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⛔⛔ 4 REASONS WHY BITCOIN DIPPED BELOW $60K⛔⛔
1. Downtrend Since June 📉
🔻 Bitcoin has struggled to maintain upward momentum since the beginning of June. Over the second quarter of 2024, BTC logged an 18% decline, and it continued to face headwinds despite positive ETF inflows.
2. Potential Mt. Gox Repayments 💰
💸 The recent dip below $60,000 is largely attributed to the impending Mt. Gox creditor repayments. The defunct exchange, which collapsed over a decade ago, holds over $9.4 billion worth of Bitcoin. Approximately 127,000 creditors have been waiting to recover their funds, and the repayment process may have begun.
📊 Spent Volume Surge:
Charles Edwards, founder of Capriole Investments, highlighted an enormous on-chain Bitcoin movement, suggesting that the long-awaited Mt. Gox distributions are indeed happening. Edwards noted, “The entire history of this chart has disappeared because an enormous sum of Bitcoin moved on-chain, 10X more than the previous highs. $9B. But by who? Mt. Gox.”
3. Market Reactions and Implications 📊
🌐 Market Uncertainty:
The potential sell-off from Mt. Gox creditors, who may liquidate their holdings after a decade, could exert significant selling pressure on Bitcoin. This, combined with ongoing market uncertainties, has investors bracing for further volatility.
📉 Support Levels:
Bitcoin’s local bottom of $59,600 threatens to extend the current consolidation phase. Investors have been eyeing a breakout above $70,000 to pave the way for new all-time highs, but losing the $60,000 support could delay such a rally.
4. Institutional Inflows vs. Sell Pressure ⚖
🏦 ETF Inflows:
Despite the sell-off fears, institutional inflows into U.S.-based spot Bitcoin ETFs have been strong. Since their launch in January, these ETFs have amassed over $52.5 billion worth of BTC, potentially absorbing some of the selling pressure from Mt. Gox repayments.
Will BTC crash? You decide!
@Professor Mende - Founder of BONUZ Project - in Dubai UAE out!
#bitcoinprice #marketanalysis #markettrends #bullbear #btc
$BTC $ETH $BNB
1. Downtrend Since June 📉
🔻 Bitcoin has struggled to maintain upward momentum since the beginning of June. Over the second quarter of 2024, BTC logged an 18% decline, and it continued to face headwinds despite positive ETF inflows.
2. Potential Mt. Gox Repayments 💰
💸 The recent dip below $60,000 is largely attributed to the impending Mt. Gox creditor repayments. The defunct exchange, which collapsed over a decade ago, holds over $9.4 billion worth of Bitcoin. Approximately 127,000 creditors have been waiting to recover their funds, and the repayment process may have begun.
📊 Spent Volume Surge:
Charles Edwards, founder of Capriole Investments, highlighted an enormous on-chain Bitcoin movement, suggesting that the long-awaited Mt. Gox distributions are indeed happening. Edwards noted, “The entire history of this chart has disappeared because an enormous sum of Bitcoin moved on-chain, 10X more than the previous highs. $9B. But by who? Mt. Gox.”
3. Market Reactions and Implications 📊
🌐 Market Uncertainty:
The potential sell-off from Mt. Gox creditors, who may liquidate their holdings after a decade, could exert significant selling pressure on Bitcoin. This, combined with ongoing market uncertainties, has investors bracing for further volatility.
📉 Support Levels:
Bitcoin’s local bottom of $59,600 threatens to extend the current consolidation phase. Investors have been eyeing a breakout above $70,000 to pave the way for new all-time highs, but losing the $60,000 support could delay such a rally.
4. Institutional Inflows vs. Sell Pressure ⚖
🏦 ETF Inflows:
Despite the sell-off fears, institutional inflows into U.S.-based spot Bitcoin ETFs have been strong. Since their launch in January, these ETFs have amassed over $52.5 billion worth of BTC, potentially absorbing some of the selling pressure from Mt. Gox repayments.
Will BTC crash? You decide!
@Professor Mende - Founder of BONUZ Project - in Dubai UAE out!
#bitcoinprice #marketanalysis #markettrends #bullbear #btc
$BTC $ETH $BNB
📉 Bitcoin's support is weakening below $60K, despite the latest U.S. #PCE data showing a three-year low in inflation.
While PCE data was as expected, $BTC price remains stagnant, hovering just above $60K.
