Sell $BTC

Just as I thought

Bitcoin (BTC) dropped by 4.4% last week pressured by long-term holders (LTH), whales, and miners selling their holdings, according to the latest edition of the “Bitfinex Alpha” report. The movements happened mainly through exchange sales and over-the-counter (OTC) transactions.
These groups, historically known to divest during bull markets and consolidation phases, are demonstrating their market influence once again. The recent selling, though less intense than previous instances, underscores the significant impact LTHs and whales have on liquidity and price fluctuations.

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Markus Thielen said:
“Our recommendation remains unchanged: stick with the winners [Bitcoin] and avoid the others [such as Ethereum]. Our previous analysis has shown that lower CPI numbers tend to lift Bitcoin prices, and we expect this trend to continue.”

Bitcoin wavered near $67,000 early Friday as the crypto market consolidated. BTC is stuck in a sideways channel after previous attempts for rallies earlier this week fizzled out. In a sign of diminishing investor confidence, U.S.-listed spot bitcoin exchange-traded funds suffered $226 million of net outflows on Thursday. Fidelity's FBTC led the outflows with only BlackRock's IBIT recording positive, albeit minor, inflows. BTC declined 1.3% over the past 24 hours, while the broader crypto market was also down nearly 1%, as measured by the CoinDesk 20 Index (CD20).

Experienced names on Wall Street make predictions for $BTC prices in 2024, 2025.
Fred Krueger, one of Wall Street's most experienced figures, claims that Bitcoin could reach $400,000 by the end of this year and $600,000 by the end of 2025.

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$BTC price action has been choppy for the most part of the past 30 days. Nevertheless, the asset continues to trend above the 50-day and 200-day simple moving averages (SMA), indicating some bullish sentiment from the market. The price action is currently at the 50-day SMA, which coincides with a major support structure around the $66,000 level. This is a strong resistance-turned-support, tested up to 5 times in the past two months.

A new sell-off trend is gaining momentum in the cryptocurrency market ahead of the Federal Open Market Committee (FOMC) in June, after losing support at $70,000 last weekend and $68,000 last week. On Tuesday, June 11, Bitcoin price signaled an extended downtrend at $66,000.
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