$60K or $80K; Where will the price of Bitcoin go by the end of June?

For more than a week, the Bitcoin Price witnessed aggressive selling pressure leading to a drop from $71,947 to $66,197. The 8.3% pullback was likely influenced by several factors such as pre-CPI data uncertainty, notable outflow from BTC ETFs, whale distribution and Capitulation of Bitcoin miners. Amid the decline, the coin price developed a bearish reversal pattern and broke key support to signal the continuation of the downtrend.

Read too: Bitcoin Price Analysis: What’s Next for BTC as Crypto’s Fear and Greed Index Plummets

Bitcoin Price Faces Drop Amid Miner and Whale Liquidation

Top digital asset Bitcoin has been trading sideways for the past three months, resting from the prevailing uptrend. This consolidation rumbling within two parallel trendlines revealed the formation of a bull flag – a chart configuration often detected in a strong uptrend to stabilize price action towards the higher high.

On June 7th, BTC Price faced another reversal of the overall trend line, indicating that investors could witness a prolonged consolidation. The bearish turnaround dropped Bitcoin to a 4-week low of $64,936 while the market capitalization fell to $1.28 trillion.

This current correction was accelerated by FUD around US CPI and PPI data, while sellers got a bigger boost with BTC ETFs witnessing a significant outflow.

Additionally, a recent analysis from crypto trader Alicharts highlighted that Bitcoin miners sold over 1,200 BTC, worth over $79.20 million, contributing to a recent price correction.

CryptoQuant data illustrated a sharp increase in miner sales starting June 10, 2024, which correlated with a decline in the price of Bitcoin. This transaction suggests that miners are struggling to maintain operations following the recent halving.

Read too: Bitcoin sees major buying pressure despite drop to $66K, analyst suggests recovery

Furthermore, traders highlight significant market movement by Bitcoin whales based on data from Santiment. Bitcoin whales have liquidated over 50,000 BTC in the last 10 days, totaling approximately $3.30 billion. The chart provided shows a clear correlation between these large-scale sales and a downward trend in the price of Bitcoin over the same period.

On Friday, sellers broke the combined support of $66,588 and the slope of the 50-day EMA. If the breakdown persists, BTC price could fall to a low of $57,000 by the end of June, looking for support at the flag pattern’s lower trendline.

For buyers to regain control, a break above the flag pattern is needed, which could drive a rally to $90,000.

Technical Indicator:

TO READ: The diary Relative Strength Index Slope below 50% reflects the short-term trend is bearish.

EMA: The rise in the daily Exponential Moving Average (100 and 200) indicates that the broader Bitcoin trend remains bullish.

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