#pcedata #BTCPrice #bitcoinprice #TrendingTopic
While PCE data was as expected, $BTC price remains stagnant, hovering just above $60K.
#pcedata #BTCPrice #bitcoinprice #TrendingTopic
📉 As Q2 ends, $BTC faces a 14% decline, its first negative quarter since Q3 2023, despite maintaining above $60K.
June alone saw a 9% drop.
#BTCDrop #BitcoinPriceDrop #bitcoinprice #BTCPrice #TrendingTopic
June alone saw a 9% drop.
#BTCDrop #BitcoinPriceDrop #bitcoinprice #BTCPrice #TrendingTopic
📉 IS NOW THE TIME TO BUY THE DIP? 📈
The Bitcoin Mayer Multiple, a classic BTC price indicator, has hit an eight-month low, suggesting a potential "buy the dip" opportunity.
Bitcoin is currently trading around $61,000, yet the sentiment among holders is notably bearish due to a recent 17% dip. Despite the drop, the Mayer Multiple is showing signs that could indicate an impending recovery.
The Mayer Multiple measures Bitcoin's price against its 200-day moving average. Historically, a reading below 2.4 has been considered a "buy" signal. On June 26, the Mayer Multiple hit 1.05, its lowest since October 2023, when Bitcoin was at $29,900.
📝 Analyst Perspective:
Popular analyst On-Chain College highlighted this in a recent X (formerly Twitter) post, stating:
“The Bitcoin Mayer Multiple is now at a level not seen since October 2023, despite price at $60.9K now vs. $29.9K back in October.
📉 Historical Context:
It's important to note that while the Mayer Multiple hitting extreme lows can suggest a recovery, it doesn't always correspond immediately to price floors. For example, in mid-2022, the indicator bottomed at 0.47, but Bitcoin’s price didn't hit its lowest until four months later.
Also, the Crypto Fear & Greed Index reflects heightened fear, challenging 2024 lows. However, Bitcoin's relative strength index (RSI) has also dipped into "oversold" territory, suggesting a potential rebound.
💡 Conclusion:
With the Mayer Multiple and RSI both indicating potential bullish trends despite the current bearish sentiment, the market might be setting up for a rebound...
...BUT stay alert as the US and German governments unloaded HUNDREDS OF MILLIONS worth of bitcoin to various exchanges and may crash the market if they start selling off.
There's 2 sides here, a bullish and a bearish one, yet nobody knows what's gonna happen next....
Stay informed with @Professor Mende - Founder of BONUZ Project - in Dubai UAE and drop a comment below!
#btc #bitcoinprice #priceanalysis #BuytheDips #bitcoinnews
$BTC $ETH $BNB
The Bitcoin Mayer Multiple, a classic BTC price indicator, has hit an eight-month low, suggesting a potential "buy the dip" opportunity.
Bitcoin is currently trading around $61,000, yet the sentiment among holders is notably bearish due to a recent 17% dip. Despite the drop, the Mayer Multiple is showing signs that could indicate an impending recovery.
The Mayer Multiple measures Bitcoin's price against its 200-day moving average. Historically, a reading below 2.4 has been considered a "buy" signal. On June 26, the Mayer Multiple hit 1.05, its lowest since October 2023, when Bitcoin was at $29,900.
📝 Analyst Perspective:
Popular analyst On-Chain College highlighted this in a recent X (formerly Twitter) post, stating:
“The Bitcoin Mayer Multiple is now at a level not seen since October 2023, despite price at $60.9K now vs. $29.9K back in October.
📉 Historical Context:
It's important to note that while the Mayer Multiple hitting extreme lows can suggest a recovery, it doesn't always correspond immediately to price floors. For example, in mid-2022, the indicator bottomed at 0.47, but Bitcoin’s price didn't hit its lowest until four months later.
Also, the Crypto Fear & Greed Index reflects heightened fear, challenging 2024 lows. However, Bitcoin's relative strength index (RSI) has also dipped into "oversold" territory, suggesting a potential rebound.
💡 Conclusion:
With the Mayer Multiple and RSI both indicating potential bullish trends despite the current bearish sentiment, the market might be setting up for a rebound...
...BUT stay alert as the US and German governments unloaded HUNDREDS OF MILLIONS worth of bitcoin to various exchanges and may crash the market if they start selling off.
There's 2 sides here, a bullish and a bearish one, yet nobody knows what's gonna happen next....
