Bitcoin ETF

Bitcoin

Billion

<ul class="list-ic vertical">
 <li><span>1</span> <a>Bitcoin drops below $60K, 10x Research predicts fall to $50K amid declining buy flows and intensified sell-offs.</a></li>
 <li><span>2</span> <a>BTC whale transfers 3,500 BTC to Binance, sparking concerns; large sell-offs coincide with government BTC sales.</a></li>
 <li><span>3</span> <a>Market sentiment dips as BTC hits $57K; upcoming Mt. Gox repayments and governmental sales heighten selling pressure.</a></li>
</ul>
<p>Bitcoin (BTC) experienced a sharp decline recently, falling below the critical $60,000 level and trading around $57,000. Analysts at 10x Research estimate that prices could fall to $50,000 as buy flows decline and sell flows intensify.&nbsp;</p>
<p>The recent drop is a clear sign of the change in market sentiment and is alarming for investors. At press time, BTC traded at&nbsp; $57,378.98, a 4.41% decline from the intra-day high.&nbsp;</p>
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 <figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="974" height="446" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-41.png" alt="BTC" class="wp-image-210430" style="width: 100%" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-41.png 974w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-41-300x137.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-41-768x352.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-41-750x343.png 750w" sizes="(max-width: 974px) 100vw, 974px">
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<p class="has-text-align-center"><em>BTC/USD 1-day price chart ( Source: CoinMarketCap)</em></p>
<h2 class="wp-block-heading" id="strong-10x-research-s-bitcoin-analysis-and-predictions-strong"><strong>10x Research’s Bitcoin Analysis and Predictions</strong></h2>
<p>10x Research has been keeping an eye on the market and had predicted a correction in Bitcoin prices. Analyst Markus Thielen pointed out that their data from early June suggested that the market was overbought and a correction could be expected after forming a double top formation.</p>
<p>The firm believes that the decline is still in its early stages with a drop to $50,000 expected in the future. This outlook stems from the analysis of the decline in buy flows and the increase in sell flows.</p>
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 <figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="881" height="538" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-42.png" alt="BTC" class="wp-image-210431" style="width: 100%" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-42.png 881w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-42-300x183.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-42-768x469.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-42-750x458.png 750w" sizes="(max-width: 881px) 100vw, 881px">
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<p>The sharp decline has already influenced investor sentiment and market liquidity. Bitcoin market capitalization is at $1.1 billion, with a trading volume up 57%, indicating a rise in activity.&nbsp;</p>
<p>This, therefore, has implications since $60,000 was a critical level for Bitcoin miners as well as the spot Bitcoin ETF buyers. When this form of support gets breached the price decline may gain momentum as the sellers rush to the exit.</p>
<h3 class="wp-block-heading" id="strong-btc-market-sentiment-and-government-activity-strong"><strong>BTC Market Sentiment and Government Activity</strong></h3>
<p>The sell-off is in line with the scheduled Mt. Gox repayments of $8.50 billion worth of BTC, scheduled to commence in July. According to the report from 10x Research, only the uninformed traders are willing to buy at the current price levels, which implies that there is no hope of a quick turnaround.</p>
<p>Besides the market sentiment, governmental actions have also affected the price of <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>. The US government recently transferred 237 BTC worth approximately $14 million, which has raised questions about a possible new selloff.</p>
<p>This transaction comes after another smaller trial transaction and comes with the same actions by the German government that also sold a large amount of Bitcoin. Market mood is still negative, with Bitcoin priced at $57,473 owing to worries of further falls.</p>
<h3 class="wp-block-heading" id="strong-whale-activity-and-market-movements-strong"><strong>Whale Activity and Market Movements</strong></h3>
<p>Another factor that has greatly affected Bitcoin’s recent price variations is whale activity. As reported by Whale Alert, the Bitcoin whales have shifted around $3 billion in BTC via several transactions. These major fluctuations occurred as Bitcoin’s price dropped to $57,000, posing fear among investors.</p>
<center>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f53b.png" alt="🔻" class="wp-smiley" style="height: 1em; max-height: 1em;">The <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> price plummeted by 5% today. What happened?<br><br>A summary of massive sells-off today:<br><br>1⃣ Whale 3G98j moved 3,500 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> ($206M) to Binance.<br>– still holds 4,368 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> ($256M) and these <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> were/are at losses.<br><br>2⃣ The German Government transferred out 3,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>, of… <a href="https://t.co/bN0xibfUQ4" rel="noopener noreferrer nofollow">pic.twitter.com/bN0xibfUQ4</a></p>— Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1808815525633667174?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 4, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>A prominent whale transferred 3,500 BTC to Binance during the bear market, raising concerns of further losses. In this whale’s case, the average transaction price per BTC was $58,891, and they still hold 4,368 BTC to date. These big whale movements generally indicate changes in the market and can lead to drastic changes in prices.</p>
<h3 class="wp-block-heading" id="strong-outlook-and-potential-support-levels-strong"><strong>Outlook and Potential Support Levels</strong></h3>
<p>The price of Bitcoin has been touching critical support levels and thus, the crypto market is again leaning towards the bearish side. The entire cryptocurrency market capitalization has reduced by 5% to $2.11 trillion in the last 24 hours alone. Consequently, with the price of Bitcoin falling to $56,773 support, a breakdown towards $52,000 may be witnessed.</p>
<p>Similar to the previous period, the market sentiment has changed to fear because of panic selling by investors especially before the Mt. Gox repayments. JPMorgan and CoinShares have voiced their concerns over potential market distortions, especially in the case of Mt. Gox’s creditors selling their assets.</p>
<p>Analysts believe that the digital currency may remain under pressure because of these factors. Due to current market conditions and global factors, the probability of Bitcoin to decline to $50,000 is quite probable.</p>
<h4 class="wp-block-heading"><strong>Disclaimer</strong></h4>
<p>In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.</p>

$3 Billion Worth of Bitcoin Moved By Whales, BTC Price Dips Below $58K: What’s Next

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