๐ฅIs Bitcoin Price Headed for $90,000? Shift in Market Sentiment as Whales Circle
๐ Bitcoin's Slight Decline
On Monday, Bitcoin experienced a minor decline of 0.28%, indicating indecisive movement from buyers and sellers. Falling below $70,000 has increased supply pressures on various altcoins, suggesting the consolidation phase may continue. However, whale and retail purchasing activity hints at a possible significant market rally ahead.
๐ Resistance and Trendlines
On June 6th, Bitcoin retreated from the combined resistance of $71,750 and the upper trendline of the flag pattern. Since mid-March, this pattern has led to a sideways trend within two parallel trendlines acting as dynamic resistance and support.
๐ Retail Investor Behavior
Analyst Axel Adler Jr. noted a significant drop in Bitcoin demand among retail investors, with a -17% decline in investments under $10K. A similar previous downturn of -18% eventually led to a price increase from $40K to $70K, suggesting potential future growth.
๐ Whale Activity
Analyst Maartun highlighted a significant increase in long positions by Bitcoin whales on platforms like HTX Global and Bybit. A sharp rise in the โBitcoin: Taker Buy Sell Ratioโ on Bybit suggests major investors are optimistic about Bitcoinโs future value. This pattern of whale accumulation amidst retail investor withdrawal often precedes a major upswing.
๐ Potential Breakout
A breakout from the flag pattern would signal the end of consolidation, with a BTC price prediction target of $90,000.
๐ Technical Indicators
EMAs: BTC trading above daily EMAs (20, 50, 100, 200) indicates the path of least resistance is upward.
MACD: Multiple crossovers between the MACD (blue) and signal (orange) lines indicate neutral and uncertain market sentiment.
