2024

Bitcoin

<ul class="list-ic vertical">
 <li><span>1</span> <a>Bitcoin (BTC) is protecting gains at the top this week.</a></li>
 <li><span>2</span> <a>Amidst the positive global market sentiments, the market leader is still struggling to cross the $70k mark.</a></li>
</ul>
<p>The crypto giant <strong>Bitcoin (BTC)</strong> took a break and was testing its investors’ patience over the past sessions. Since the beginning of 2024, it revealed a massive bull rally and reached the $72k mark sharply.</p>
<p>Afterward, <strong>BTC </strong>sustained its gains and consolidated in an upward trajectory, while it did not reflect any impulsiveness.</p>
<p>Based on the ongoing market sentiment, crypto analysts have suggested two possible scenarios. In the first case, analysts suggest that <strong>BTC </strong>would continue to tumble around the top and might trigger a breakout toward the $78k.</p>
<p>Conversely, the second case is bearish, in which if <strong>BTC </strong>fails to hold the $64k mark, it may retest its 200 day EMA mark soon. Buyers are struggling to sustain above the 20 day EMA mark and are revealing a lack of momentum.</p>
<p>At press time, <strong>Bitcoin price </strong>was $66,543 with an intraday surge of 0.36%, reflecting neutrality on the chart. It has a monthly return ratio of 2.03% and 154.30% yearly, reflecting short term consolidation.</p>
<p>Notably, the trading volume remained flat, dropping over 32%, while the market cap rose over 0.37% in the last 24 hours.</p>
<h2 class="wp-block-heading" id="strong-key-factors-which-might-fuel-rally-ahead-strong"><strong>Key Factors Which Might Fuel Rally Ahead</strong></h2>
<p>For over two months, <strong>BTC</strong> price action looks steady and paused around the $68k mark, revealing the indecisiveness and uncertainty among investors. Bitcoin does not have clear indications about the next possible move.</p> 
<p><a href="https://www.tradingview.com/chart/BTCUSDT/0lX3hK44-BTC-price/" rel="noopener noreferrer nofollow"></a><a href="https://www.tradingview.com/u/TheCoinRepublic/" rel="noopener noreferrer nofollow"></a><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow"></a></p> 
<p class="has-text-align-center">Source: TradingView</p>
<p>Similarly, whales activity was uncommon and did not reflect clear cues.&nbsp;</p>
<h3 class="wp-block-heading" id="strong-analysts-commentary-on-bitcoin-btc-strong"><strong>Analysts Commentary on Bitcoin (BTC)</strong></h3>
<p>On-chain data from @santimentfeed reveals that Bitcoin whales have sold over 50,000 BTC in the past 10 days, totaling approximately $3.30 billion!.</p>
<p>Meanwhile, some of the prominent traders claimed that watching the whales activity is useless and does not give clear information.</p>
<center>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">Don't whale watch kids, it's not useful information.</p>— _Checkmate <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f7e0.png" alt="🟠" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f511.png" alt="🔑" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2622.png" alt="☢" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6e2.png" alt="🛢" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@_Checkmatey_) <a href="https://twitter.com/_Checkmatey_/status/1801878864647622942?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 15, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
<p class="has-text-align-center">Source: X</p>
<p>@Jelly noted that Bitcoin gave a perfect retest of the lows of the ascending triangle pattern. If <strong>BTC </strong>succeeds to escape out of this pattern, the target is $100,000</p>
<center>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> gave a perfect retest of the lows of the ascending triangle <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>Break out of this pattern, and the target is $100,000 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1fae3.png" alt="🫣" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/rCyr5WSBPQ" rel="noopener noreferrer nofollow">pic.twitter.com/rCyr5WSBPQ</a></p>— Jelle (@CryptoJelleNL) <a href="https://twitter.com/CryptoJelleNL/status/1801937714943529410?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 15, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
<p class="has-text-align-center">Source: X</p>
<p>@Vivek highlighted that, While you are scared, whales just bought $1.3 billion worth of Bitcoin</p>
<center>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">While you are scared, whales just bought $1.3 billion worth of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://t.co/n8AwWaIwxa" rel="noopener noreferrer nofollow">pic.twitter.com/n8AwWaIwxa</a></p>— Vivek <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@Vivek4real_) <a href="https://twitter.com/Vivek4real_/status/1801263058301440334?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 13, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
