Bitcoin(BTC)isroughly20%fromall-timehighs,andrisksaretrendinglower,breakingfromthecurrentconsolidation.
Bitcoinisroughly20%fromall-timehighs,andrisksaretrendinglower,breakingfromthecurrentconsolidation.Afterpeakinginmid-March,bullsareyettobuildenoughmomentumandovercometheroadblockat$ 72,000.WhilethereweretemporarygainsinearlyJune,theretracementinthelastfewtradingdayshasseenBTC The price of Bitcoin fell below the $60 thousand mark amid reports that the hacker behind the Mt. Gox hack transferred 10 thousand .BTC to an unknown wallet. Last split, the coin was trading below the $60 thousand mark on June 14. Since then, the first cryptocurrency has shown short-term growth, rising to the $62.2 thousand mark on June 21. At the time of writing, the asset was trading around the $59.8 thousand mark, showing a decrease of 1.5% over the last 24 hours. sbitcoin fell 40% from all-time highs. The analyst predicted a fall to $48 thousand. Analyzing the spending actions of long-term holders (LTH) in previous cycles, the analyst concluded that there is a high probability that their habits could cause the BTC rate to fall by 40% from historical highs. Notably, according to the data, LTH began selling assets at around $45K. This level could serve as an area of support, holding the leg through which BTC could finally break through $72K and all-time highs. The analyst added that the current formation reflects a discouraging decline in 201 9. Then BTC fell sharply before moving up, triggering a bull run. At the end of June, the Bitcoin rate was about 20% of spot rates. If the analyst is right, the coin could fall below the lows of May 2024 and to the $48 thousand mark, breaking through the round and psychological mark of $50 thousand .recoil,fallingbelow$60,000thisweek.Eventhoughsometradersarehopeful,oneanalysttooktoTradingView,sayingholdersshouldbraceformorelossesinthecomingdays.Citingthespendingactionsoflong-termholders(LTHs)inpreviouscycles,theanalystsaidthereisahighprobabilitythattheirhabitscouldseeBTCdropby40%fromall-timehighs. Interestingly,datashowsLTHsbegansellingataround$45,000.Thislevelcanactasasupportregion,anchoringalegupthatmayseeBTCfinallybreak$72,000andall-timehighs.Theanalystaddedthatthecurrentformationmirroredthediscouragingdeclinein2019.Then,BTCfellsharplybeforepushinghigher,triggeringabullrun.AsoflateJune, Bitcoinhasbeenroughly20%ofspotrates.Iftheanalystiscorrect,thecoincoulddropbelowMay2024lowsandaslowas$48,000,breakingtheroundandpsychologicalnumberat$50,000.LookingatthestructureoftheBitcoincandlestickformationinthedailychart,thezonebetween$56,500and$60,000issupported.Ifsellers ofJune24flowback,pushingpriceslower,thereisahighprobabilityofBTCslippingevenlower.Technically,thedropwillbeabearishbreakoutformation,amovethatcouldcatalyzeevenmorelosses.TradersAreBullishDespiteIncreasedOutflowsFromSpotBTCETFsDespitethebearishassessment,therearecontrastingactivities,especiallywhenlookingatthebehavioroftrad ersonBinance.Oneanalystshareddatarevealingthatover72%ofallaccountswithopenBTCpositionsarelong.Thisresilienceinthefaceofrecentdropsandthewillingnesstoholdondespitedipsisamassiveboostofsentiment.ItcomeswhentheBTCmarketexpectspaymentfromMt.Goxtoheapmorepressureonprices.Afterroughlytenyears, hackvictimswillbereceivingtheircompensation.PersistentoutflowsfromspotBitcoinexchange-tradedfunds(ETFs)worsenthesituation.LookonchaindataonJune25showsthatallspotBTCETFissuersintheUnitedStatesdecreasedby2,145BTC.Ofthis,Fidelitydecreasedby612BTC.
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