Stay informed with @Professor Mende - Founder of BONUZ Project - in Dubai UAE and drop a comment below!
#btc #bitcoinprice #priceanalysis #BuytheDips #bitcoinnews
$BTC $ETH $BNB
📈 Bitcoin's Mayer Multiple, a key price indicator, has hit its lowest level since October 2023, indicating a "healthy reset" to #bullish sentiment.
The current Mayer Multiple stands at 1.05, significantly below the 2.4 level, traditionally seen as a buy signal.
#bitcoinprice #priceindicator #BitcoinPrice2024 #TrendingTopic
The current Mayer Multiple stands at 1.05, significantly below the 2.4 level, traditionally seen as a buy signal.
#bitcoinprice #priceindicator #BitcoinPrice2024 #TrendingTopic
💥💥💥 #bitcoinprice Faces Potential Dive: Key Support Levels to Monitor
Bitcoin Price Struggles Below Resistance, Risking Further Decline
- Bitcoin's price failed to reclaim levels above the $62,500 resistance zone & is displaying bearish signals, potentially dropping below the crucial $60,000 support.
Bitcoin Faces Resistance #BEARISH📉 Trend
- Bitcoin attempted a recovery above the $61,200 mark but encountered strong resistance near $62,500. The subsequent decline saw the price falling below $61,500 & the 23.6% Fibonacci retracement level of the upward move from the $58,448 low to $62,454 high.
- Currently, BTC is trading below $62,000 & the 100-hourly Simple Moving Average, indicating bearish momentum. A significant bearish trend line is forming with resistance around $61,850 on the hourly chart of the BTC/USD pair sourced from Kraken.
Potential Scenarios for Bitcoin Price
- If Bitcoin manages to break above the $62,000 resistance, it could initiate a steady upward move. Key resistances on the way up include $61,500, $61,850 (trend line resistance), and $62,000. A clear break above $62,000 might pave the way for a test of the $62,500 resistance, with further gains possibly targeting $63,500.
- However, failure to breach the $62,000 resistance zone could lead to another downward movement. Initial support is near $60,450, followed by a crucial support level at $60,000. Further downside pressure might push BTC towards $59,500 & potentially down to the $58,500 support area in the near term.
Technical Indicators
- Hourly MACD: The #MACD is currently in the bearish zone, indicating increased selling pressure.
- Hourly RSI (Relative Strength Index): The #RSI for BTC/USD is below the 50 level, suggesting bearish momentum.
Summary
Bitcoin faces resistance near $62,000 & $62,500 after failing to sustain above the $62,500 level. A break above $62,000 is crucial for potential upside towards higher resistances.
Conversely, a failure to hold above $60,000 may lead to further losses with initial supports near $60,450 & $60,000.
Source - newsbtc.com
Bitcoin Price Struggles Below Resistance, Risking Further Decline
- Bitcoin's price failed to reclaim levels above the $62,500 resistance zone & is displaying bearish signals, potentially dropping below the crucial $60,000 support.
Bitcoin Faces Resistance #BEARISH📉 Trend
- Bitcoin attempted a recovery above the $61,200 mark but encountered strong resistance near $62,500. The subsequent decline saw the price falling below $61,500 & the 23.6% Fibonacci retracement level of the upward move from the $58,448 low to $62,454 high.
- Currently, BTC is trading below $62,000 & the 100-hourly Simple Moving Average, indicating bearish momentum. A significant bearish trend line is forming with resistance around $61,850 on the hourly chart of the BTC/USD pair sourced from Kraken.
Potential Scenarios for Bitcoin Price
- If Bitcoin manages to break above the $62,000 resistance, it could initiate a steady upward move. Key resistances on the way up include $61,500, $61,850 (trend line resistance), and $62,000. A clear break above $62,000 might pave the way for a test of the $62,500 resistance, with further gains possibly targeting $63,500.
- However, failure to breach the $62,000 resistance zone could lead to another downward movement. Initial support is near $60,450, followed by a crucial support level at $60,000. Further downside pressure might push BTC towards $59,500 & potentially down to the $58,500 support area in the near term.
Technical Indicators
- Hourly MACD: The #MACD is currently in the bearish zone, indicating increased selling pressure.
- Hourly RSI (Relative Strength Index): The #RSI for BTC/USD is below the 50 level, suggesting bearish momentum.
Summary
Bitcoin faces resistance near $62,000 & $62,500 after failing to sustain above the $62,500 level. A break above $62,000 is crucial for potential upside towards higher resistances.