<p class="has-text-align-center">Source: X</p>
<h3 class="wp-block-heading" id="strong-daily-active-addresses-on-a-declining-note-strong"><strong>Daily Active Addresses on a Declining Note</strong></h3>
<p>Followed by the price consolidation, there is a drop in investor interest in <strong><a href="https://www.thecoinrepublic.com/2024/06/14/bitcoin-price-halts-near-67k-more-correction-on-the-cards/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin </a>BTC</strong>as the active addresses dropped significantly.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="366" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-29-1024x366.jpeg" alt="BTC" class="wp-image-208840" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-29-1024x366.jpeg 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-29-300x107.jpeg 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-29-768x275.jpeg 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-29-1536x549.jpeg 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-29-750x268.jpeg 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-29-1140x408.jpeg 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-29.jpeg 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
<p class="has-text-align-center">Source: Artemis</p>
<p>This week, a drop of over 23% was noted in the active addresses data and the value was noted at $407k.</p>
<h3 class="wp-block-heading" id="strong-mvrv-score-looks-average-strong"><strong>MVRV Score Looks Average</strong></h3>
<p>Notably, the <strong>MVRV score</strong> of the BTC was relatively lower and looked average, which means that <strong>BTC </strong>is still not overvalued and could go higher.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="324" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-185-1024x324.png" alt="BTC" class="wp-image-208841" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-185-1024x324.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-185-300x95.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-185-768x243.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-185-750x237.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-185-1140x361.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-185.png 1368w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
<p class="has-text-align-center">Source: coinglass</p>
<h3 class="wp-block-heading" id="strong-what-does-btc-rainbow-price-chart-indicator-suggest-strong"><strong>What Does BTC Rainbow Price Chart Indicator Suggest?</strong></h3>
<p>The <strong>Rainbow Chart</strong> is a long-term valuation tool for <strong>Bitcoin</strong>. It uses a logarithmic growth curve to forecast the potential future price direction of Bitcoin.</p>
<p>Currently, <strong>BTC </strong>is trading in the midst of blue to the lighter green band, which signifies the opportunity to accumulate now.&nbsp;</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="389" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-186-1024x389.png" alt="BTC" class="wp-image-208842" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-186-1024x389.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-186-300x114.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-186-768x292.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-186-750x285.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-186-1140x433.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-186.png 1405w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
<p class="has-text-align-center">Source: Coinglass</p>
<p>The immediate support levels for the <strong>Bitcoin price </strong>are $64,700 and $63,600, whereas the key upside hurdle is around $68.300, followed by $69.800</p>
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4>
<p>The <strong>Bitcoin price </strong>is close to the 50 day EMA mark, revealing indecisiveness among the bulls and bears. BTC needs to escape a range to enhance clarity for forecasts.</p>
<h4 class="wp-block-heading"><strong>Disclaimer</strong></h4>
<p>This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.</p>

How Long Will BTC Consolidate At The Top: Here’s An Outlook

Table of Contents

Thecoinrepublic.com

Other articles published on Jun 16, 2024

ETH, TON, UNI, and XMR could rally if Bitcoin clears $68,000

MoonBag, the Top Meme Coin Presale, Rockets to 15,000% ROI, Beats Slow IMX & Shaky Dogwifhat

Trump Vows to End Biden’s “War on Crypto” and Make Florida a Crypto Hub

MoonBag, the Best Crypto Presale in June 2024, Dwarfs Render and Book of Meme with 15,000% ROI an...

Moonbag Top Crypto Presale’s $1 Prediction Attracts Investors And Surpassing Render Listing And I...

Watch out: 25 Altcoins Have Massive Token Unlocks in the New Week – Here is the Day by Day, Hour ...

Join our free newsletter for daily crypto updates!