Bitcoin is currently in a state of turmoil, especially considering the selling pressure over the past two weeks.
The world’s largest cryptocurrency is attempting to stabilize above $65,000. However, data from chain stores suggests that the price decline may not be over. Additionally, analysts have stated that if Bitcoin does not reach the $60,000 mark, the upward trend is not expected to reverse.
Julio Moreno, director of research at CryptoQuant, stated that the price of Bitcoin has broken through short-term support, indicating a potential further decline to the $60,000 level.
Furthermore, Moreno believes that key demand factors such as large traders’ and investors’ purchases, U.S. investor interest, and stablecoin liquidity are currently lacking momentum.
Bernstein stated that major financial institutions will begin to accept Bitcoin. Similarly, another prominent cryptocurrency analyst, Rekt Capital, expressed a similar view, stating that BTC often forms price activity clusters near the resistance around $71,600, ultimately leading to a price correction that usually results in a bottom correction around the $60,600 level.
At the same time, Bitcoin analyst Willy Wu pointed out that there are still significant open interest contracts in Bitcoin futures, emphasizing the importance of these bets. Wu stated that serious liquidation needs to occur before Bitcoin can rise again.
To make matters worse, since the halving in May, Bitcoin miners have collectively sold their Bitcoin holdings to offset costs.
Ki Yong Joo, CEO of CryptoQuant, stated that the profit of miners has reached $7 billion as the price of Bitcoin fluctuated between $550 to $62,000. Additionally, long-term whales have sold $2 billion worth of BTC in the past 1.2 weeks, and the outflow of the U.S. spot Bitcoin ETF has reached $46 billion.
The cryptocurrency market is currently in turmoil as technical indicators and on-chain data suggest a recent downward trajectory for Bitcoin, only time will tell if these predictions are accurate and the direction of the world’s largest cryptocurrency.