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

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Bitcoin Price Analysis

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

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 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. 

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 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.

The post $60k or $80K; Where Bitcoin Price Heading by June End? appeared first on CoinGape.

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