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BITCOIN FACES POTENTIAL DROP TO $50,000 AMID SELLING PRESSURE
#Bitcoin #BitcoinPriceAnalysis #bitcoindown $BTC

Bitcoin traders predict a price drop to as low as $50,000 in the coming weeks. The cryptocurrency, which hasn't seen these levels since mid-February, is under significant selling pressure. A trader highlighted, "The German government still holds over $2.3 billion worth of Bitcoin, Mt. Gox has more than $8 billion, and the US government has over $12 billion."

Recent Price Decline
According to CoinGecko data, Bitcoin (BTC) prices have plummeted more than 10% in the past week. This fall brought BTC below a critical technical indicator on Thursday, wiping out all gains made since the end of February.

Technical Analysis and Market Sentiment
Alex Kuptsikevich, a senior market analyst at FxPro, echoed this sentiment. In an email to CoinDesk, he noted, "Bitcoin dropped below the 200-day moving average and hasn't bounced back, staying within established patterns. From this position, a further drop to $51,000 is more likely than a rise to $65,000."

Impact of Mt. Gox and German Government Actions
On Friday, Mt. Gox began distributing bitcoin and bitcoin cash stolen in a 2014 hack, causing an 8% drop in BTC as traders reacted. Additionally, a wallet connected to the German Federal Criminal Police Office (BKA) has transferred millions of dollars worth of bitcoin to crypto exchanges since mid-June. These movements suggest an intention to sell assets seized from a 2013 piracy marketplace.
Brief Recovery and Market Volatility
Despite these factors, BTC prices briefly recovered mid-morning in Europe, rising to nearly $55,000 from a low of $53,600 in early Asian hours. However, the sudden drop led to over $550 million in crypto longs, or bets on higher prices, being liquidated in the past 24 hours.

Conclusion
The Bitcoin market is experiencing significant volatility due to large-scale selling pressures from government entities and Mt. Gox. Traders and analysts are closely watching these developments, anticipating potential price drops to $50k.

Cryptocurrency analyst Ali references the URPD indicator of the realized price distribution of UTXOs (transactions not yet spent) at a specific price range, stating that Bitcoin (BTC) has established a stable support level at $36,400. Ali suggests that if this support line is breached, the price of BTC could experience a decline, with potential initial targets at $34,300 and further down to $30,200. 📉💹 #BitcoinPriceAnalysis #CryptoMarketForecast

#Write2earn #Bitcoin Faces Pullback: Will #BTC Price Dip Below $60,000? #BitcoinPriceAnalysis #Bitcoin❗️
$BTC

Bitcoin experienced a 5% pullback following the lackluster debut of Bitcoin and Ether ETFs in Hong Kong. The question on everyone's mind: Can BTC dip below $60,000 due to high-leverage liquidation?

The price of Bitcoin dropped nearly 5% from its intraday peak of $64,734 as market participants showed little enthusiasm for the launch of spot Bitcoin and Ether ETFs in Hong Kong. This downward momentum pushed BTC even lower than the previous day's price, driven by high leverages in anticipation of a relief rally. However, the debut of crypto ETFs in Hong Kong failed to impress the market.

Adding to the disappointment, U.S. Spot Bitcoin ETFs experienced their fourth consecutive day of outflows, with over $51 million withdrawn. These crypto investment products have seen three weeks of consecutive outflows, with the most recent week witnessing a substantial outflow of $435 million.

The six spot Bitcoin and Ethereum ETFs in Hong Kong recorded a mere $12 million in trading volume on their first day, a staggering 383 times lower than the debut of U.S. Bitcoin ETFs.

Following the lackluster ETF debut, traders quickly began shorting Bitcoin, leading to a sudden drop in BTC price to $61,451. This triggered a broader selloff in the crypto market, resulting in investors losing nearly $130 billion as the crypto market cap dropped to $2.27 trillion. Over $205 million in liquidations were recorded across the crypto market during this selloff, with $145 million from long positions and over $60 million from short positions.

More than 66,000 traders were liquidated, with the largest single liquidation order occurring on crypto exchange Binance, where someone sold ETH valued at $5.03 million. ETH price also plummeted over 5% in the last 24 hours.

Crypto analyst Rekt Capital believes Bitcoin is still in a danger zone and could dip below $60,000, but he also hints at a possible rally starting in mid-May.

#Write2earn Bitcoin Bulls: Anticipating the Next Surge Amid Consolidation
#Bitcoin #btcupdates2024 #btc70k #BitcoinPriceAnalysis $BTC

Bitcoin hovers near $70,000, hinting at an impending surge after a consolidation phase. The market eagerly awaits the next significant move.

With recent strides, Bitcoin's consolidation is expected. This phase may persist briefly, with the weekly close serving as a key moment. A weekly candle closing above $70,000 could mark the start of a bullish run.

Examining the weekly timeframe reveals Bitcoin poised against its bull flag and the 0.786 Fibonacci retracement level, suggesting potential upward momentum.

While outcomes are uncertain, indicators point favorably for Bitcoin. A breakout above the bull flag could drive prices higher, with targets around $84,000 and $102,000.

Moreover, the stochastic RSI indicator signals a bullish crossover, indicating rising momentum.

Notably, US Bitcoin ETFs witness a significant influx, indicating strong retail interest. Renowned investor Raoul Pal views this as a chance for investors to tap into a generational trend, emphasizing crypto's potential amid economic uncertainty.
Pal's stance underscores crypto's role as a hedge against global economic challenges, though thorough research is essential for informed investment decisions.

