Bitcoin

Rekt

Billion

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
 </figcaption>
</figure> 
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>
 </figcaption>
</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

Obsah

Coingape News Media

Ďalšie články zverejnené 28. 6. 2024

21Shares Confirms its Spot ETH ETF Stance Through Form 8-A Filings

Dormant Bitcoin Wallet Awakens After 14 Years, Sparks Market Speculation

Bitstamp Drops Euro Tether Amid New MiCA Rules: A Bold Move in Crypto Regulation

Sealana Airdrop Set for July 2 – Last Chance to Buy SEAL Tokens Before Launch

Arpa Network Enhances Data Privacy Using Blockchain Technology

RCO Finance Ready for Liftoff to New ATH While Uniswap (UNI), WIF, and BONK Keep Losing Ground

Pripojte sa k nášmu bezplatnému bulletinu a získajte denné aktualizácie kryptomien!