Bitcoin is currently in a volatile phase, especially considering the selling pressure over the past two weeks.
The world’s largest cryptocurrency is trying to stabilize above $65,000. However, data from chain stores indicate that the price drop may not be over yet. In addition, analysts suggest that if Bitcoin does not reach the $60,000 mark, the upward trend is not expected to reverse.
Julio Moreno, research director at CryptoQuant, stated that the Bitcoin price has broken through short-term support levels, indicating that Bitcoin may further drop to the $60,000 level.
Furthermore, Moreno believes that key demand factors such as purchases by large traders and investors, interest from U.S. investors, and stablecoin liquidity are currently lacking momentum.
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Bernstein stated that major financial institutions will start accepting Bitcoin.
Similarly, another prominent cryptocurrency analyst, Rekt Capital, expressed a similar view, stating that BTC often forms price action clusters near the top resistance around $71,600, ultimately leading to price retracement, usually resulting in corrections around the $60,600 bottom range.
At the same time, Bitcoin analyst Willy Wu pointed out that according to the “z-score” oscillator, there are still massive open futures contracts for Bitcoin. This oscillation indicator highlights the importance of these bets, and Wu stated that serious liquidation is needed before Bitcoin can rise again.
Furthermore, since the halving in May, Bitcoin miners have been collectively selling their holdings to cover costs.
Ki Yong Joo, CEO of CryptoQuant, stated that Bitcoin prices have fluctuated from $550 to $62,000 this year, with miners making profits of up to $70 billion. Long-term whales have also sold $1.2 billion worth of BTC in the past two weeks, while the outflow of the U.S. spot Bitcoin ETF has reached $46 billion.
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The cryptocurrency market is currently in turmoil as technical indicators and on-chain data suggest a recent downward trajectory for Bitcoin. Only time will tell if these predictions are accurate and the direction of the world’s largest cryptocurrency.