Accumulate

Bitcoin

Strike

Million

Rekt

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 Bitcoin has experienced notable price fluctuations, forming technical patterns that suggest potential trend changes. Meanwhile, Strike, a payments application leveraging the Bitcoin blockchain, has extended its services to the United Kingdom, furthering its global expansion.&nbsp;
 <h2 id="bitcoin-whales-capitalize-on-market-crash-with-massive-net-inflows">Bitcoin Whales Capitalize on Market Crash with Massive Net Inflows</h2>
 Bitcoin&amp;#39;s largest wallets have recorded unprecedented net inflows following a recent market crash. According to crypto analytics platform IntoTheBlock, these whales, which control at least 0.1% of Bitcoin&amp;#39;s total supply, collectively scooped up a staggering $436 million worth of Bitcoin on Monday. This move mirrors the famous investment strategy advised by legendary investor Warren Buffett: to buy when there is &amp;quot;blood in the streets.&amp;quot;
 On Jun. 24, Bitcoin&amp;#39;s price plunged to a low of $58,456, reacting to bearish news surrounding the now-defunct cryptocurrency exchange <a href="https://coinpaper.com/4600/8-5-billion-bitcoin-release-by-mt-gox-may-not-shock-market" target="_self" rel="noopener noreferrer nofollow">Mt. Gox</a> and its creditor repayments scheduled for July. This decline marked the lowest price level for Bitcoin in nearly two months and triggered a wave of fear throughout the crypto market. The Fear &amp;amp; Greed Index, a popular market sentiment indicator, reflected this sentiment, displaying its lowest reading since last September.
 Amidst the market chaos, notable Bitcoin critic Peter Schiff predicted further declines for the leading cryptocurrency. Schiff&amp;#39;s bearish outlook contributed to the prevailing negative sentiment, but it also presented a buying opportunity for large investors.&nbsp;
 Adding to the bearish sentiment, the Relative Strength Index (RSI), a widely used momentum indicator, signaled that Bitcoin was oversold on both daily and weekly charts. Such oversold conditions have not been observed since Bitcoin was trading at $26,000, suggesting that the cryptocurrency might be due for a relief rally.
 The confluence of these factors—significant whale activity, oversold technical indicators, and extreme market fear—hinted at the potential for a Bitcoin price bounce. Major whales appeared to have taken advantage of the recent price correction to accumulate more Bitcoin, anticipating a recovery.
 Their strategy seemed to pay off, as on Tuesday, Bitcoin&amp;#39;s price managed to recover back to $62,004, adding more than 2.2% in value. According to pseudonymous cryptocurrency trader Rekt Capital, Bitcoin successfully held the key support level at $60,600, which marks the low of the current trading range. Rekt Capital believes that if Bitcoin remains relatively stable, it has the potential to revisit the top of the current range.
 Trader James Stanley also highlighted the significance of the $60,000 support level, noting that Bitcoin bulls have successfully defended this critical threshold. Stanley&amp;#39;s analysis aligns with the broader market sentiment that views $60,000 as a pivotal level for Bitcoin&amp;#39;s price stability.
 The recent market crash and subsequent recovery serve as strong indications of the resilience and strategic maneuvering of Bitcoin&amp;#39;s largest investors. While the crypto market remains volatile and susceptible to external factors, the actions of these whales suggest confidence in Bitcoin&amp;#39;s long-term value.&nbsp;
 Investors and traders will be closely monitoring Bitcoin&amp;#39;s price action and key support levels in the coming days, with many anticipating further developments that could either solidify the current recovery or lead to new challenges.&nbsp;
 <h2 id="bitcoin-forms-double-top-pattern-ahead-of-key-fed-data-release">Bitcoin Forms Double-Top Pattern Ahead of Key Fed Data Release</h2>
 Meanwhile, BTC has recently carved out a double-top price pattern, signaling a potential bearish trend change just before the release of key economic data that could influence the Federal Reserve&amp;#39;s interest rate decisions. This pattern, often seen as a precursor to a downward price movement, has traders and investors on high alert.
 Bitcoin&amp;#39;s price journey has been nothing short of a rollercoaster this month. After surging to nearly $70,000, nearing its all-time high set in March, BTC has now retreated to $63,000. This retreat marks a significant decoupling from Nasdaq&amp;#39;s continued upward movement.&nbsp;
 The divergence is largely attributed to faster selling by miners, profit-taking by investors near lifetime highs, and substantial outflows from U.S.-listed spot exchange-traded funds (ETFs).
 The price action has resulted in the formation of a double top, a bearish technical analysis pattern. This pattern consists of two peaks with a valley in between, typically emerging after a significant uptrend. The second peak represents uptrend exhaustion, and a breach of the low point between the two peaks confirms a bearish trend change.
 Markus Thielen, founder of 10x Research, elaborated on the significance of this pattern. &amp;quot;Technically, <a href="https://coinpaper.com/4596/how-to-buy-bitcoin-anonymously-a-step-by-step-guide" target="_self" rel="noopener noreferrer nofollow">bitcoin</a> appears to follow a double-top formation, whereas the support level is being tested. This chart formation should be our base case unless it becomes invalidated. This formation could easily see a drop to $50,000—if not $45,000,&amp;quot; Thielen said.
 He also noted the influence of broader economic factors, stating, &amp;quot;Yes, the U.S. election and CPI should be bullish later this year, but we can still have a steeper correction.&amp;quot;
