Home web3.0 Bitcoin (BTC) Whales Activity on the Rise, But Will the Price Rebound in July?

Bitcoin (BTC) Whales Activity on the Rise, But Will the Price Rebound in July?

Jun 28, 2024 am 02:04 AM

The cryptocurrency industry, led by Bitcoin (BTC), has registered heightened selling pressure in the past few weeks. Although most of the altcoins have experienced a relief rebound in the past few days, further crypto market correction could be registered ahead if the buyers do not regain control.

Bitcoin (BTC) Whales Activity on the Rise, But Will the Price Rebound in July?

Bitcoin (BTC) price has registered heightened selling pressure in the past few weeks, and although most of the altcoins have experienced a relief rebound in the past few days, further crypto market correction could be registered ahead if the buyers do not regain control.

The German government has been selling more BTC in the past few days, adding to the existing bearish sentiment. Some analysts believe that the $9 billion Mt.Gox distribution will put further strain on the buyers.

Additionally, the US spot Bitcoin ETFs have recorded notable cash outflows in the past few weeks.

“103,000 BTC ($6.35B) has been added to OTC desk wallets in 1.5 months. The #Bitcoin price is falling and the OTC balance is increasing. This shows that there are still not many buyers. Until this changes, the #BTC price downtrend or consolidation will…”

According to on-chain data, around 103k Bitcoins, valued at over $6.3 billion, have been added to the OTC markets in the past six weeks.

Midterm BTC Price Action

Bitcoin price has continued to range between $72k and $60k in the past four months, amid the heightened on-chain activity. From a technical standpoint, Bitcoin price against the US dollar could be forming a double top coupled with bearish divergence on the weekly Relative Strength Index (RSI).

Bitcoin’s weekly bearish pattern will be confirmed if the flagship coin consistently closes below $60k in the coming days.

“Historically, Falling #Bitcoin Price in June Means Double-Digit Gains in July

A thread ”

However, if Bitcoin price follows its historical pattern, most analysts believe the instrument has already established a local bottom and is well positioned for a market rebound in July. Furthermore, Bitcoin price has rebounded with double digits in July for the past five years after a choppy June.

The upcoming listing of spot Ethereum ETFs in the United States is expected to trigger bullish sentiment across the industry.

Moreover, the crypto liquidity will surge significantly following the listing of spot Ether ETFs as more institutional investors tap into the industry.

The above is the detailed content of Bitcoin (BTC) Whales Activity on the Rise, But Will the Price Rebound in July?. For more information, please follow other related articles on the PHP Chinese website!

Statement of this Website
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

Video Face Swap

Video Face Swap

Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Article

Roblox: Bubble Gum Simulator Infinity - How To Get And Use Royal Keys
4 weeks ago By 尊渡假赌尊渡假赌尊渡假赌
Nordhold: Fusion System, Explained
4 weeks ago By 尊渡假赌尊渡假赌尊渡假赌
Mandragora: Whispers Of The Witch Tree - How To Unlock The Grappling Hook
3 weeks ago By 尊渡假赌尊渡假赌尊渡假赌

Hot Tools

Notepad++7.3.1

Notepad++7.3.1

Easy-to-use and free code editor

SublimeText3 Chinese version

SublimeText3 Chinese version

Chinese version, very easy to use

Zend Studio 13.0.1

Zend Studio 13.0.1

Powerful PHP integrated development environment

Dreamweaver CS6

Dreamweaver CS6

Visual web development tools

SublimeText3 Mac version

SublimeText3 Mac version

God-level code editing software (SublimeText3)

Hot Topics

Java Tutorial
1671
14
PHP Tutorial
1276
29
C# Tutorial
1256
24
OM Mantra Cryptocurrency Crashes 90%, Team Allegedly Dumps 90% of Token Supply OM Mantra Cryptocurrency Crashes 90%, Team Allegedly Dumps 90% of Token Supply Apr 14, 2025 am 11:26 AM

In a devastating blow to investors, the OM Mantra cryptocurrency has collapsed by approximately 90% in the past 24 hours, with the price plummeting to $0.58.

TrollerCat ($TCAT) Stands Out as a Dominant Force in the Meme Coin Market TrollerCat ($TCAT) Stands Out as a Dominant Force in the Meme Coin Market Apr 14, 2025 am 10:24 AM

Have you noticed the meteoric rise of meme coins in the cryptocurrency world? What started as an online joke has quickly evolved into a lucrative investment opportunity

Metaplanet Expands Its Bitcoin Treasury Holdings by Another 319 BTC Metaplanet Expands Its Bitcoin Treasury Holdings by Another 319 BTC Apr 15, 2025 am 11:20 AM

In an announcement made earlier today, Japanese firm Metaplanet revealed it has acquired another 319 Bitcoin (BTC), pushing its total corporate holdings beyond 4,500 BTC.

Bitwise Announces the Listing of Four of Its Crypto ETPs on the London Stock Exchange (LSE) Bitwise Announces the Listing of Four of Its Crypto ETPs on the London Stock Exchange (LSE) Apr 18, 2025 am 11:24 AM

Bitwise, a leading digital asset manager, has announced the listing of four of its crypto Exchange-Traded Products (ETPs) on the London Stock Exchange (LSE).

Bitcoin (BTC) analyst who nailed the 2021 market meltdown sees bullish reversal pattern Bitcoin (BTC) analyst who nailed the 2021 market meltdown sees bullish reversal pattern Apr 14, 2025 am 11:20 AM

Pseudonymous analyst Dave the Wave tells his 149,300 followers on the social media platform X that Bitcoin looks to be in the early stages of printing an inverse head-and-shoulders pattern

As Binance Coin (BNB) Gains Momentum Toward a $1,000 Breakout, New Altcoin RCO Finance (RCOF) Is Stirring Conversations As Binance Coin (BNB) Gains Momentum Toward a $1,000 Breakout, New Altcoin RCO Finance (RCOF) Is Stirring Conversations Apr 15, 2025 am 09:50 AM

As Binance Coin (BNB) gains momentum toward a $1,000 breakout

BlockDAG Cuts Through the Noise with 2380% Presale ROI BlockDAG Cuts Through the Noise with 2380% Presale ROI Apr 14, 2025 am 11:24 AM

Price swings and policy pressure aren't new in crypto, but every now and then, a project cuts through the noise with numbers too big to ignore.

Central banks across the world are ramping up their gold purchases Central banks across the world are ramping up their gold purchases Apr 15, 2025 am 11:00 AM

According to a report by The Kobeissi Letter on X, mentioning data from IMS IFS and the Global Gold Council, nations accumulated 24 tonnes of gold in February