Bitcoin

Rekt

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-faces-new-selling-pressure" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Faces New Selling Pressure</a><br></p>
<p style="text-align: justify">Bitcoin’s price may soon dip below the crucial $60,000 mark due to fresh selling pressures from Mt. Gox and the German government. Noted Bitcoin analyst Willy Woo suggests a possible four-week correction period before the cryptocurrency resumes its upward momentum.</p>
<h2 id="why-is-a-correction-expected">Why is a Correction Expected?</h2>
<p style="text-align: justify">On June 22, Willy Woo addressed his 1.1 million followers on social media platform X, indicating a possible cooling-off phase for Bitcoin that could last between one to four weeks. He emphasized that this period would likely be marked by stagnant price movements before an eventual rise. This scenario aligns with predictions by another well-known <a href="https://en.bitcoinhaber.net/exploring-recent-crypto-market-dynamics-and-future-outlook" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto analyst</a>, Rekt Capital, who foresees more downward pressure based on recent weekly closing prices.</p>
<p style="text-align: justify">Rekt Capital’s analysis from June 17 highlights the importance of Bitcoin’s closing prices relative to specific levels, suggesting that a failure to hold above these levels could lead to further declines. This perspective adds weight to the anticipated correction.</p>
<h2 id="what-are-the-key-influences">What Are the Key Influences?</h2>
<p style="text-align: justify">The looming correction is influenced by <a href="https://newslinker.co" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">significant developments</a> on multiple fronts. Mt. Gox, the bankrupt crypto exchange, announced on June 24 that it would begin repaying its creditors in July. With approximately 127,000 creditors owed $9.4 billion worth of Bitcoin, the market could see immense selling pressure. According to Bloomberg’s senior ETF analyst Eric Balchunas, this scenario is comparable to rejecting a substantial portion of ETF inflows simultaneously.</p>
<p style="text-align: justify">Moreover, intelligence from Arkham indicates that on June 19, a wallet linked to the German government transferred around 6,500 Bitcoin. This wallet had held about 50,000 Bitcoin since February 2024, equating to over $3 billion at current prices. However, some <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> like Jelle believe this might only cause a temporary dip rather than a prolonged correction.</p>
<h2 id="concrete-inferences">Concrete Inferences</h2>
<p style="text-align: justify">• Mt. Gox’s repayments might trigger massive Bitcoin sell-offs.<br> • German government’s wallet activity adds to the selling pressure.<br> • Short-term corrections are likely, but long-term trends remain uncertain.<br> • Monitoring Bitcoin’s RSI levels could provide trading insights.</p>
<p style="text-align: justify"><strong>Conclusion</strong></p>
<p style="text-align: justify">As Bitcoin braces for a potential correction, market participants will be closely watching how these factors play out. Analysts encourage investors to prepare for short-term volatility but remain optimistic about Bitcoin’s long-term prospects.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-faces-new-selling-pressure" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Faces New Selling Pressure</a></h5>

Bitcoin Faces New Selling Pressure

Table of Contents

BH NEWS

Other articles published on Jun 24, 2024

New Solana Memecoin Donald Bumps Jumps to $1 Million Market Cap, Prepares to Rally Another 14,000...

Binance Aids BtcTurk in Cyber Attack Investigation, Freezes $5 Million in Stolen Funds

Ethereum Set For $5,000? ETH Open Interest Expanding On CME Ahead Of Spot ETFs Trading

The MoonBag Staking Rewards Triumphs Over Theta and Book of Meme’s Woes

Crypto Community Thrilled By BlockDAG’s $2 Million Giveaway Amid Avalanche Price Prediction And I...

DraftKings Offers $10K Prediction Pool For Trump, Biden Presidential Debate: 11 Questions About I...

Join our free newsletter for daily crypto updates!