Bitcoin ETF

Bitcoin

Rekt

<p>Bitcoin has been under continuous selling pressure for the past two weeks, currently stabilizing around the $65,500 level. However, on-chain data indicates that the BTC price correction may not be over yet, suggesting that a trend reversal on the upside might not occur until Bitcoin reaches the $60,000 mark</p> 
<h3 id="bitcoin-price-drop-to-60-000-much-likely">Bitcoin Price Drop to $60,000 Much Likely</h3> 
<p>Julio Moreno, Head of Research at CryptoQuant, stated that the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin price</a> has fallen below its short-term support levels, as per the crypto’s on-chain realized price. Thus, he suggested that the BTC price could face a further decline to $60,000.</p> 
<figure id="attachment_203083" aria-describedby="caption-attachment-203083" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-203083" src="https://coingape.com/wp-content/uploads/2024/06/Bitcoin-Realized-Price.jpeg" alt="" width="4000" height="2250" srcset="https://coingape.com/wp-content/uploads/2024/06/Bitcoin-Realized-Price.jpeg 4000w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-Realized-Price-300x169.jpeg 300w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-Realized-Price-1224x689.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-Realized-Price-768x432.jpeg 768w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-Realized-Price-1536x864.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-Realized-Price-2048x1152.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-Realized-Price-678x381.jpeg 678w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-Realized-Price-150x84.jpeg 150w" sizes="(max-width: 4000px) 100vw, 4000px">
 <figcaption id="caption-attachment-203083" class="wp-caption-text">
  Courtesy: CryptoQuant
 </figcaption>
</figure> 
<p>The analyst further highlighted the key demand dynamics, such as buying by large traders and investors, interest from US investors, and stablecoin liquidity, are currently lacking momentum.</p> 
<p>Another crypto analyst Rekt Capital stated that the BTC price tends to form clusters of price action near the Range High resistance around $71,600. Over time, this leads to a price retracement to the downside thereby resulting in clusters of price action near the Range Low support area of around $60,600.</p> 
<figure id="attachment_203086" aria-describedby="caption-attachment-203086" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-203086" src="https://coingape.com/wp-content/uploads/2024/06/BTCUSD-1.png" alt="" width="1794" height="1266" srcset="https://coingape.com/wp-content/uploads/2024/06/BTCUSD-1.png 1794w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD-1-300x212.png 300w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD-1-1224x864.png 1224w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD-1-768x542.png 768w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD-1-1536x1084.png 1536w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD-1-150x106.png 150w" sizes="(max-width: 1794px) 100vw, 1794px">
 <figcaption id="caption-attachment-203086" class="wp-caption-text">
  Courtesy: <a rel="nofollow" href="https://x.com/rektcapital/status/1803102891235803391" target="_blank">Rekt Capital</a>
 </figcaption>
</figure> 
<p>Bitcoin analyst Willy Woo states that there’s still a huge open interest in the <a href="https://coingape.com/hashkey-introduces-bitcoin-ethereum-futures-trading-after-regulatory-nod/" target="_blank" rel="noopener">Bitcoin futures</a> bets, as per the solid yellow chart below, representing a z-score oscillator. This oscillator highlights the local significance of these bets. Woo stated that a substantial amount of liquidations would be essential before Bitcoin can resume its bullish journey on the upside.</p> 
<figure id="attachment_203088" aria-describedby="caption-attachment-203088" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-203088" src="https://coingape.com/wp-content/uploads/2024/06/Bitcoin-paper-bets.jpeg" alt="" width="2364" height="1748" srcset="https://coingape.com/wp-content/uploads/2024/06/Bitcoin-paper-bets.jpeg 2364w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-paper-bets-300x222.jpeg 300w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-paper-bets-1224x905.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-paper-bets-768x568.jpeg 768w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-paper-bets-1536x1136.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-paper-bets-2048x1514.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-paper-bets-80x60.jpeg 80w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-paper-bets-150x111.jpeg 150w" sizes="(max-width: 2364px) 100vw, 2364px">
 <figcaption id="caption-attachment-203088" class="wp-caption-text">
  Courtesy: Willy Woo
 </figcaption>
</figure> 
<p>Thus, several on-chain indicators suggest that there’s still some froth in the Bitcoin price which needs to be cleared before we begin a decisive rally to the upside.</p> 
<h3 id="bitcoin-miners-selling">Bitcoin Miners Selling</h3> 
<p>As reported by CoinGape, the <a href="https://coingape.com/bitcoin-miners-are-selling-will-high-liquidity-derail-btc-to-ath-push/" target="_blank" rel="noopener">Bitcoin miners</a> have been selling in huge numbers, especially after the Bitcoin halving event in April, in order to cover the operational costs. As per CryptoQuant CEO Ki Young Ju, the miners have realized $550 million in profits this year in the Bitcoin price range of $62,000-$70,000.</p> 
<p>At the same time, the long-term whales have sold $1.2 billion worth of BTC in the last two weeks, through brokers. During the same period, the <a href="https://coingape.com/not-a-single-spot-bitcoin-etf-saw-inflows-on-tuesday-new-outflows-at-152-million/" target="_blank" rel="noopener">Bitcoin ETF outflows</a> have skyrocketed to the tune of $460 million. Ju warned that if the $1.6 billion sell-side liquidity isn’t absorbed over-the-counter, brokers could start depositing Bitcoins to exchanges, leading to further downside.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en"><a rel="nofollow" href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> long-term holder whales sold $1.2B in the past 2 weeks, likely through brokers.</p> 
 <p>ETF netflows are negative with $460M outflows in the same period.</p> 
 <p>If this ~$1.6B in sell-side liquidity isn’t bought OTC, brokers may deposit <a rel="nofollow" href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> to exchanges, impacting the market. <a rel="nofollow" href="https://t.co/oYeKsRqKeF">pic.twitter.com/oYeKsRqKeF</a></p> 
 <p>— Ki Young Ju (@ki_young_ju) <a rel="nofollow" href="https://twitter.com/ki_young_ju/status/1803137868254343450?ref_src=twsrc%5Etfw">June 18, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>The post <a href="https://coingape.com/bitcoin-btc-price-drop-to-60000-coming-as-per-on-chain-data/">Bitcoin (BTC) Price Correction to $60,000 Coming As Per On-Chain Data</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Bitcoin (BTC) Price Correction to $60,000 Coming As Per On-Chain Data

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