Bitcoin is more likely to drop to $51K than grow to $65K

The crypto market fell 3.6% in 24 hours to $2.17 trillion, its lowest level since late February. In this morning's minimally liquid market, stop orders pushed Bitcoin below $57.7K and Ethereum below $3150. Tron is down 0.7%, Solana is down 9.0%.

After two days of selling, Bitcoin has lost 9.5%. At its low point on Thursday morning, the price reached the bottom limit of the descending channel and dipped below the 200-day moving average, but has bounced up above it to remain inside patterns. This failed since the price is below the 61.8% retracement line and has updated the early May lows. From here, a 12% decline to $51.5k (February consolidation area) is more plausible than a 12% rise to $65.8k (50-day MA).


After reaching the 50-day MA, Solana sold down hard and is now challenging 200-day MA support. As with Bitcoin, a break below would lead the pair to approach late February lows.

The substantial demand in long-term options at the $100,000-120,000 strike shows that the options market still favors BTC growth despite the drop. QCP Capital expects the rise to resume by year's end.

River reported that 13 of the top 25 US hedge funds had bought spot bitcoin ETFs by the first quarter-end. The investigation found that 534 hedge funds, pension and insurance organizations with over $1bn in assets had invested in BTC ETFs. The instrument has been invested in by 11 of the top 25 registered investment advisors and hundreds of smaller organizations.

VanEck stated the Solana ETF's debut depends on the US presidential election and Gary Gensler's SEC tenure. The company applied for an ETF last week.

The ETF Store president Nate Geraci predicted that the final Form S-1 file will be granted by 12 July, allowing the Ethereum ETF to start on 15 July.

According to CryptoQuant CEO Ki Yun Ju, Chinese bitcoin mining pools maintain 54% of the market despite the prohibition. He recommended the government control many bitcoin mining pools.

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