Bitcoin (BTC) price has been trending downward throughout June, but according to technical analysis, BTC may be on track for a breakout. Analysts using the Wyckoff method indicate a possible end to the current Bitcoin price consolidation. 📉

The decrease in Bitcoin reserves on exchanges indicates that we have entered the repurchase phase. This means that BTC is being withdrawn from exchanges, indicating the confidence of holders.

However, traders should be prepared for possible selling pressure from the German government wallet, which transferred almost 6,500 BTC on June 19th.

Bitcoin may also come under pressure from payments to Mt. creditors. Gox, expected in early July. More than $9.4 billion in Bitcoin is owed by about 127,000 Mt. creditors. Gox, who have been waiting for a refund for their funds for more than 10 years.