As a seasoned crypto investor, I’ve seen my fair share of market ups and downs. And let me tell you, this June downtrend in Bitcoin (BTC) price has been a rollercoaster ride. With the current BTC price trading at $61,657 levels, it’s hard not to feel a pang of disappointment after seeing the meteoric rise just a few weeks ago.
During the month of June, Bitcoin‘s (BTC) value has been declining steadily without managing to surpass the $62,000 mark. At present, Bitcoin is priced at around $61,657 with a market capitalization of approximately $1.2 trillion. Over the past week, there has been a nearly 5% decrease in Bitcoin’s value. Nevertheless, renowned market analyst Rekt Capital predicts that Bitcoin will soon make a significant breakthrough from its June slump.
Bitcoin Price Eyes A Breakout From June Downtrend
In their latest assessment, Rekt Capital anticipates that the current decrease in Bitcoin’s price may come to an end shortly. Additionally, they noted that if the price remains consistent, it could potentially trigger a challenging situation for a new price increase in the future.
Based on the current price movements of Bitcoin, Rekt Capital has identified potential signs of an emerging Bull-Flag pattern, indicated by the orange band on the chart. Should this pattern develop further, Bitcoin may attempt to breach the June downward trend and deliver a significant price surge.
I’ve been closely monitoring the Bitcoin market as of late, and according to CoinGape’s latest report, it seems the bears have taken charge. Miners are showing signs of capitulation, and based on the analysis of several market experts, we could see further corrections from the current price levels.
Key Levels to Watch for BTC
Rekt Capital has pointed out that the recent pullback in Bitcoin’s price is approaching the average 22% decline observed during past market cycles. This downturn, however, has initiated a favorable response from the market and aligns with the historical support levels of previous all-time highs.
As a researcher studying the market trends of Bitcoin, I’ve noticed that according to Rekt Capital’s analysis, while it’s normal for the price to test supports by dipping below (orange markings), what truly matters is for Bitcoin to ultimately end its weekly candle within the defined structure in order to preserve this level of support.
If the Bitcoin price falls below $60,700, there is a risk of significant sell-offs resulting in approximately $22 million worth of positions being liquidated, according to analyst Ali Martinez’s assessment.
As an analyst, I’m closely monitoring today’s Bitcoin options expiry, which carries a significant amount of value at stake – approximately $6.6 billion in contracts.
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2024-06-28 08:05