Conversely, a failure to hold above $60,000 may lead to further losses with initial supports near $60,450 & $60,000.
Source - newsbtc.com
The German government recently sold 400 #Bitcoin on exchanges Kraken and Coinbase, contributing to Bitcoin's price drop to around $60,000.
This action is part of a larger sell-off, following a previous offload of over 1,700 $BTC worth $110 million. The government still holds approximately $2.8 billion in Bitcoin. This sell-off, combined with other market activities, has significantly impacted Bitcoin's
#Germany #BitcoinPriceDrop #bitcoinprice #TrendingTopic
This action is part of a larger sell-off, following a previous offload of over 1,700 $BTC worth $110 million. The government still holds approximately $2.8 billion in Bitcoin. This sell-off, combined with other market activities, has significantly impacted Bitcoin's
#Germany #BitcoinPriceDrop #bitcoinprice #TrendingTopic
Why is the #Bitcoin price down? 🤔
➔ Germany is selling 400 $BTC , worth $27M.
➔ Outflows from spot Bitcoin ETFs reached $1.3 billion over the last two weeks.
➔ #MtGox announced plans to distribute $9 billion worth of $BTC and $BCH
#bitcoinprice #BitcoinPriceDrop #TrendingTopic
➔ Germany is selling 400 $BTC , worth $27M.
➔ Outflows from spot Bitcoin ETFs reached $1.3 billion over the last two weeks.
➔ #MtGox announced plans to distribute $9 billion worth of $BTC and $BCH
#bitcoinprice #BitcoinPriceDrop #TrendingTopic
🏆 New Week, New Challenge at esatoshiclub!
Predict the highest $BTC price between June 24 and June 30 to win 100,000 Satoshis🎉
How to enter:
-Submit your best guess under this (https://x.com/esatoshiclub/status/1805163881058193602) post.
- Reply within 72 hours to predict $BTC 's highest price from June 17 to June 23.
- Like & RT this (https://x.com/esatoshiclub/status/1805163881058193602) post.
- Prize: 100K satoshis for the closest and fastest guess.
#BTCPricePredictions #BTCPriceForecast #bitcoinprice #BitcoinPrice2024 #TrendingTopic
Predict the highest $BTC price between June 24 and June 30 to win 100,000 Satoshis🎉
How to enter:
-Submit your best guess under this (https://x.com/esatoshiclub/status/1805163881058193602) post.
- Reply within 72 hours to predict $BTC 's highest price from June 17 to June 23.
- Like & RT this (https://x.com/esatoshiclub/status/1805163881058193602) post.
- Prize: 100K satoshis for the closest and fastest guess.
#BTCPricePredictions #BTCPriceForecast #bitcoinprice #BitcoinPrice2024 #TrendingTopic
📊 $BTC closed the first month of #2024 with a slight increase of +0.87%.
The price change for $ETH at the end of January was +0.13% 📈
Let's hope we'll see double-digit increases in February! 🚀
#ETHPrice #BTCPrice #bitcoinprice
The price change for $ETH at the end of January was +0.13% 📈
Let's hope we'll see double-digit increases in February! 🚀
#ETHPrice #BTCPrice #bitcoinprice
$BTC weekly close hits a high of $48,315, its peak since mid-December 2021! 🤯
#BitcoinPrice2024 #bitcoinprice
#BitcoinPrice2024 #bitcoinprice
Renowned trader Henrik Zeberg predicts a soaring path for Bitcoin (BTC), targeting an impressive $42,000, while also shedding light on top-performing altcoins.
BTC has experienced a remarkable 30% surge since October, securing its position above the $2,000 mark for Ethereum (ETH). In a surprising twist, the Bitcoin price chart recently illuminated in vibrant green, showcasing a daily gain exceeding 2.2%. Surpassing its 2023 high, BTC reached a peak value unseen since May 2022. This surge distinguishes itself by its upward trajectory, signaling robust bullish momentum.
Henrik Zeberg's expertise extends beyond Bitcoin, with a focus on select altcoins currently under his radar. Notably, Solana (SOL) has seen a rise of over 3%, Cosmos (ATOM) surged by 1.8%, Sei (SEI) experienced a 3.2% increase, and Chainlink (LINK) witnessed a rise of 2.44%.
