Bitcoin (BTC) Price Prediction: BTC Tussles With Significant Selling Pressure, Drops to New 40-Day Bottom of $62,667

Bitcoin has posted a bearish outlook for most of June following stiff competition with roaring stock market prices and Ethereum ETFs for investors' attention.

After posting a bearish outlook for most of June due to stiff competition with soaring stock market prices and Ethereum ETFs for investors' attention, Bitcoin has dropped to a new 40-day bottom.

As of Monday, June 24, BTC has shed over $150 billion from its market capitalization—a more than 12% decline between June 21 and June 15.

Below is a breakdown of Bitcoin's possible trajectory in the coming days.

Whale Investors' Bitcoin Transactions Hit Eight-Month Low

Bitcoin has recorded a bearish outlook for most of June. This is largely due to the fact that institutional investors have shifted their focus towards Ethereum and the soaring stock markets.

However, BTC's decline below the $65,000 price level is also being attributed to a decline in trading activities.

According to data from IntoTheBlock, BTC whale transactions have declined rapidly since March 2024.

At the time, Bitcoin recorded 4,580 separate large transactions above $100,000. Notably, the last time BTC whale transactions dropped below 4,580 was on October 9, 2023—about eight months ago.

Thus, Bitcoin whale transactions hitting an eight-month low could signal a possible decline to $60,000 in the coming days.

This decline in whale activity may have contributed to the ongoing downtrend in Bitcoin’s price.

IntoTheBlock notes that the behavior of long-term holders is a key indicator for understanding a market cycle.

The data reveals that long-term Bitcoin holders began selling their holdings in January. Conversely, long-term Ethereum holders have continued to accumulate ETH tokens.

This is because Ethereum currently has more yield opportunities, making it a more attractive option.

Additionally, the report notes that Bitcoin long-term holders began taking profit after the Spot ETF-led price surge.

However, Ethereum holders still anticipate the launch of the Ethereum Spot ETF and a possible rally.

Moreover, the halving event in April slashed miners’ profits, leading to a sell-off. Per the report, Bitcoin miners sold over 30,000 BTC tokens in June, with an estimated value of about $2 billion.

These additional BTC sales also contribute to the price decline observed in June, as reported by IntoTheBlock.

Bitcoin Shows Bearish Trend, What Next for the Apex Cryptocurrency?

sellers continue to put pressure on BTC, which has now lost 8.9% of its gains in the last 30 days. As of 5:50 AM EST, Bitcoin trades at $61,349, down by 4.5% in the past 24 hours.

BTC has entered a descending channel, forming lower lows on the daily chart. It has dropped below the $63,500 price level and is heading towards the $60,500 support.

Moreover, BTC is trading below the Parabolic SAR indicator which suggests a further decline for the asset. The RSI indicator is in the oversold region with a value of 28.45, indicating that sellers are still in control.

If buying activity remains low in the coming days, Bitcoin will likely drop below the $60,500 price level until the buyers re-enter the market.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-price-prediction-btc-tussles-selling-pressure-drops-day-bottom.html

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