
<h2 id="span-style-font-weight-400-bitcoin-price-faces-downturn-amidst-miner-and-whale-sell-offs-span">Bitcoin Price Faces Downturn Amidst Miner and Whale Sell-Offs</h2>
<img decoding="async" src="https://s3.tradingview.com/snapshots/p/PZpSBdIB.png" alt="BITSTAMP:BTCUSD Chart Image by sahilmahadik07">
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 <a href="https://coingape.com/bitcoin-buy-the-dip-btc-price-drop-under-65000-can-create-havock/" rel="noopener noreferrer nofollow">BTC price</a> 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.
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 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.&nbsp;
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Moreover, in a recent analysis from crypto trader Alicharts highlighted that the Bitcoin miners sold over 1,200 BTC, worth more than $79.20 million, contributing to a recent price correction.&nbsp;
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 <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> miners have played a role in the recent <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> price correction, selling over 1,200 <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a>, worth more than $79.20 million! <a rel="noopener noreferrer nofollow" href="https://t.co/hNTnn49qRS">pic.twitter.com/hNTnn49qRS</a>
 — Ali (@ali_charts) <a rel="noopener noreferrer nofollow" href="https://twitter.com/ali_charts/status/1801792994376618310?ref_src=twsrc%5Etfw">June 15, 2024</a>
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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: <a href="https://coingape.com/bitcoin-notes-major-buying-pressure-despite-dip-to-66k-analyst-hints-recovery/" rel="noopener noreferrer nofollow">Bitcoin Notes Major Buying Pressure Despite Dip To $66K, Analyst Hints Recovery</a>
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 $3.30 billion. The provided chart shows a clear correlation between these large-scale sales and a downward trend in Bitcoin’s price over the same period.
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 On-chain data from <a rel="noopener noreferrer nofollow" href="https://twitter.com/santimentfeed?ref_src=twsrc%5Etfw">@santimentfeed</a> reveals that <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> whales have sold over 50,000 <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> in the past 10 days, totaling approximately $3.30 billion! <a rel="noopener noreferrer nofollow" href="https://t.co/4p1pQVAUMi">pic.twitter.com/4p1pQVAUMi</a>
 — Ali (@ali_charts) <a rel="noopener noreferrer nofollow" href="https://twitter.com/ali_charts/status/1801736119731818824?ref_src=twsrc%5Etfw">June 14, 2024</a>
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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.&nbsp;
For buyers to regain control a breakout above the flag pattern is needed which could bolster a rally to $90000.
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator:&nbsp;</h2>
RSI: The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">Relative Strength Index</a> slope below 50% reflects the near-term trend is bearish.
EMAs: The upswing in the daily <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">Exponential Moving Average</a> (100 and 200) indicates the broader trend for Bitcoin remains bullish.
The post <a href="https://coingape.com/markets/60k-or-80k-where-bitcoin-price-heading-by-june-end/" rel="noopener noreferrer nofollow">$60k or $80K; Where Bitcoin Price Heading by June End?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

$60k or $80K; Where Bitcoin Price Heading by June End?

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