Bitcoin
(BTC)
has
recently
struggled
to
regain
bullish
momentum,
remaining
in
a
consolidation
phase
just
above
the
crucial
$60,000
support.
Despite
reaching
an
all-time
high
three
months
ago,
the
largest
cryptocurrency
witnessed
a
dip
to
as
low
as
$59,500
on
Wednesday
due
to
increased
selling
pressure
from
miners.

BTC
Selling
Spree

The
ongoing

miner
capitulation,
the
longest
observed
since
the
summer
of
2022
before
the
FTX
implosion,
indicates
the
Bitcoin
Halving
supply-squeeze
effect. 

 

Crypto
analyst
Ali
Martinez
noted
that
Bitcoin
miners

have
sold

more
than
2,300
BTC
in
the
past
3
days,
amounting
to
approximately
$145
million.

Related
Reading

This
selling
pressure
from
miners
adds
to
the
recent

BTC
sales
by
the
US
and
German
governments,
contributing
to
the
market’s
downward
pressure
and
keeping
prices
within
the
lower
range
of
the
wider
consolidation
zone
between
$60,000
and
$70,000
witnessed
in
recent
months. 

Notably,
addresses
linked
to
the
German
and
US
governments
have
sent
$737
million
worth
of
BTC
to
exchanges,
including
Coinbase,
Bitstamp,
and
Kraken,
in
various
transactions.

As
the

selling
pressure

from
governments
and
miners
subsides
over
time,
market
observers
expect
a
potential
price
recovery
for
BTC,
following
the
typical
pattern
observed
during
the
post-Halving
period,
where
new
all-time
highs
are
often
achieved.

Bitcoin
Price
Outlook

Market
expert
Scott
Melker

points
out

that
the
market
may
be
nearing
a
crucial
signal,
stating
that
if
a
daily
candle
closes
below
the
$60,300
level,
it
could
lead
to
a
bullish
divergence. 

 

This
would
involve
the
daily
RSI
(Relative
Strength
Index)
moving
out
of
oversold
territory,
similar
to
last
August
when
the
price
was
around
$26,000. 

Melker
emphasizes
the
need
for
a
close
below
the
mentioned
level,
followed
by
a
clear
upward
move
in
the
RSI
without
making
a

lower
low.
It
would
require
a
significant
downward
move
for
the
RSI
to
go
lower
than
its
level
on
June
24th.

Related
Reading

However,
crypto
analyst
Andrew
Kang
highlights
the
significance
of
a
potential
loss
of
the
four-month
range
on
Bitcoin,
drawing
parallels
with
the
range
observed
in
May
2021
following
a
parabolic
rally
of
BTC
and
altcoins. 

 

Kang

notes

that
over
$50
billion
in
crypto
leverage
is
currently
at
near
all-time
highs,
compounded
by
the
fact
that
the
market
has
been
in
a
prolonged
consolidation
phase
for
18
weeks
without
experiencing
extreme
washouts,
as
seen
during
the
2020-2021
bull
market.

Moreover,
Kang
suggests
that
initial
estimates
of
the
low
$50,000s
may
have
been
too
conservative,
and
a
more
significant
reset
to
the
$40,000s
could
be
possible. 

Such
a
pullback
would
substantially
impact
the
market
and
likely
necessitate
a
few
months
of
choppy
or
downward
price
action
before
a
reversal
and
an
upward
trend
could
be
established.

At
the
time
of
writing,
BTC
has
recovered
the
$60,350
level
after
its
brief
dip
below
this
crucial
support
for
further
movements
to
the
upside. 

The
largest
cryptocurrency
in
the
market
has
erased
all
gains
in
wider
time
frames,
and
it
is
currently
recording
a
12%
price
decrease
in
the
monthly
time
frame. 

Featured
image
from
DALL-E,
chart
from
TradingView.com 

Go to Source
Author: Ronaldo Marquez

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