Bitcoin still shows no positive signals recently.

Even though the price of Bitcoin initially surged before the announcement of the establishment of a Bitcoin ETF, which would allow investors greater access to Bitcoin, after the Bitcoin ETF period and Bitcoin Halving, the price of Bitcoin has remained stable between 60,000 - 71,000 BTC/USD since March. Additionally, the gradually slowing trading volume may signal that the FOMO (Fear Of Missing Out) around Bitcoin might be nearing its end, and speculative investors might be selling to take profits.

New data reveals that Coinbase holds Bitcoin worth 55 billion dollars, which accounts for 4% of the total supply. This information comes from blockchain analytics platform Glassnode, which reports that Coinbase, one of the leading crypto exchanges from the United States, is holding around 839,000 BTC, approximately 4% of the total supply.

The report also states that the Bitcoin held by Coinbase comes from about 270,000 BTC reserved for trading liquidity and around 569,000 BTC managed by Coinbase Custody, which provides Bitcoin custody services for Bitcoin ETF funds in the United States.

Bitcoin may drop to 60,000 dollars as investors continue to sell off Bitcoin and other cryptocurrencies. Data from CryptoQuant indicates that if the Bitcoin price falls below the support level, a correction of about 8%-12% could occur, potentially driving the price down to 60,000 dollars.

One indicator is the buying pressure. Despite Bitcoin's high trading range, demand for Bitcoin seems to be declining, as investors are not buying more Bitcoin and major Bitcoin holders show no signs of increasing their holdings. Whales have only increased their Bitcoin holdings by about 4.8% per month, which contrasts with the 6%-10% increase per month in Q1. This is the slowest growth rate since November 2023, signaling that Bitcoin's price may not rise anytime soon.

Moreover, the liquidity of stablecoins has significantly slowed down. The market cap of USDT has dropped from 12.6 billion dollars at the end of April to just 3.7 billion dollars currently.

Techical analysis data (5H)

Resistance: 64575, 64734, 64855

Source: Investing.com

Buy/Long 1: If the price touches support in the price range of 64174 - 64295 but cannot break the support at 64295, you may set a TP at approximately 64734 and SL at around 64015 or according to your acceptable risk.

Buy/Long 2: If the price breaks the resistance in the price range of 64575 - 64734, you may set a TP at approximately 64855 and SL at around 64174 or according to your acceptable risk.

Sell/Short 1: If the price touches resistance in the price range of 64575 - 64734 but cannot break the resistance at 64575, you may set a TP at approximately 64174 and SL at around 64855 or according to your acceptable risk.

Sell/Short 2: If the price breaks the support in the price range of 64174 - 64295, you may set a TP at approximately 64015 and SL at around 64734 or according to your acceptable risk.

Pivot point June 22, 2024 07:21 PM. GMT+7