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The Bitcoin price is down a fraction in the past 24 hours to trade for $65,241 as of 00:46 a.m. EST on trading volume that dipped 46%.
It points to dwindling conviction among traders, causing a lack of market participation and interest in BTC at the moment.
After the #Bitcoin halving in 2020 $BTC ranged 150 days in a boring price range between $9,000-$11,000
We are currently 60 days after the halving and people are deeply depressed about the price action
Every cycle again pic.twitter.com/x2gfIFEtMT
— Quinten | 048.eth (@QuintenFrancois) June 19, 2024
Meanwhile, analysts from CryptoQuant observe that BTC whales and miners have sold more than one billion worth of Bitcoin in the past two weeks.
#Bitcoin long-term holder whales sold $1.2B in the past 2 weeks, likely through brokers.
ETF netflows are negative with $460M outflows in the same period.
If this ~$1.6B in sell-side liquidity isn't bought OTC, brokers may deposit $BTC to exchanges, impacting the market. pic.twitter.com/oYeKsRqKeF
— Ki Young Ju (@ki_young_ju) June 18, 2024
The report also highlights weak buying interest, noting, “Traders are still not increasing their Bitcoin holdings and large holders’ (whales) demand growth is still missing strength.”
The selling coincides with net outflows from US-listed bitcoin ETFs in the same period, data shows.
Jun 19 Update:
9 ETFs decreased 442 $BTC(-$28.7M).#Grayscale decreased 56 $BTC(-$3.6M) and currently holds 280,322 $BTC($18.22B).https://t.co/Cm7cgD2Fd3 pic.twitter.com/9FAhxDPRR5
— Lookonchain (@lookonchain) June 19, 2024
The CryptoQuant report explored three key reasons behind the slump, and cited miner capitulation, reduced stablecoin issuance, and substantial outflows from ETFs.
Miner capitulation refers to miners selling their Bitcoin holdings due to declining profits. Lower stablecoin issuance restricts market liquidity, amplifying price drops. Significant ETF outflows signal that investors are offloading their Bitcoin investments.
Bitcoin Price Prediction As BTC Coils Up Within The Golden Zone
The Bitcoin price is trading with a bearish bias, recording a series of lower highs over the past two weeks. As it stands, it is sitting on immediate support due to the 50% Fibonacci placeholder at $65,128, and neck-deep in the Golden Zone.
The market is leaning in favor of the bears, seeing, as buyer momentum is week as the Relative Strength Index (RSI) is below the mean level of 50. The Moving Average Convergence Divergence (MACD) indicator is also in negative territory below the signal line, accentuating the bearish thesis.
If selling pressure increases, the Bitcoin price could test the critical support at $64,000, which marks the lower low of the Tuesday trading session. In a dire case, a drop to the most critical Fibonacci retracement level of $61.8% could follow, below which the downtrend would be solidified for the short term.
GeckoTerminal: BTC/USD 1-day chart
On the other hand, if bullish momentum sustains and the $65,128 support level holds, the Bitcoin price could pivot around it for a change in directional bias. In such a case, only a candlestick close above the 23.6% Fibonacci retracement level of $69,595 would vindicate the Bitcoin price from the hands of the bears.
Traders looking to take new long or short positions for BTC should therefore wait for a decisive escape from the Fibonacci Golden Zone. The key Fibonacci retracement levels within the Golden Zone typically include 38.2%, 50%, and 61.8%. These levels are derived from the Fibonacci sequence and are believed to represent potential areas where an asset’s price may reverse or consolidate before continuing in its previous direction.
Meanwhile, as the Bitcoin price works out its next move within the Golden Zone, crypto YouTuber TodayTrader suggests looking at 99BTC, a new learn-to-earn crypto that is a long-established educational platform.
Promising Alternative To Bitcoin
99Bitcoins boasts best-in-class educational resources and visual learning courses for crypto beginners, and has one of the most trusted names in crypto circles.
The project, which traces back to 2013, is now unveiling its new Learn-to-Earn rewards model. 99Bitcoins will reward individuals for learning about cryptocurrency.
Since 2014, $99BTC has been at the forefront of #Crypto education.💡
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Get started: https://t.co/NXD7DAamqr#Bitcoin $BTC pic.twitter.com/lJjLgkgVI2
— 99Bitcoins (@99BitcoinsHQ) May 5, 2024
It incentivizes learning through a unique mix of gamification and a leaderboard reward system. This ensures users feel like their learning is producing tangible benefits. Put simply, you earn crypto while learning about crypto.
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— 99Bitcoins (@99BitcoinsHQ) May 5, 2024
You can also stake your 99BTC holdings for rewards as high as 757% annually. So far, upwards of 1.4 billion tokens have been staked.
Short on time? Simply stake your $99BTC tokens on our website and earn passive rewards effortlessly!
Join now! 👉 https://t.co/nA4Lw89WA0#99Bitcoins #Crypto #Presale #Alts pic.twitter.com/av0mkMvIbR
— 99Bitcoins (@99BitcoinsHQ) April 19, 2024
Presale sales have already zoomed past $2.2 million.
🎉 Exciting milestone alert! 🎉
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👉 https://t.co/NXD7DAamqr#99Bitcoins #BTC #Crypto #L2E pic.twitter.com/xQC6lg0euI— 99Bitcoins (@99BitcoinsHQ) June 17, 2024
99BTC tokens are currently priced at $0.0011, but a price increase is due in less than five days.
Buy 99BTC tokens on the official website here.
Also Read:
- 99Bitcoins Price Prediction – $99BTC Profit Potential in 2024
- 99Bitcoins Launches New Learn-to-Earn Airdrop Presale – TodayTrader Video Review
- Best Penny Crypto Investments: Top Picks for Explosive Growth in 2024!
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