#BTC #BTCpredictions #BitcoinPriceUpdate #bitcoinprice #BTCPriceForecast $BTC
BTC has experienced a remarkable 30% surge since October, securing its position above the $2,000 mark for Ethereum (ETH). In a surprising twist, the Bitcoin price chart recently illuminated in vibrant green, showcasing a daily gain exceeding 2.2%. Surpassing its 2023 high, BTC reached a peak value unseen since May 2022. This surge distinguishes itself by its upward trajectory, signaling robust bullish momentum.
Henrik Zeberg's expertise extends beyond Bitcoin, with a focus on select altcoins currently under his radar. Notably, Solana (SOL) has seen a rise of over 3%, Cosmos (ATOM) surged by 1.8%, Sei (SEI) experienced a 3.2% increase, and Chainlink (LINK) witnessed a rise of 2.44%.
#BTC #BTCpredictions #BitcoinPriceUpdate #bitcoinprice #BTCPriceForecast $BTC
⚠️ Bitcoin price crashes 6k in minutes as Iran announces it has launched drones towards Israel.
🚨 We could be about to see a bloodbath and potential black swan event if This escalates further.
#bitcoinprice
#cryptobay
#bitcoinnews
#iranisrael
#Irannews
$BTC $ETH $BNB
🚨 We could be about to see a bloodbath and potential black swan event if This escalates further.
#bitcoinprice
#cryptobay
#bitcoinnews
#iranisrael
#Irannews
$BTC $ETH $BNB
🔴 Bitcoin dips 2% after Mt. Gox moves $7.3B in BTC
#Bitcoin fell 2% on May 28 as Mt. Gox wallets transferred 107,547 BTC ($7.3 billion) to an unknown address.
The transactions are part of the exchange’s plan to return $BTC to creditors by October.
#bitcoinprice #BTCPrice #MtGox #TrendingTopic
#Bitcoin fell 2% on May 28 as Mt. Gox wallets transferred 107,547 BTC ($7.3 billion) to an unknown address.
The transactions are part of the exchange’s plan to return $BTC to creditors by October.
#bitcoinprice #BTCPrice #MtGox #TrendingTopic
Bitcoin rally would return could possibly depend on the total supply of all the stablecoins.
Around the start of this week, Bitcoin observed a sharp plunge that had taken the asset’s price from the $30,000 level down to the $29,000 mark. A couple of days back, however, the coin had started surging again and had reclaimed the $26,600 level.
This uplift in the price had come as the US Fed had announced a 25 bps interest rate hike, but before long, the recovery efforts had run out of steam, and now, the cryptocurrency has already retraced its gains from the rally.
Earlier, #Bitcoin had been stuck in a phase of stagnation above the $30,000 level for more than a month, but with the plunge in the price, this streak had been broken.
The asset now sticking near the $29,000 level may mean, however, that volatility hasn’t truly returned for the asset yet, as it still continues to consolidate, just around a different level. When a true break away from this stagnation may happen and the rally would return could possibly depend on the total supply of all the stablecoins.
As explained by an analyst in a CryptoQuant post, range-breaking price rises in Bitcoin this year have generally only come whenever the stablecoin supply has registered an increase.
#Binanceturns6 #GOATMoments #bitcoinprice
This uplift in the price had come as the US Fed had announced a 25 bps interest rate hike, but before long, the recovery efforts had run out of steam, and now, the cryptocurrency has already retraced its gains from the rally.
Earlier, #Bitcoin had been stuck in a phase of stagnation above the $30,000 level for more than a month, but with the plunge in the price, this streak had been broken.
The asset now sticking near the $29,000 level may mean, however, that volatility hasn’t truly returned for the asset yet, as it still continues to consolidate, just around a different level. When a true break away from this stagnation may happen and the rally would return could possibly depend on the total supply of all the stablecoins.
As explained by an analyst in a CryptoQuant post, range-breaking price rises in Bitcoin this year have generally only come whenever the stablecoin supply has registered an increase.
#Binanceturns6 #GOATMoments #bitcoinprice
🟢 $BTC rose above $71,000 for the first time since April 1 ahead of the reward #halving expected later this month.
➜ $WIF, $CKB, and $LDO are all up by double digits, while $ENA and $W are down by 5%.
#bitcoinprice #MarketWatch #bitcoinhalving #TrendingTopic
➜ $WIF, $CKB, and $LDO are all up by double digits, while $ENA and $W are down by 5%.
#bitcoinprice #MarketWatch #bitcoinhalving #TrendingTopic
