Bitcoin

Rekt

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Throughout this month of June, the Bitcoin (BTC) price has been on a continuous downtrend failing to sustain above $62,000 as of now. As of press time, Bitcoin is trading at $61,657 levels with a market cap of $1.2 trillion. On the weekly, the Bitcoin price is down by nearly 5%. However, popular market analyst Rekt Capital believes that the Bitcoin price is set to give a major breakout from the June downtrend. 
<h3 id="bitcoin-price-eyes-a-breakout-from-june-downtrend">Bitcoin Price Eyes A Breakout From June Downtrend</h3> 
In a recent analysis, Rekt Capital predicted that the ongoing downtrend in the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">BTC price</a> is soon about to end. He also highlighted that continued price stability could further lead to a breakout challenge in the future. 
<figure id="attachment_204808" aria-describedby="caption-attachment-204808" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-204808" src="https://coingape.com/wp-content/uploads/2024/06/Bitcoin-Price-Breakout.jpeg" alt="" width="1794" height="1266" srcset="https://coingape.com/wp-content/uploads/2024/06/Bitcoin-Price-Breakout.jpeg 1794w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-Price-Breakout-300x212.jpeg 300w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-Price-Breakout-1224x864.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-Price-Breakout-768x542.jpeg 768w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-Price-Breakout-1536x1084.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-Price-Breakout-150x106.jpeg 150w" sizes="(max-width: 1794px) 100vw, 1794px">
 <figcaption id="caption-attachment-204808" class="wp-caption-text">
 Courtesy: Rekt Capital
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By observing the current daily price action in Bitcoin, Rekt Capital noted that BTC seems to be forming an early-stage Bull-Flag pattern (as visible in the orange band). If this pattern gains strength, Bitcoin could potentially challenge the June downtrend while giving a major breakout on the upside. 
As CoinGape reported, the <a href="https://coingape.com/bitcoin-bears-still-in-control-heres-why-btc-price-pump-is-temporary/" target="_blank" rel="noopener">Bitcoin bears</a> are currently having a stronghold in the market and dominating BTC price movements. Amid strong miner capitulation, several market analysts believe that the BTC price can correct further from the current levels. 
Also Read: <a href="https://coingape.com/could-bitcoin-hit-50k-soon-after-recent-price-dip/" target="_blank" rel="noopener">Will Bitcoin Price Drop to $50,000 Soon?</a> 
<h3 id="key-levels-to-watch-for-btc">Key Levels to Watch for BTC</h3> 
Rekt Capital has further added that the current <a href="https://coingape.com/heres-why-bitcoin-btc-price-correction-isnt-over-54k-coming/" target="_blank" rel="noopener">BTC price retracement</a> is nearing the typical 22% correction seen throughout the market cycle. This correction also shows a positive initial reaction aligning with the support levels of previous all-time highs. 
<figure id="attachment_204813" aria-describedby="caption-attachment-204813" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-204813" src="https://coingape.com/wp-content/uploads/2024/06/BTCUSD.jpeg" alt="" width="1794" height="1202" srcset="https://coingape.com/wp-content/uploads/2024/06/BTCUSD.jpeg 1794w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD-300x201.jpeg 300w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD-1224x820.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD-768x515.jpeg 768w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD-1536x1029.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD-150x101.jpeg 150w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD-272x182.jpeg 272w" sizes="(max-width: 1794px) 100vw, 1794px">
 <figcaption id="caption-attachment-204813" class="wp-caption-text">
 Courtesy: <a rel="nofollow" href="https://x.com/rektcapital/status/1805563351168102432/photo/1" target="_blank">Rekt Capital</a>
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</figure> 
Rekt Capital emphasized that while downside wicks below the pattern bottom (marked in orange) are acceptable, it is crucial for Bitcoin’s price to close within the structure on a weekly basis to maintain this support level. 
However, there could be major liquidation in place if the BTC price slips to $60,700. Popular analyst Ali Martinez stated that we could be seeing $22 million liquidated if the BTC price drops under this level. 
Also, traders are keeping a close watch on the Bitcoin options expiry today with $6.6 billion worth of contracts at stake. 
Also Read: <a href="https://coingape.com/6-6b-in-bitcoin-options-and-3-4b-in-ethereum-options-expiring-soon-will-prices-hit-max-pain-point/" target="_blank" rel="noopener">$6.6 Billion in Bitcoin Options Expiring Soon</a> 
The post <a href="https://coingape.com/bitcoin-btc-price-poised-to-breakout-from-june-downtrend-key-levels-to-watch/">Bitcoin (BTC) Price Poised to Breakout From June Downtrend, Key Levels to Watch</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin (BTC) Price Poised to Breakout From June Downtrend, Key Levels to Watch

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