**Breaking News:** 📄 Grayscale's official report emphasizes that Bitcoin's price surge in 2024 won't solely rely on spot ETF approvals, as increased fund inflow and demand are expected to drive positive impacts. The report anticipates the April halving and continuous investor demand to have a more significant effect on price than short-term supply and demand fluctuations. It highlights the role of investment demand factors, akin to gold, in influencing BTC's price. However, the report cautions that cryptocurrency remains a highly volatile asset class, urging investors to consider both micro and macro factors. 📊🚀 #BitcoinPriceAnalysis 🌐📢

📉 Bitcoin price dip prompts Realized Price realization! 💰 Holders of 1-3 month BTC age band react to $28,300 drop. 📈 Past trends suggest bearish signal if BTC falls below short-holder realized price. Analyzing on-chain insights for market sentiment and signals. #BitcoinPriceAnalysis #RealizedPrice #MarketSignals

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Bitcoin Options Traders Eye New All-Time Highs Amid Bullish Market Activity
#Bitcoin❗ #BTC☀ $BTC #BitcoinPriceAnalysis

Bitcoin (BTC) options traders are betting on the cryptocurrency reaching new record prices this month. Digital asset hedge fund QCP noted strong bullish momentum with significant call buying for June expiries, suggesting traders expect Bitcoin to surpass its all-time high of $74,000.

Options are contracts that allow buying or selling an asset at a specific price before expiration. Purchasing call options indicates a bullish outlook. Institutional trading network Paradigm reported heavy call option activity for late June, with some extending into July. On Tuesday, approximately 1,100 contracts for June 28 call spreads in the $74,000-$80,000 range, worth about $80 million, were observed.

Bitcoin has been consolidating around $71,000 after recovering from a dip below $57,000 in early May. It is now just a few percentage points away from breaking its previous high. Crypto investment firm Matrixport highlighted strong inflows into U.S. spot Bitcoin ETFs and increasing open interest in futures, suggesting Bitcoin is poised to surge.

A rise above $72,000 could trigger a short squeeze, potentially liquidating $1.5 billion in leveraged futures contracts and driving prices higher.

Clem Chambers, CEO of Online Blockchain, suggests Bitcoin's current price patterns mimic pre-2021 surge, hinting at a potential significant rise akin to the past $20,000 leap. He highlights the potential impact of a Bitcoin spot ETF approval by the SEC and the upcoming halving, indicating positive price prospects. #BitcoinPriceAnalysis #BTCFractalPatterns

#Write2earn #Bitcoin Eyes $67,000 Resistance Amidst Bullish Reversal #BitcoinPriceAnalysis #BullishMay #BTC🔥🔥🔥🔥🔥
$BTC

Bitcoin has recently broken its downtrend and is eyeing the challenge of surpassing resistance at $64,000. If this current upward momentum persists and the breakthrough occurs, the next target for Bitcoin could be $67,000.

The risk of Bitcoin losing its bullish trend line seems to have diminished, at least for the time being. The possibility of a continuation of the rally from the recent low of $56,600 remains viable. However, the medium-term outlook remains uncertain, with the potential outcomes ranging from a return to previous highs, a prolonged period of sideways movement, or merely a temporary bounce before revisiting lower levels.

At the $63,000 level, Bitcoin has found new support, especially evident on the shorter 4-hourly time frame. A successful retest of the downward trend line indicates a favorable outlook for further upward movement, with $67,000 presenting a significant target for this upward push.

Yet, breaking through the $66,000 resistance may prove challenging. On the weekly time frame, Bitcoin appears to be holding firm at the $63,000 support level, reinforced by a substantial wick down to $56,800.

Moreover, the resistance around $66,000 aligns with the weekly candle close during the peak of the 2021 bull market, suggesting formidable resistance.

However, concerns arise when examining the 2-monthly chart, which paints a less optimistic picture for Bitcoin's future. The previous 2-month candle closed below the $61,000 resistance, accompanied by a towering wick above it, indicating significant selling pressure that pushed the price below resistance.

Despite these bearish signals, the ongoing short-term rally on the weekly time frame persists. It remains to be seen how far Bitcoin's price can climb before the impact of the concerning candle pattern fully manifests in the current bull market.

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Bitcoin July Returns: Strong Gains Expected After June Lows
#Bitcoin #BTC #BitcoinPriceAnalysis $BTC

Bitcoin (BTC) enthusiasts have reasons to be optimistic this month. Historical data and seasonal cycles suggest that the largest cryptocurrency may see a price boost following months of declines and rangebound trading.

Recent Trading Trends
BTC has fluctuated between $59,000 and $74,000 since April. This volatility is due to billions in sales, impending selling pressure, outflows from exchange-traded funds (ETFs), and negative sentiment among retail traders. However, a historically bullish July could change this trend.

On the first day of July, U.S.-listed ETFs saw inflows of nearly $130 million, their highest since early June, following over $900 million in outflows during June.

Historical Performance
Singapore-based QCP Capital highlighted in a recent Telegram broadcast, “Bitcoin has a median return of 9.6% in July and tends to bounce back strongly, especially after a negative June (-9.85%).” They also noted that their options desk observed positioning for an upside move, likely anticipating the ETH spot ETF launch. Many indicators suggest a bullish July.
Over the past decade, Bitcoin has averaged gains of more than 11% in July, with positive returns in 7 out of 10 months. Crypto fund Matrixport reported that July returns from 2019 to 2022 were around 27%, 20%, and 24%, respectively.

Understanding Seasonality
Seasonality refers to the predictable changes in asset prices that occur every calendar year. While these patterns might seem random, they often stem from factors like profit-taking around tax season in April and May, leading to drawdowns, or the generally bullish “Santa Claus” rally in December, indicating increased demand.