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Bitcoin Price Prediction As US BTC Miners Reach Record Market Cap In June And This Learn To Earn Token Charges Towards $3 Million

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Bitcoin price
Bitcoin price

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The Bitcoin price tumbled 4% in the past seven days and more than 1% in the past 24 hours to trade for $65,507 as of 00:15 a.m. EST on trading volume that soared 125%.

The dump saw 190 traders lose their positions, causing nearly $500 million in total liquidations across the market.

Liquidations

Total liquidations

Meanwhile, a JPMorgan analysts reported that US Bitcoin miners reached a record market capitalization of $22.8 billion in the first half of June. The report, prepared by Reginald Smith and Charles Pearce, featured in a June 17 report to clients, citing rising hashrate share and AI data center diversification opportunities.

The report says the 14 US-listed mining stocks soared in the first half of June. Core Scientific, TeraWulf and IREN, took the lead with 117%, 80% and 70% gains, respectively.  The only miner that suffered a price drop in June was Argo Blockchain.

The analysts highlighted that the sector’s aggregate market capitalization has soared by 24%, representing a $4.4 billion increase since the end of May.

JPMorgan

U.S.-listed BTC miner market cap, Source: JPMorgan

The analysts ascribe the surge to investors reacting to an agreement between Core Scientific and AI cloud provider CoreWeave. Specifically, CoreWeave offered to buy BTC miner Core Scientific for $1.6 billion earlier this month. This valuation marked a 55% premium above its market price.

Notably, the bid was turned down following a 12-year, $3.5 billion partnership contract between the two entities. This enabled CoreWeave to host its AI-related services atop Core Scientific’s data centers.

Bitcoin Price Prediction

The Bitcoin price is trading with a bearish bias, recording lower highs since early June. The cascade of red candlesticks has seen the pioneer cryptocurrency drop by almost 10%. The market hints at a further downside, seen with the technical indicators leaning to the downside.

To start with, the Relative Strength Index (RSI) is dropping, suggesting falling momentum. The Moving Average Convergence Divergence (MACD) is also subdued below the orange band of its signal line. These show abounding bearish sentiment in the BTC market.

If selling pressure increases and the Bitcoin price drops below the 50% Fibonacci placeholder at $65,120, it would trigger panic selling. An extended slip below the 61.8% Fibonacci retracement level of $63,125 would invalidate the big-picture bullish outlook.

Bitcoin

GeckoTerminal: BTC/USD 1-day chart

On the other hand, a show of strength among the BTC bulls could send the Bitcoin price above the 38.2% Fibonacci retracement level of $67,114. This move, effectively marking an escape from the Fibonacci Golden Zone, would set the pace for a further upside.

Increased buying pressure could see the Bitcoin price reclaim above the 23.2% Fibonacci retracement level of $69,581. In a highly bullish case, the gains could extrapolate for BTC to reclaim the $73,570 peak, levels last tested in mid-March.

Meanwhile, investors are flocking to 99BTC, a learn-to-earn platform that YouTuber TodayTrader says has ”huge potential.”

Promising Alternative To Bitcoin

99Bitcoins is a long-established educational platform that boasts best-in-class educational resources for crypto beginners.

99BTC

The project is now transitioning to Web3 with its $99BTC token and a new, groundbreaking learn-as-you-learn experience for users of the website.

99Bitcoins 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.

You can also stake your 99BTC holdings for rewards as high as 762% annually. So far, upwards of 1.43 billion tokens have been staked.

Investors have already pumped more than $2.2 million into the project. If you want to join them, you can buy 99BTC tokens for $0.0011 before a price hike in less than seven days.

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Also Read:

99Bitcoins (99BTC) - New Learn To Earn Token

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