 The double-top pattern observed in Bitcoin&amp;#39;s price charts indicates a possible bearish trend, with the potential for a significant price drop if support levels fail to hold.
 The Federal Reserve&amp;#39;s preferred inflation yardstick, the personal consumption expenditures (PCE) price index for May, is anticipated to show the slowest monthly advance in the core figure in over three years. This expected slowdown could solidify the case for renewed Fed rate cuts from September, potentially putting a floor under risk assets, including Bitcoin.
 Greg Magadini, director of derivatives at Amberdata, highlighted the impact of recent economic data on digital assets. &amp;quot;Strong economic data has forced bond yields higher and precious metals lower on Friday. This continues to stand in the way of digital hard assets like crypto,&amp;quot; Magadini recently explained.
 Magadini also pointed out the significance of upcoming events: &amp;quot;This week we have multiple Fed Governors speaking, GDP and most importantly PCE on Friday (the Fed’s favorite inflation indicator).&amp;quot;
 Economists surveyed by Bloomberg expect no change in the PCE price index and a modest 0.1% uptick in the core PCE, amounting to 2.6% annual advances in both the headline and core figures. The projected core increase, excluding food and energy, would be the smallest since March 2021.
 The double-top pattern in Bitcoin&amp;#39;s price charts, coupled with the upcoming Fed data, has created a cautious environment for traders and investors. While the potential for a bearish trend looms, the anticipated slowdown in inflation and possible rate cuts by the Fed could provide a counterbalance, supporting risk assets like Bitcoin.
 Investors will be closely monitoring the Fed&amp;#39;s announcements and economic data releases in the coming days. The interplay between technical patterns and macroeconomic indicators will play a crucial role in determining Bitcoin&amp;#39;s near-term price trajectory.
 While the market navigates this period of uncertainty, the actions of miners, institutional investors, and the broader economic landscape will be key factors to watch. The double-top pattern serves as a reminder of the inherent volatility in the cryptocurrency market, where rapid price changes can occur based on a complex web of influences.
 <h2 id="strike-expands-to-the-u-k-enhancing-global-reach-with-bitcoin-payments">Strike Expands to the U.K., Enhancing Global Reach with Bitcoin Payments</h2>
 In a related development, Strike, the innovative payments application leveraging the Bitcoin blockchain, has officially launched its services in the United Kingdom, marking another significant milestone in its global expansion. This announcement came in a blog post on Tuesday, just months after the company rolled out its services across Europe and Africa.&nbsp;
 Customers in the U.K. can now seamlessly buy, sell, and withdraw funds using the Strike app. The app allows users to send and receive Bitcoin (BTC) and sterling, providing a versatile platform for managing digital and fiat currencies. This expansion into the U.K. aligns with Strike&amp;#39;s aggressive global growth strategy, as the company now operates in over 100 countries and territories worldwide.
 Strike&amp;#39;s entry into the U.K. market comes at a time when some crypto companies have been retreating from the region due to regulatory challenges. In contrast, Strike is doubling down on its commitment to foster Bitcoin adoption globally.&nbsp;
 The company highlighted the U.K.&amp;#39;s significance, noting, &amp;quot;With a population of 67 million, the U.K. is the second-largest economy in Europe and sixth-largest globally and presents significant opportunities for Bitcoin adoption.&amp;quot;
 To ensure compliance with local regulations, Strike will serve its U.K. clients cross-border from its European base. The Financial Conduct Authority (FCA)-registered firm Engelbert will oversee compliance with regulatory requirements regarding crypto promotions, ensuring that Strike adheres to all necessary guidelines.
 Strike&amp;#39;s rapid expansion has seen the company establish a presence in Europe in April and in Africa earlier this year. Developed by the Chicago-based startup Zap Solutions, Strike enables customers to send and receive money globally, similar to services offered by Cash App or PayPal (PYPL). However, Strike distinguishes itself by utilizing Bitcoin&amp;#39;s Lightning Network for payments. This innovative technology allows for faster and cheaper transactions, enhancing the overall user experience.
 Since its U.S. launch in 2020, Strike has gained significant traction for its ease of use and cost-effectiveness. The Lightning Network, a second-layer solution on the <a href="https://coinpaper.com/4542/world-s-first-and-only-yield-bearing-bitcoin-etp-starts-trading-in-germany" target="_self" rel="noopener noreferrer nofollow">Bitcoin</a> blockchain, facilitates instant payments with minimal fees, making it an attractive option for both individual users and businesses.
 Strike&amp;#39;s expansion into the U.K. demonstrates its unwavering commitment to promoting Bitcoin adoption on a global scale. By providing a user-friendly platform that integrates Bitcoin payments into everyday financial transactions, Strike is helping to bridge the gap between traditional finance and the burgeoning cryptocurrency ecosystem.
 The company&amp;#39;s proactive approach to navigating regulatory landscapes and forming strategic partnerships positions it well for continued growth. As more users in the U.K. and beyond gain access to Strike&amp;#39;s services, the potential for wider Bitcoin adoption becomes increasingly tangible.
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Bitcoin Whales Accumulate $436 Million in BTC Amid Market Dip

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