Bitcoin (BTC) Whales Activity on the Rise, But Will the Price Rebound in July?

The cryptocurrency industry, led by Bitcoin (BTC), has registered heightened selling pressure in the past few weeks. Although most of the altcoins have experienced a relief rebound in the past few days, further crypto market correction could be registered ahead if the buyers do not regain control.

Bitcoin (BTC) price has registered heightened selling pressure in the past few weeks, and although most of the altcoins have experienced a relief rebound in the past few days, further crypto market correction could be registered ahead if the buyers do not regain control.

The German government has been selling more BTC in the past few days, adding to the existing bearish sentiment. Some analysts believe that the $9 billion Mt.Gox distribution will put further strain on the buyers.

Additionally, the US spot Bitcoin ETFs have recorded notable cash outflows in the past few weeks.

“103,000 BTC ($6.35B) has been added to OTC desk wallets in 1.5 months. The #Bitcoin price is falling and the OTC balance is increasing. This shows that there are still not many buyers. Until this changes, the #BTC price downtrend or consolidation will…”

According to on-chain data, around 103k Bitcoins, valued at over $6.3 billion, have been added to the OTC markets in the past six weeks.

Midterm BTC Price Action

Bitcoin price has continued to range between $72k and $60k in the past four months, amid the heightened on-chain activity. From a technical standpoint, Bitcoin price against the US dollar could be forming a double top coupled with bearish divergence on the weekly Relative Strength Index (RSI).

Bitcoin’s weekly bearish pattern will be confirmed if the flagship coin consistently closes below $60k in the coming days.

“Historically, Falling #Bitcoin Price in June Means Double-Digit Gains in July

A thread ”

However, if Bitcoin price follows its historical pattern, most analysts believe the instrument has already established a local bottom and is well positioned for a market rebound in July. Furthermore, Bitcoin price has rebounded with double digits in July for the past five years after a choppy June.

The upcoming listing of spot Ethereum ETFs in the United States is expected to trigger bullish sentiment across the industry.

Moreover, the crypto liquidity will surge significantly following the listing of spot Ether ETFs as more institutional investors tap into the industry.

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