Future

Bitcoin

Arkham

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin [BTC] has been under $60K for a week, with downward pressure mainly from government and Mt. Gox sell-offs.</li>
 <li>The next direction for BTC price could be determined by the June US CPI data, scheduled for 11 July.</li>
</ul>
<p>Bitcoin [BTC] has remained below $60,000 for a week, experiencing a 7% drop in Q3 at the time of writing.</p>
<p>This downward trend has been largely attributed to sell-offs from the government and Mt. Gox, providing bears with market leverage.</p>
<h2 id="the-end-of-bear-days">The End of Bear Days</h2>
<p>However, according to a market observer, the days of Bitcoin bears could be numbered, as key sell pressure from the German government might soon ease.</p>
<p>Several bullish catalysts for BTC were cited by the pseudonymous analyst, including increasing global liquidity and the possible absorption of the remaining German government BTC holdings by next week.</p>
<p>Data from Arkham Intelligence shows that the German government sent over $60 million worth of BTC to centralized exchanges on Thursday, reducing their BTC balance to 13.1K coins, or approximately $767 million.</p>
<h2 id="ftx-payout-and-bitcoin-price">FTX Payout and Bitcoin Price</h2>
<p>Bitcoin could also benefit from the FTX payout, which is estimated to be around $16 billion and is expected to be paid in cash at the end of Q3 2024.</p>
<p>This could provide additional liquidity for BTC and the market as a whole.</p>
<p>However, another market observer, MartyParty, questioned the impact of Trump’s win, given the recent push for the Commodities Futures Trading Commission (CFTC) to oversee spot BTC markets.</p>
<h2 id="bitcoin-price-future">Bitcoin Price Future</h2>
<p>Currently, BTC is hovering around the 200-day SMA (Simple Moving Average) but has yet to turn it into support.</p>
<p>The weak market structure has been further confirmed by below-average readings from the RSI (Relative Strength Index) and CMF (Chaikin Money Flow).</p>
<p>However, the direction of the next BTC price could be determined after the release of the June US CPI (Consumer Price Index) data, scheduled for July 11.</p>
<p>A slower inflation print could confirm the deflationary trend and prompt the Fed to consider rate cuts, possibly setting BTC to climb the 200-day SMA.</p>
<p>But higher-than-expected inflation could give bears more leverage to drive BTC lower.</p>
<p>Interestingly, the founders of Glassnode reiterated this view and saw the CPI data as likely to determine the next direction for BTC price.</p>

BTC Bulls On The Rise: Key Catalysts Predict Bearish Days for Bitcoin Are Over

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